Thought of the Day: June 5, 2018 – Financial Balance
It is an important to find financial balance on your path to accomplishing your dreams and goals.
You are going to make money and you are going to spend it. Some of you are going to make more money in one day than most people make in a year. While others are going to make the average, which in North America s $30k.
Which one would you rather be?
It’s not circumstance, it’s your choice.
Our economy continues to change and most of us are not taking advantage of the opportunities that are available. One reason is we do not know how to make money with the money we have. Second no one has ever took the time to teach us about our money.
Do you remember how much they thought you about money in school? It is time to take control and gain your financial balance before you end up a stat.
Before you build your financial future, you have to build a foundation. You can make all the money you want but if you do not understand how to keep it or grow it you will lose it as fast as you made it.
In order to keep more of your money, you are going to have to take ownership of your expensive, learn to make the right decision about your money and change your understanding.
Finding balance with your finances, means you may need to set goals for the long-term.
Do you have balance in your financial situation? Are you taking all the right calculated steps to be financial free someday? Meaning, will you control time and money?
Getting yourself in a good financial position means you may have to borrow money. Make sure your debt ratio is not over extended.
With a low debt ratio you are not a risk to the bank. You can borrow money for a your business started or for your next financial investment.
If you have high debt ratios it is hard, if not impossible, to get money to invest if you’re looking to the banks. You may be able to borrow the money but interest rate could be higher.
Financial balance is about lowering your overall debt, spending less on credit cards and use cash to make purchases. It is important to spend your money on what you need not what you want, if you are in financial trouble.
If you buy on credit card, no worries, just make sure you can pay it off each month. If you cannot, save your money and buy it when you do have the money.
I know we have one life and we should enjoy it to the fullest but we still need a balance if we are going to have money in our retirement years.
Many people say, “Might as well spend the money, can’t take it with you” or “Why should I save money? The government will take care of me.”
You are right, you can’t take your hard-earned money with you when you die. But if you think the government will help you when you retire, take a look around and see how the government helps those that are retired now.
There is your answer!! But when you and I retire it will be worse.
Do you like how they are living in 2018?
Many people who retire get less than a $1000 a month to live on from the government. Remember these people have a similar financial plan as you do.
I recommend you do the opposite of what the general population is doing. If they are spending their money on items they want, you should spend it on what you need.
Being financial balanced means, you pass the wealth you create to your children. This way they can build on your financial legacy and someday pass it to their own kids.
This is the test of true wealth.
Founder and CEO, Discover Your Life Today
Maveen has built his career in Banking, Insurance, Home and Automobile Sales. Providing exceptional customer service is his passion. Writing is a way to share his knowledge and help change the lives of million of people. Like the Facebook Page to support him.