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Changing Your Financial Direction by feelgoodstuffs(m): 8:36am On Jul 24, 2014 |
Say you're in Kansas and you want to see the Pacific Ocean. You pack your bags, gas up the car, and grab your morning cup of coffee at the drive-thru. Moments later you're on the interstate, breezing along with the day's first rays of sunshine in your eyes. Sunshine in your eyes? Wait a minute— that's not right! A quick glance at the map confirms your suspicions. You re heading east, toward the sunrise. To get to the Pacific you will need to turn around. And the sooner you do it, the better. That's how it is with our finances. We may have a goal on the horizon, but if we're not headed in the right direction, we'll never get there. And if we don't change our course, we're apt to wind up someplace where we never wanted to go. Changing your financial direction is a four- step process: You need to spend less than you earn, avoid debt, build liquidity, and set long-term goals . To omit even one of these steps is to miss the mark—you might make it to Las Vegas, so to speak, but you'll never get through California to see the ocean. Spend less than you earn Most of the people who rely on our firm for financial and investment counsel genuinely want to handle their resources wisely. Many of them, however, make the very same mistake most Americans make—and it's the biggest obstacle there is to financial freedom. It's a consumptive lifestyle. By consumptive, I mean a lifestyle in which we spend more than we can afford to—or more than we should, given our goals and priorities. It's not what you choose to spend your money on, it's how much you spend. Why is overspending such a significant problem? Simply put, it's because we have limited resources to use on unlimited alternatives, and living within our income means that tough choices must be made. We think in terms of what we could do or buy with 100 percent of our income—but after taxes, giving, debt repayment, and savings are taken out, we really have only about 45 to 60 percent left to..... http://feelgoodstuffs..com/2014/07/changing-your-financial-direction.html?m=1
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