by Marco Chase

I will show you how you can afford and obtain most of the material possessions you want from this world. But can you stick to it? Avoid the trap of listening to people who have no plan for life, finances, spiritual growth, mental development (Kiefer, 2007), and the list goes on. So now that you have a better understanding of your financial REALationship with yourself and others our next lesson is in making better decisions involving your money. As a result you are moving into making the best decisions relative to your short/long term financial goals. Overall we are progressing in the direction of: paying less interest, spending less of what you earn, addressing greater earning potential, being more aware of what our spending habits are, as well as, why (Chatzky, 2006) and effectively saving [your take home income * 10% - don't even think about counting what goes toward your retirement] (Kiefer, 2007).

Hall (2005) says this essentially is the time to focus to find out what you actually spend your money on while facing the reality of your #1 priority. Our ideal is achieving financial freedom, business ownership and responsible economic wealth building for yourself and others. This goal can only be achieved if you are consistent, directed and have perseverance. You really don't think you will win the big lottery, not in this life-time! So what do you have to lose at this point? More money, time and patience!

Wages and salaries are based on supply and demand, which usually are the drivers other than changes in technology for increasing personal income (Frank, 2007). Until we can increase our salary we must work with what we have in the meantime. So in developing your budget personally and from a business standpoint you must determine what you need in the event there is a financial setback, retirement needs, vacationing, etc. other than just day-to-day needs and wants (Hall, 2005). This budget will help you get necessities, needs, and wants. If you are diligent enough it will also help you to achieve a 10% savings, effectively pay creditor and live off the remaining 90% (Kiefer, 2007). No more miscellaneous spending. See attached chart to get you started.

First start by tracking the items that you have purchased in the last two months and move forward with the current so that you can get a physical picture of specific areas where you spend the most, areas that you may need to make serious adjustment in spending, and what is missing from your long-term goals. You can even use your check register for more facts, figures and explanations. This may seem like a lot of work, however the rewards far exceed the grand time you are having living at Just Over Broke ( JOB). Next write daily reminders, bill payments, pending purchases and other financial needs on the calendar you have hanging in sight. Since you do this kind of organization for work, why not for yourself. Make continuous updated to your spreadsheet regularly.

By accomplishing the above goals set weekly and monthly you will be able to determine the facts and situation that confirm you are successful and have made it (Hall, 2005). You will no longer be pressed or worried about receiving your weekly, biweekly and monthly stipend -- for those of you who missed the quote that would be what they call your current paycheck! Hit me back and let me know how you are doing. I really don't want you to prove me wrong. You really deserve a break today, umm tomorrow, well, yeah the whole week as a matter of fact. I am expecting good things as we move forward together united as friends and VASSARmagazine.com family. To think of it, I see gold in your future. Stay with me and I will tell you where.

References:

Chatzky, J.. (2006). Make money not excuses. New York, NY: Crown Publishing.
Frank, R. H. (2007). The economic naturalist. New York, NY: Basic Books.
Hall, A. (2005). You and your money. New York, NY: Atria Books.
Kiefer, M. M. (2007). The powermind system. Maple Grove, MN: Nystrom Publishing Company, Inc.