Don’t Be Lazy! Get Up and Make Your Money Work
I’m starting a new series of posts today. I’m calling it the “ABCs of Personal Finance.” The word for the letter A is Action, because succeeding with money in your home requires action. Your financial situation isn’t going to get any better while you sit idly by and ignore it. So, it’s time to get moving and make some changes. Ready?
- INCOME – GET TO WORK. Everything worth doing is going to be hard and take a lot of effort. If you want a career that gives you a sense of purpose and pays you well, you’re going to have to take action.
- Truth: Any job that you can get with a 10 minute interview in a booth at a fast food restaurant is unlikely to pay a lot, and will never be a great career. If you want a bigger paycheck, you have to make yourself more appealing to better employers, and that takes work.
- First Step: Start Reading. Read books written by the best in the business you want to be in. Read classic business books. Read books about how to get a better job.
- BUDGET – MAKE A PLAN. Having any income is great, but paychecks have a nasty tendency of looking bigger than they actually are, and spending more than we make has become a national crisis. Planning is an essential part of winning. Even if this month’s budget fails, you learn and fix what failed next month. If you’re not budgeting, you’ve robbed yourself of that opportunity to improve. Take action and give every dollar you make a purpose.
- First Step: Write out your necessities. Know the difference between “need to pay” and “nice to have.”
- GROW – SET GOALS. Once the income is coming in and the bills are all covered, it’s tempting to breathe easy and relax. That might work, if all you ever want to do is just cover the bills. If you have bigger dreams, if you ever want something more than what you have right now, you have to make conscious decisions about how to get there and set some goals. You have to take action.
- First Step: Answer this question: What would you do if someone handed you a million dollars?
- FIGHT – DON’T GIVE UP. Remember, everything worth doing will be hard and take a lot of effort. It’s going to be tough, but as long as you’re breathing, there is always hope.
- That job may be all you can get right now, but it’s not forever.
- That budget may be so tight it scares you, but it’s a start.
- That goal may seem so out of reach, but you’re still growing.
What do you think? What parts of your finances could use a little less conversation and a little more action? Did I cover it all or miss something important? And what should be my word for X? Let me know in the comments below!
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