MAKING MONEY WORK FOR YOU
MAKING MONEY WORK FOR YOU
I believe there are two main reasons for this: firstly, money management is not taught at school, so how we handle money is often influenced by what our parents taught us – intentionally or not; secondly people imbue money with all kinds of powers that it doesn’t have, so their decisions are influenced by what they believe about money.
Money is just a form of energy. It is a just a tool that helps you achieve what you want from life. But many people don’t see it like that. They believe that money can do all kinds of things – from making them happy, to believing that is they have too much, they won’t know who their real friends are!! But lets start with the more straightforward, nitty-gritty side of things.
MONEY MANAGEMENT
Good money management in it's simplest terms means spending less than your income, planning for your bigger expenditures, saving regularly to create a reserve and, ideally, having a plan for financial independence. Sounds easy! And in principle it is! Lets look at this in more detail, so the hard part (putting it into practice) can start to become a reality.
MANAGING EXPENDITURE
Most people know their monthly incomes, but few people know what their monthly expenditure is, nor what the breakdown is. So this is the first step. To find out where your money is going, start recording it. Some of your expenditure will be regular monthly outgoings: mortgage (or rent), utilities, insurance etc. Write these down. For the everyday expenses, start vigilantly collecting receipts for everything, then recording these in a either a notebook or in a spreadsheet like Excel. Do this for at least one month – ideally for three. Doing it for this period of time will give you a good picture. This exercise is an eye-opener: you may be really surprised where your money goes.
BUDGETING
Now you know how your money is being spent, you can make a budget for yourself. If your expenditure is less than your income – great! Are you managing to save enough to create a reserve of money for yourself? If you would like to increase your savings, look over your expenditures – what changes could you make? Are there some little luxuries that you could cut back on? Perhaps the sandwiches you buy whilst at work, or magazines, or DVDs, or…? If you currently don’t save could you set up a standing order for a small amount to go straight into some form of savings account?
CREDIT CARDS
If your expenditure is more than your income, then you’re probably playing the credit card game. Huge numbers of people are living in credit card hell. It’s so easy and so tempting to get credit. “Buy NOW: pay later”. This is the message the credit card companies sell to us. But very few of us work out when we could truly pay back on our purchases and even fewer of us know the real cost our cards are costing us.
If you have a credit card with a balance of £2,000 on it and you opt to pay only the minimum amount, this debt could be costing you around £300 a year or worse still, if it’s a store card, it could be as much as £600 a year! And you still owe the £2,000 or possibly more if your monthly repayments are less than the interest accumulating. For lots of people £2,000 on a card is nothing: 5, 10 or even 15,000 is not uncommon. At these levels, the cost of your credit card becomes excruciating.
If you are juggling credit cards, find out more about how to manage your debt, visit The Citizen’s Advice Bureau or seek professional advice, but please don’t just bury your head in the sand: you need to deal with it now as it will only become worse if you don’t.
BELIEFS ABOUT MONEY
Below are just a few commonly held beliefs about money:
• It’s hard to earn good money.
• Money doesn’t make you happy.
• The rich get richer: the poor get poorer.
• If I earn too much money, I won’t be able to pay my taxes.
• If you have a lot of money, you don’t know who your real friends are.
All of the above are completely false. Money is just a tool. It does not have the power to make you happy, or sad, or choose your friends. But as in the tip, “Steps to Make your Dreams come True”, what you believe about money, you will experience.
Trying to ditch your misheld beliefs about money is not always easy: but becoming aware of them is the first step to your transition. This little game might also help. Take a piece of paper and write down 50 of your beliefs about money. The first 15–20 will come to you easily. The next 15 will be quite hard and the last few might take several days to come into your mind: but these last few are often quite revealing. Now take your paper into the garden and set fire to it. Watch the words on your paper turn brown and disappear as they curl-up into ash. Let this symbolise the releasing of these beliefs that are holding you back from having a financial reserve.
Make today the day, you started to take care of yourself regarding money. If you need help, please do contact me - I coach people from around the world by phone.
-------------------
To receive more coaching tips and/or to receive them monthly by email, please see www.reddandelion.co.uk/tips.php
To receive monthly Tips by email, please go to www.reddandelion.co.uk/tips.html
MAKING MONEY WORK FOR YOU - To learn more about this author, visit Jennie Bayliss's Website.
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Money makes the world go round – so the saying goes – yet people rarely seem to make their money go round very well for them.And this, by-the-way, is true no matter how much or little someone is earning.
I believe there are two main reasons for this: firstly, money management is not taught at school, so how we handle money is often influenced by what our parents taught us – intentionally or not; secondly people imbue money with all kinds of powers that it doesn’t have, so their decisions are influenced by what they believe about money.
Money is just a form of energy. It is a just a tool that helps you achieve what you want from life. But many people don’t see it like that. They believe that money can do all kinds of things – from making them happy, to believing that is they have too much, they won’t know who their real friends are!! But lets start with the more straightforward, nitty-gritty side of things.
MONEY MANAGEMENT
Good money management in it's simplest terms means spending less than your income, planning for your bigger expenditures, saving regularly to create a reserve and, ideally, having a plan for financial independence. Sounds easy! And in principle it is! Lets look at this in more detail, so the hard part (putting it into practice) can start to become a reality.
MANAGING EXPENDITURE
Most people know their monthly incomes, but few people know what their monthly expenditure is, nor what the breakdown is. So this is the first step. To find out where your money is going, start recording it. Some of your expenditure will be regular monthly outgoings: mortgage (or rent), utilities, insurance etc. Write these down. For the everyday expenses, start vigilantly collecting receipts for everything, then recording these in a either a notebook or in a spreadsheet like Excel. Do this for at least one month – ideally for three. Doing it for this period of time will give you a good picture. This exercise is an eye-opener: you may be really surprised where your money goes.
BUDGETING
Now you know how your money is being spent, you can make a budget for yourself. If your expenditure is less than your income – great! Are you managing to save enough to create a reserve of money for yourself? If you would like to increase your savings, look over your expenditures – what changes could you make? Are there some little luxuries that you could cut back on? Perhaps the sandwiches you buy whilst at work, or magazines, or DVDs, or…? If you currently don’t save could you set up a standing order for a small amount to go straight into some form of savings account?
CREDIT CARDS
If your expenditure is more than your income, then you’re probably playing the credit card game. Huge numbers of people are living in credit card hell. It’s so easy and so tempting to get credit. “Buy NOW: pay later”. This is the message the credit card companies sell to us. But very few of us work out when we could truly pay back on our purchases and even fewer of us know the real cost our cards are costing us.
If you have a credit card with a balance of £2,000 on it and you opt to pay only the minimum amount, this debt could be costing you around £300 a year or worse still, if it’s a store card, it could be as much as £600 a year! And you still owe the £2,000 or possibly more if your monthly repayments are less than the interest accumulating. For lots of people £2,000 on a card is nothing: 5, 10 or even 15,000 is not uncommon. At these levels, the cost of your credit card becomes excruciating.
If you are juggling credit cards, find out more about how to manage your debt, visit The Citizen’s Advice Bureau or seek professional advice, but please don’t just bury your head in the sand: you need to deal with it now as it will only become worse if you don’t.
BELIEFS ABOUT MONEY
Below are just a few commonly held beliefs about money:
• It’s hard to earn good money.
• Money doesn’t make you happy.
• The rich get richer: the poor get poorer.
• If I earn too much money, I won’t be able to pay my taxes.
• If you have a lot of money, you don’t know who your real friends are.
All of the above are completely false. Money is just a tool. It does not have the power to make you happy, or sad, or choose your friends. But as in the tip, “Steps to Make your Dreams come True”, what you believe about money, you will experience.
Trying to ditch your misheld beliefs about money is not always easy: but becoming aware of them is the first step to your transition. This little game might also help. Take a piece of paper and write down 50 of your beliefs about money. The first 15–20 will come to you easily. The next 15 will be quite hard and the last few might take several days to come into your mind: but these last few are often quite revealing. Now take your paper into the garden and set fire to it. Watch the words on your paper turn brown and disappear as they curl-up into ash. Let this symbolise the releasing of these beliefs that are holding you back from having a financial reserve.
Make today the day, you started to take care of yourself regarding money. If you need help, please do contact me - I coach people from around the world by phone.
-------------------
To receive more coaching tips and/or to receive them monthly by email, please see www.reddandelion.co.uk/tips.php
To receive monthly Tips by email, please go to www.reddandelion.co.uk/tips.html
MAKING MONEY WORK FOR YOU - To learn more about this author, visit Jennie Bayliss's Website.
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Leanne Hoagland-SmithAre your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website |
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Cheryl MatthynssensCheryl is a life skills coach, licensed Chemical Dependency Counselor and a 20 year entrepreneur. Cheryl's dedication to achieving a life of balance led to her expanding her teaching from the simple managing of life's daily challenges to adding financial well being as well. A direct marketer with DrinkACT, she is gaining ground in the online community with her concepts of making sure business owners, entreprenuers and employees have well rounded life styles. She opened up a small affiliate site - The Balance Guide- to help others find resources for mental and emotional well being. Visit Cheryl's blog to see more of the diversity beyond business she has began offering online at www.thebalanceguide.blogspot.com - Visit Cheryl Matthynssens's Website |
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David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
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Linda RichardsonLinda Richardson is the Founder and Executive Chairwoman of Richardson, a global sales training and performance improvement company. As a recognized leader in the industry, she has won the coveted Stevie Award for Lifetime Achievement in Sales Excellence and she was identified by Training Industry, Inc. as one of the “Top 20 Most Influential Training Professionals.” Ms. Richardson is credited with the movement to Consultative Selling and is the author of ten books on selling and sales management, including Sales Coaching — Making the Great Leap from Sales Manager to Sales Coach, and Stop Telling, Start Selling. She teaches sales and management at the Wharton Graduate School of the University of Pennsylvania and the Wharton Executive Development Center. Linda is a frequent speaker at industry and client conferences, has been published extensively in industry and training journals, and has been featured in numerous publications, including The Wall Street Journal, Forbes, Nation’s Business, Selling Power, Success, and The Conference Board Magazine. Learn more about Richardson's sales training and performance improvement solutions at http://www.richardson.com web - Visit Linda Richardson's Website |
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Joe DagerJoe Dager is President of Business901, a progressive coaching company providing no-nonsense direction in areas such as Lean Six Sigma Marketing and organized referral marketing. What others say: In the past 20 years, Joe and I have collaborated on many difficult issues. Joe’s ability to combine his expertise with “out of the box” thinking is unsurpassed. He has always delivered quickly, cost effectively and with ingenuity. A brilliant mind that is always a pleasure to work with.” - James R. If you want to learn more about Business901, start a conversation with us. We can be found @ Web/Blog: Business901.com Web/Blog: FundingYourNonprofit.com LinkedIn Profile Follow me on Twitter - Visit Joe Dager's Website |
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Stephanie RobeyStephanie Robey is President and CoFounder of Pivot Positive, LLC - an Internet marketing business focused on helping people start work at home ventures. Previously, she was employed at The Search Agency with over 20 years experience in graphic design and 10 years experience in online marketing. She was responsible for launching the Conversion Path Optimization (CPO) unit where she and her team have conducted hundreds of optimization tests for online companies across multiple verticals. She is a successful entrepreneur having started and sold 2 companies and remains on the board of directors of the third, PhotoSpin.com Stephanie began her career in the direct marketing realm creating and producing direct mail for many of the major cable television companies and directly attributes her understanding of Internet marketing to those early offline experiences. Stephanie is a graduate of San Diego State University with a BFA in Graphic Arts and also holds an Executive MBA from the Graziadio School of Business and Management at Pepperdine University. Read Steph's Blog Meet Steph and Dave Sign up for our Free 7-Day BootCamp: Self Employed & Rich - Visit Stephanie Robey's Website |
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