How many times have they: Made us laugh when we felt like crying over a bad mistake? Made us feel loved when our boyfriends (or girlfriends) broke up with us? Gave us the courage to go back to school or to change careers? Like armor, good friends make us almost invincible, capable of warding off the blows life occasionally deals us. Because of their steadfastness, we see setbacks for what they are: temporary.
Because friends accept us for who we are, we gain the confidence to dream great dreams—and to make them real. Friends liven up our days with their twisted humor, their honest answers, and their ability to bear our gloating when we beat them at cards or tennis. We can even trust them with our most embarrassing secrets! What a relief it is for us to reveal our true selves to someone else!
It’s no wonder, then, that medical researchers have found that those who have friends tend to be happier, healthier, and live longer than those who do not. According to research studies, our brains are programmed to receive unexpected rewards and pleasures. Friendship is the foundation of many of these unexpected pleasures, such as a spontaneous game of racquetball, a spur-of-the moment decision to see a movie, and an outpouring of praise for something we did well. In fact, friendship has numerous physical and spiritual benefits.
Research confirms that having compassionate friends is beneficial for our psychological and spiritual well-being—and for physical health. So one can firmly conclude that a healthy lifestyle includes not only eating well, exercising, and avoiding tobacco but also having a circle of friends...FRIENDS make our world go round!
Thursday, April 30, 2009
Tuesday, April 28, 2009
Friday, April 24, 2009
Who's the Guru?
I remember when I first met my husband John. It was online...Yahoo Personals to be exact and the first thing he sent me was his driver's license picture. Nothing flashy, just totally real. That's John, as real as it gets. He hides nothing, lives life to the fullest and gives everything he has to help people.
I struck gold when he answered my ad. It was during our first phone conversation that I fell totally in love and it's been that way ever since...11 years together and on April 28th, we celebrate our 7th wedding anniversary.
What I love most about John is his inner conviction and strength. He reminds me often of mine...letting me know that I am powerful, confident and knowing. He's supported me in everything I've ever wanted to do, and I've returned the support.
So, when he said he was going to write a book. A book that would impact lives. A book that would lay to rest all the "mysticism" regarding success. A book that people could follow as a road map to success (the same road map he's laid out to thousands of people who have had stellar results before he ever wrote the book. A book that would help people to regain their natural ability to get everything they want...an ability we're all born with but forget we have. I was all for it.
I new it would be good, but...
After so many years together, I sometimes forget just how amazing he is. When he handed me the manuscript to his book, Integrity is Everything, I was floored. He had kept it secret and wouldn't let me read a work until it was finished. He even went so far as to hole-up in a cabin in Cornville, Arizona.
I grabbed my coffee, sat on a couch, read it cover to cover and what I felt words can not even begin to describe. It's like I was filled with awe, joy, love, amazement all at once.
I've read alot of personal development books over the years...hundreds. Some were purely junk. Some were motivational but the motivation fizzled. Some were impactful. And some were just filled with ideas and then invalidations, attempting to manipulate me into thinking I need the next book or product or my life would forever have some void.
John's book was by far the most practical, real and impactful. It is the exact road map that both he and I have followed to go from poverty, abuse, disadvantage to wealth, freedom and abundance. Explained so simply, it is a book anyone can use, follow and get results with.
My favorite chapters (it's really hard to choose) are Meet the Guru and It's Not OK. What most authors would never present, John just lays out right before you.
Who's the guru? Well...you'll have to read it to find out.
What's Not OK? It's not what you think...but once you read it your life will never be the same. Promise.
I'm excited for you to read it too and to share with me the results you experience with it.
Thank you, John, for once again inspiring me. And, thank you Yahoo for connecting us ;)
To your success, with love.
Shannon
PS: Integrity is Everything is available on Amazon or on JohnLavenia.com.
Wednesday, April 22, 2009
What's Holding You Back?
How well do you know your INNER CRITIC? Our Inner Critic ("IC") is negative self talk we sometimes succomb to when in doubt of ourselves. The Inner Critisc are the keepers of the status quo. They love to keep you locked in your comfort zone and they are experts at blocking you from reaching (and sometimes even seeing) your greatest potential.
I have known people who worked really hard with on uncovering and naming their worst Inner Critic. The secret is that once you can give them a name, maybe even a face, you can begin to realize that they don't have to be part of the Best You! Say, for instance, you have a IC named "I'm just not good enough to . . ." What does he/she look like? Sound like? The more you can get to know your Inner Critics, and realize they don't have to be part of you, the more you can separate them from yourself, and then make better conscious decisions.
Your challenge first is to begin to listen for what your IC's are saying to you that holds you back. Simply begin by just noticing, not arguing or struggling with them. Once you can begin to notice them, then you can start to make sense of your fears and the choices that have blocked you from achieving your true success!
I have known people who worked really hard with on uncovering and naming their worst Inner Critic. The secret is that once you can give them a name, maybe even a face, you can begin to realize that they don't have to be part of the Best You! Say, for instance, you have a IC named "I'm just not good enough to . . ." What does he/she look like? Sound like? The more you can get to know your Inner Critics, and realize they don't have to be part of you, the more you can separate them from yourself, and then make better conscious decisions.
Your challenge first is to begin to listen for what your IC's are saying to you that holds you back. Simply begin by just noticing, not arguing or struggling with them. Once you can begin to notice them, then you can start to make sense of your fears and the choices that have blocked you from achieving your true success!
Sunday, April 19, 2009
Wednesday, April 15, 2009
The Value of Real Education
When I was a high school teacher, the most frustrating part about my job was that most of the students didn't learn and what I was teaching them wasn't relevent. There was an antiquated curriculum that poured forth facts upon facts so the kids could "score" on a "standardized" test, yet none of the the information was relevent to being successful, thriving in our modern day world or the evolution of global commerce.
I remember being chastized by the administration because I gave the kids "open-book" tests. The test was comprised of 4 - 6 questions and would require the kids to apply the information they learned, think out problems and identify solutions. I was told to do "multiple choice" because it would prepare the kids better for the exams.
What about preparing them for life? I don't know about you, but I graduated high school without knowing how to purchase a home, open a checking account, manage my finances, plan for retirement, start a business, write a good resume, communicate effectively, set goals or achieve goals. The only thing I was told in high school was to go to college.
Then, in college, it was more of the same. My education was already out-dated by time I graduated and I was then told to go on to get a masters. Still not knowing how to buy a home, start a business, set a goal, achieve a goal, manage my finances, plan for the future, etc.
So, when I recently came across a college that provides actual relevent, applicable education to students, I was in awe. More than that, each step of the way, kids are given internships to apply the information to real world businesses to see an actual results. The students are only moved on when they have achieved 100% proficiency in application and feel confident in their own knowingness and success.
That college is Hubbard College of Administration. I never thought I'd be going back to school, but as a business owner (and very successful entrepreneur) I immediately recognized the value of their education to massive expansion of my own business. Imagine...a real technology that works. I visited several companies applying their business technology and their success was all I needed to witness. More than their success...their employees were thriving and happy, everyone knew their role, they all tracked their own statistics and performance and developed individual strategies for improvement. They were well-oiled machines expanding rapidly each and every year!
Check out this article by one of the their students. It's impressive:
April 14, 2009
A Hubbard College Interview: A Personal Look At Career Education
This blog starts the beginning of a series of blogs I’ll be doing which will offer any blog follower a better insight into different Hubbard College of Administration (HCA) students and their career education paths. In my first blog post I gave a little bit of information about myself– now you can learn about some others and see the veritable melting pot we have here.
Today I sat down in Interview Room #300 with Franco Chaves, a 21-year-old student attending the Hubbard College and talked a bit about his life goals and experience at the HCA so far.
Me: First off, where are you originally from?
Franco: Lima, Peru.
Me: And how did you hear about the Hubbard College?
Franco: I heard about the Hubbard College through a high school tutor who used the study technology that is used here at the college. One day she brought me here on a tour and then bang, I was interested. When I finished school and started considering college, my first choice was here.
Me: What program are you on currently?
Franco: Well, I first started on an Administrative Management Program. When I finished it I decided to do the degree program. So now I’m on the degree program getting my Associates.
Me: Did you attend the Sales Workshop here April 4th and what did you think about it?
Franco: Yes, I’ve gone to four of them now! I like that there’s practice of the techniques of how to sell! I also like that I could talk to the seminar speaker and he helped me with the application of the techniques.
Me: What in particular has made your Hubbard College career education stand out from the rest of the career colleges and business schools out there?
Franco: Because of the apprenticeships here- I can practice what I learn and I meet different business people at the same time.
Me: Have You Planned out how you’re going to find a job after finishing your program?
Franco: I will be working with the job placement service here at HCA. I’m not worried. Also I’ve made many friends here from different places: Los Angeles, Lebanon, Japan, Russia, Columbia, Cuba, and many other countries. I’m sure I will keep in touch with them throughout my career. You never know…
Me: Is there something that stands out in your experience here so far that you would like to mention?
Franco: Yeah, being sent to different apprenticeships gave me a real good understanding of how companies work and how the structure works. This helps because it gives me ideas of how I can use the structures and plans they use in my own company.
Me: What are your immediate plans after you get your Associate Degree here?
Franco: My plans are to become an American Citizen, work, save up more money and eventually go back to Peru and open a business consultant company.
I remember being chastized by the administration because I gave the kids "open-book" tests. The test was comprised of 4 - 6 questions and would require the kids to apply the information they learned, think out problems and identify solutions. I was told to do "multiple choice" because it would prepare the kids better for the exams.
What about preparing them for life? I don't know about you, but I graduated high school without knowing how to purchase a home, open a checking account, manage my finances, plan for retirement, start a business, write a good resume, communicate effectively, set goals or achieve goals. The only thing I was told in high school was to go to college.
Then, in college, it was more of the same. My education was already out-dated by time I graduated and I was then told to go on to get a masters. Still not knowing how to buy a home, start a business, set a goal, achieve a goal, manage my finances, plan for the future, etc.
So, when I recently came across a college that provides actual relevent, applicable education to students, I was in awe. More than that, each step of the way, kids are given internships to apply the information to real world businesses to see an actual results. The students are only moved on when they have achieved 100% proficiency in application and feel confident in their own knowingness and success.
That college is Hubbard College of Administration. I never thought I'd be going back to school, but as a business owner (and very successful entrepreneur) I immediately recognized the value of their education to massive expansion of my own business. Imagine...a real technology that works. I visited several companies applying their business technology and their success was all I needed to witness. More than their success...their employees were thriving and happy, everyone knew their role, they all tracked their own statistics and performance and developed individual strategies for improvement. They were well-oiled machines expanding rapidly each and every year!
Check out this article by one of the their students. It's impressive:
April 14, 2009
A Hubbard College Interview: A Personal Look At Career Education
This blog starts the beginning of a series of blogs I’ll be doing which will offer any blog follower a better insight into different Hubbard College of Administration (HCA) students and their career education paths. In my first blog post I gave a little bit of information about myself– now you can learn about some others and see the veritable melting pot we have here.
Today I sat down in Interview Room #300 with Franco Chaves, a 21-year-old student attending the Hubbard College and talked a bit about his life goals and experience at the HCA so far.
Me: First off, where are you originally from?
Franco: Lima, Peru.
Me: And how did you hear about the Hubbard College?
Franco: I heard about the Hubbard College through a high school tutor who used the study technology that is used here at the college. One day she brought me here on a tour and then bang, I was interested. When I finished school and started considering college, my first choice was here.
Me: What program are you on currently?
Franco: Well, I first started on an Administrative Management Program. When I finished it I decided to do the degree program. So now I’m on the degree program getting my Associates.
Me: Did you attend the Sales Workshop here April 4th and what did you think about it?
Franco: Yes, I’ve gone to four of them now! I like that there’s practice of the techniques of how to sell! I also like that I could talk to the seminar speaker and he helped me with the application of the techniques.
Me: What in particular has made your Hubbard College career education stand out from the rest of the career colleges and business schools out there?
Franco: Because of the apprenticeships here- I can practice what I learn and I meet different business people at the same time.
Me: Have You Planned out how you’re going to find a job after finishing your program?
Franco: I will be working with the job placement service here at HCA. I’m not worried. Also I’ve made many friends here from different places: Los Angeles, Lebanon, Japan, Russia, Columbia, Cuba, and many other countries. I’m sure I will keep in touch with them throughout my career. You never know…
Me: Is there something that stands out in your experience here so far that you would like to mention?
Franco: Yeah, being sent to different apprenticeships gave me a real good understanding of how companies work and how the structure works. This helps because it gives me ideas of how I can use the structures and plans they use in my own company.
Me: What are your immediate plans after you get your Associate Degree here?
Franco: My plans are to become an American Citizen, work, save up more money and eventually go back to Peru and open a business consultant company.
Tuesday, April 14, 2009
Goal Setting - 3 Simple Rules to Challenging Yourself!
Creating a challenge is easy when you stretch yourself to achieve more, allow yourself to not have all the answers, the know-how, the skills or a solid plan, and when you commit your resources.
I once heard Phil Knight founder of NIKE say "Play by the rules, but be ferocious." From then on, I started to develop my own strategies to improve and better myself! Here's what I've come up with:
Rule #1: Stretch Yourself.
This is not a nice thing to do, THIS IS A CHALLENGE! Consider what you know you can accomplish and add to that, stretch yourself to accomplish at least an additional 20%. I don't care how you come to that 20%, just be honest with yourself and what you think is 20%. This is important for 2 reasons: (1) you have benchmarked what you can do, you have admitted to yourself and the universe you can achieve at least this level. (2) It opens a new horizon for you. You are now considering, visualizing, and telling the universe that you want and plan to do more.
Rule #2: Allow Yourself to NOT have all the answers, the know-how, the skills, or a solid plan.
If you are stretching yourself to achieve or become more than you currently are, you are not going to have all the answers today. Open yourself to learning and growing beyond what you know today. This will open you to discovering and embracing the opportunities that you attract.
Rule #3: Commit Your Resources.
Commit your time, energy and money to get your life moving forward faster. If there's something you want, make a concentrated effort through your time and resources to make it happen today!
Three simple rules, that's it! So what are you Waiting on....A New and Improved YOU awaits the CHALLENGE!
I once heard Phil Knight founder of NIKE say "Play by the rules, but be ferocious." From then on, I started to develop my own strategies to improve and better myself! Here's what I've come up with:
Rule #1: Stretch Yourself.
This is not a nice thing to do, THIS IS A CHALLENGE! Consider what you know you can accomplish and add to that, stretch yourself to accomplish at least an additional 20%. I don't care how you come to that 20%, just be honest with yourself and what you think is 20%. This is important for 2 reasons: (1) you have benchmarked what you can do, you have admitted to yourself and the universe you can achieve at least this level. (2) It opens a new horizon for you. You are now considering, visualizing, and telling the universe that you want and plan to do more.
Rule #2: Allow Yourself to NOT have all the answers, the know-how, the skills, or a solid plan.
If you are stretching yourself to achieve or become more than you currently are, you are not going to have all the answers today. Open yourself to learning and growing beyond what you know today. This will open you to discovering and embracing the opportunities that you attract.
Rule #3: Commit Your Resources.
Commit your time, energy and money to get your life moving forward faster. If there's something you want, make a concentrated effort through your time and resources to make it happen today!
Three simple rules, that's it! So what are you Waiting on....A New and Improved YOU awaits the CHALLENGE!
Tuesday, April 07, 2009
Billionaire Clusters
by Duncan Greenberg
Wednesday, April 1, 2009
provided by
Want to become a billionaire? Up your chances by dropping out of college, working at Goldman Sachs or joining Skull & Bones.
Are billionaires born or made? What are the common attributes among the uber-wealthy? Are there any true secrets of the self-made?
More from Forbes.com:
• In Depth: Billionaire Clusters
• The 2009 Billionaire List
• The Next Billionaire Boom
We get these questions a lot, and decided it was time to go beyond the broad answers of smarts, ambition and luck by sorting through our database of wealthy individuals in search of bona fide trends. We analyzed everything from the billionaires' parents' professions to where they went to school, their track records in the early stages of their careers and other experiences that may have put them on the path to extreme wealth.
Our admittedly unscientific study of the 657 self-made billionaires we counted in February for our list of the World's Billionaires yielded some interesting results.
First, a significant percentage of billionaires had parents with a high aptitude for math. The ability to crunch numbers is crucial to becoming a billionaire, and mathematical prowess is hereditary. Some of the most common professions among the parents of American billionaires (for whom we could find the information) were engineer, accountant and small-business owner.
Consistent with the rest of the population, more American billionaires were born in the fall than in any other season. However, relatively few billionaires were born in December, traditionally the month with the eighth highest birth rate. This anomaly holds true among billionaires in the U.S. and abroad.
More than 20% of the 292 of the self-made American billionaires on the most recent list of the World's Billionaires have either never started or never completed college. This is especially true of those destined for careers as technology entrepreneurs: Bill Gates, Steve Jobs, Michael Dell, Larry Ellison, and Theodore Waitt.
Billionaires who derive their fortunes from finance make up one of the most highly educated sub-groups: More than 55% of them have graduate degrees. Nearly 90% of those with M.B.A.s obtained their master's degree from one of three Ivy League schools: Harvard, Columbia or U. Penn's Wharton School of Business.
Goldman Sachs has attracted a large share of hungry minds that went on to garner 10-figure fortunes. At least 11 current and recent billionaire financiers worked at Goldman early in their careers, including Edward Lampert, Daniel Och, Tom Steyer and Richard Perry.
Several billionaires suffered a bitter professional setback early in their careers that heightened their fear of failure. Pharmaceutical tycoon R.J. Kirk's first venture was a flop--an experience he regrets but appreciates. "Failure early on is a necessary condition for success, though not a sufficient one," he told Forbes in 2007.
According to a statement read by Phil Falcone during a congressional hearing in November, his botched buyout of a company in Newark in the early 1990s taught him "several valuable lessons that have had a profound impact upon my success as a hedge fund manager."
Several current and former billionaires rounded out their Yale careers as members of Skull and Bones, the secret society portrayed with enigmatic relish by Hollywood in movies like The Skulls and W. Among those who were inducted: investor Edward Lampert, Blackstone co-founder Steven Schwarzman, and FedEx founder Frederick Smith.
Parents Had Math-Related Careers
The ability to crunch numbers is normally a key to becoming a billionaire. Often, mathematical prowess is hereditary. Some of the most common professions among the parents of American billionaires for whom we could find that information were engineer, accountant and small-business owner.
September Birthdays
Of the 380 self-made American tycoons who have appeared on the Forbes list of the World's Billionaires in the past three years, 42 were born in September--more than in any other month. Maybe that's because September is the month the Forbes list of the 400 richest Americans is published.
Tech Titans Who Dropped Out of College
Forget everything your guidance counselor told you: You don't have to go to college to be successful. More than 20% of the self-made American moguls on the most recent list of the World's Billionaires never finished college. Many of them made their fortunes in tech. Among them: Bill Gates, Steve Jobs, Michael Dell, Larry Ellison, (Oracle) and Theodore Waitt (Gateway).
Skull and Bones
Several current and former billionaires rounded out their Yale careers as members of Skull and Bones, the secret society portrayed with enigmatic relish by Hollywood in movies like The Skulls and W. Among those who were inducted: investor Edward Lampert, Blackstone co-founder Steven Schwarzman and FedEx founder Frederick Smith.
Goldman Sachs
A stint at investment bank Goldman Sachs is a prime credential for becoming a finance billionaire. Of the 68 self-made American billionaires that derive their fortunes from finance, at least eight cut their teeth in Goldman's investment banking, trading, or asset management divisions. The company's crown jewel: its "risk arbitrage" unit, which launched the careers of billionaires Edward Lampert and Daniel Och, as well as former billionaires Tom Steyer and Richard Perry.
Copyrighted, Forbes.com. All rights reserved.
Wednesday, April 1, 2009
provided by
Want to become a billionaire? Up your chances by dropping out of college, working at Goldman Sachs or joining Skull & Bones.
Are billionaires born or made? What are the common attributes among the uber-wealthy? Are there any true secrets of the self-made?
More from Forbes.com:
• In Depth: Billionaire Clusters
• The 2009 Billionaire List
• The Next Billionaire Boom
We get these questions a lot, and decided it was time to go beyond the broad answers of smarts, ambition and luck by sorting through our database of wealthy individuals in search of bona fide trends. We analyzed everything from the billionaires' parents' professions to where they went to school, their track records in the early stages of their careers and other experiences that may have put them on the path to extreme wealth.
Our admittedly unscientific study of the 657 self-made billionaires we counted in February for our list of the World's Billionaires yielded some interesting results.
First, a significant percentage of billionaires had parents with a high aptitude for math. The ability to crunch numbers is crucial to becoming a billionaire, and mathematical prowess is hereditary. Some of the most common professions among the parents of American billionaires (for whom we could find the information) were engineer, accountant and small-business owner.
Consistent with the rest of the population, more American billionaires were born in the fall than in any other season. However, relatively few billionaires were born in December, traditionally the month with the eighth highest birth rate. This anomaly holds true among billionaires in the U.S. and abroad.
More than 20% of the 292 of the self-made American billionaires on the most recent list of the World's Billionaires have either never started or never completed college. This is especially true of those destined for careers as technology entrepreneurs: Bill Gates, Steve Jobs, Michael Dell, Larry Ellison, and Theodore Waitt.
Billionaires who derive their fortunes from finance make up one of the most highly educated sub-groups: More than 55% of them have graduate degrees. Nearly 90% of those with M.B.A.s obtained their master's degree from one of three Ivy League schools: Harvard, Columbia or U. Penn's Wharton School of Business.
Goldman Sachs has attracted a large share of hungry minds that went on to garner 10-figure fortunes. At least 11 current and recent billionaire financiers worked at Goldman early in their careers, including Edward Lampert, Daniel Och, Tom Steyer and Richard Perry.
Several billionaires suffered a bitter professional setback early in their careers that heightened their fear of failure. Pharmaceutical tycoon R.J. Kirk's first venture was a flop--an experience he regrets but appreciates. "Failure early on is a necessary condition for success, though not a sufficient one," he told Forbes in 2007.
According to a statement read by Phil Falcone during a congressional hearing in November, his botched buyout of a company in Newark in the early 1990s taught him "several valuable lessons that have had a profound impact upon my success as a hedge fund manager."
Several current and former billionaires rounded out their Yale careers as members of Skull and Bones, the secret society portrayed with enigmatic relish by Hollywood in movies like The Skulls and W. Among those who were inducted: investor Edward Lampert, Blackstone co-founder Steven Schwarzman, and FedEx founder Frederick Smith.
Parents Had Math-Related Careers
The ability to crunch numbers is normally a key to becoming a billionaire. Often, mathematical prowess is hereditary. Some of the most common professions among the parents of American billionaires for whom we could find that information were engineer, accountant and small-business owner.
September Birthdays
Of the 380 self-made American tycoons who have appeared on the Forbes list of the World's Billionaires in the past three years, 42 were born in September--more than in any other month. Maybe that's because September is the month the Forbes list of the 400 richest Americans is published.
Tech Titans Who Dropped Out of College
Forget everything your guidance counselor told you: You don't have to go to college to be successful. More than 20% of the self-made American moguls on the most recent list of the World's Billionaires never finished college. Many of them made their fortunes in tech. Among them: Bill Gates, Steve Jobs, Michael Dell, Larry Ellison, (Oracle) and Theodore Waitt (Gateway).
Skull and Bones
Several current and former billionaires rounded out their Yale careers as members of Skull and Bones, the secret society portrayed with enigmatic relish by Hollywood in movies like The Skulls and W. Among those who were inducted: investor Edward Lampert, Blackstone co-founder Steven Schwarzman and FedEx founder Frederick Smith.
Goldman Sachs
A stint at investment bank Goldman Sachs is a prime credential for becoming a finance billionaire. Of the 68 self-made American billionaires that derive their fortunes from finance, at least eight cut their teeth in Goldman's investment banking, trading, or asset management divisions. The company's crown jewel: its "risk arbitrage" unit, which launched the careers of billionaires Edward Lampert and Daniel Och, as well as former billionaires Tom Steyer and Richard Perry.
Copyrighted, Forbes.com. All rights reserved.
Are YOU Ready Take Control of Your Finances!
The New Year is a time for goals and resolutions. But about half way through the year you may feel that instead of taking control of your money, it's keeping control of you! I decided to give myself my own crash course in financial basics to help move me closer to my goal and Here’s a summary of everything I’ve learned about personal finance:
Track Every Penny You Spend -
The authors of "Your Money or Your Life" admonish readers to 'keep track of every cent that comes into or goes out of your life.'
[This is] the best way to become conscious of how money actually comes and goes in your life as opposed to how you think it comes and goes…This is the step that somehow makes the biggest impact.
It doesn’t matter how you track your spending — the most important thing is to do it. You can use a cash notebook, you can use an on- line tool like Wesabe, or you can use a piece of software like Quicken or Microsoft Money.
Whichever method you choose, stick with it. Make it a habit. Don’t fudge the numbers. Record your transactions as soon as possible. Most of all, don’t judge yourself. Tracking your spending is an exercise in data collection; it’s not the appropriate time to change your habits.
Develop a Budget -
After you’ve tracked your spending for a few weeks (or months), use the data you’ve collected to develop a budget. According to "The Millionaire Next Door", budgeting is one thing that sets the wealthy apart from the general population — 55% of millionaires keep a budget.
Start an Emergency Fund -
For years I lived paycheck-to-paycheck. I spent everything I earned. This worked well until something went wrong. And something always went wrong. Suddenly I’d find myself without money to pay for a car repair, or facing an expensive doctor’s bill. I financed emergencies with credit cards. After years of carrying debt, I finally paid off all these out-of-the-blue debts! It definitely helped that I found a way to make a lot more money with home-based business. But even making more money, it's important to follow all this great advice because it is very easy to spend more than you make, no matter how much money you make.
In "The Total Money Makeover", Dave Ramsey explains why he believes an emergency fund should come before anything else.
Get out of Debt -
Are you struggling under a heavy debt load from credit cards or student loans? Make it a priority to unload some of this this burden in 2009 and 10. When you're inundated with debt, you're basically working to pay the banks. So, make it a goal to only spend what you make. If you want more, make more. It's impossible to expand your current living situation if you're income doesn't expand. By paying down you're debt, you'll have all that money accessible to you.
If you have the mental discipline, you’ll save money by paying down your high-interest debt first. But if you’ve tried that method before and failed, consider using a debt snowball. Pay your debts starting with the smallest balance first. Here’s how:
Order your debts from lowest balance to highest balance.
With everything going on in the industry now, you can negotiate better interest rates. Call the banks and ask them for a lower interest rate or a payment plan.
Designate a certain amount of money to pay toward debts each month.
Pay the minimum payment on all debts except the one with the lowest balance.
Throw every other penny at the debt with the lowest balance.
When that debt is gone, do not alter the monthly amount used to pay debts, but throw all you can at the debt with the next-lowest balance.
The debt snowball can give you awesome psychological payoffs, keeping you motivated to stay in the game. It’s not mathematically ideal, but it worked for me (and for many others!).
Open a Retirement Account -
If you’re young, you probably don’t think you need to start a retirement account. You’re wrong. No matter how old you are, now is the time to begin saving for retirement!
Spend LESS than you earn-
This is the fundamental money skill. It’s common sense, yet many people never learn do it. Only by spending less than you earn can you hope to build wealth. This is easier to do if you track your spending or develop a budget, but those steps aren’t completely necessary. Even if you do nothing else in this list, spending less than you earn can put you ahead of your peers.
Automate Your Finances-
My current project is to move toward a system of paperless personal finance. Along the way, I’m learning the value of automating routine transactions. When you make things automatic, you remove the human element, making it more difficult for you to mess things up.
The classic example is overdraft protection. By tying your checking account to your savings account, you have a safety net if you bounce a check. But there are other ways this can work for you. For example, I’ve set up automatic payments with the gas company, the cable company, and my auto insurance company. I also make automatic investments to my retirement account.
Educate Yourself-
Knowledge is power. Personal finance doesn’t have to be a mystery. Read personal finance books and self-development manuals to empower yourself.
Take CONTROL of Your Finances Today!
Track Every Penny You Spend -
The authors of "Your Money or Your Life" admonish readers to 'keep track of every cent that comes into or goes out of your life.'
[This is] the best way to become conscious of how money actually comes and goes in your life as opposed to how you think it comes and goes…This is the step that somehow makes the biggest impact.
It doesn’t matter how you track your spending — the most important thing is to do it. You can use a cash notebook, you can use an on- line tool like Wesabe, or you can use a piece of software like Quicken or Microsoft Money.
Whichever method you choose, stick with it. Make it a habit. Don’t fudge the numbers. Record your transactions as soon as possible. Most of all, don’t judge yourself. Tracking your spending is an exercise in data collection; it’s not the appropriate time to change your habits.
Develop a Budget -
After you’ve tracked your spending for a few weeks (or months), use the data you’ve collected to develop a budget. According to "The Millionaire Next Door", budgeting is one thing that sets the wealthy apart from the general population — 55% of millionaires keep a budget.
Start an Emergency Fund -
For years I lived paycheck-to-paycheck. I spent everything I earned. This worked well until something went wrong. And something always went wrong. Suddenly I’d find myself without money to pay for a car repair, or facing an expensive doctor’s bill. I financed emergencies with credit cards. After years of carrying debt, I finally paid off all these out-of-the-blue debts! It definitely helped that I found a way to make a lot more money with home-based business. But even making more money, it's important to follow all this great advice because it is very easy to spend more than you make, no matter how much money you make.
In "The Total Money Makeover", Dave Ramsey explains why he believes an emergency fund should come before anything else.
Get out of Debt -
Are you struggling under a heavy debt load from credit cards or student loans? Make it a priority to unload some of this this burden in 2009 and 10. When you're inundated with debt, you're basically working to pay the banks. So, make it a goal to only spend what you make. If you want more, make more. It's impossible to expand your current living situation if you're income doesn't expand. By paying down you're debt, you'll have all that money accessible to you.
If you have the mental discipline, you’ll save money by paying down your high-interest debt first. But if you’ve tried that method before and failed, consider using a debt snowball. Pay your debts starting with the smallest balance first. Here’s how:
Order your debts from lowest balance to highest balance.
With everything going on in the industry now, you can negotiate better interest rates. Call the banks and ask them for a lower interest rate or a payment plan.
Designate a certain amount of money to pay toward debts each month.
Pay the minimum payment on all debts except the one with the lowest balance.
Throw every other penny at the debt with the lowest balance.
When that debt is gone, do not alter the monthly amount used to pay debts, but throw all you can at the debt with the next-lowest balance.
The debt snowball can give you awesome psychological payoffs, keeping you motivated to stay in the game. It’s not mathematically ideal, but it worked for me (and for many others!).
Open a Retirement Account -
If you’re young, you probably don’t think you need to start a retirement account. You’re wrong. No matter how old you are, now is the time to begin saving for retirement!
Spend LESS than you earn-
This is the fundamental money skill. It’s common sense, yet many people never learn do it. Only by spending less than you earn can you hope to build wealth. This is easier to do if you track your spending or develop a budget, but those steps aren’t completely necessary. Even if you do nothing else in this list, spending less than you earn can put you ahead of your peers.
Automate Your Finances-
My current project is to move toward a system of paperless personal finance. Along the way, I’m learning the value of automating routine transactions. When you make things automatic, you remove the human element, making it more difficult for you to mess things up.
The classic example is overdraft protection. By tying your checking account to your savings account, you have a safety net if you bounce a check. But there are other ways this can work for you. For example, I’ve set up automatic payments with the gas company, the cable company, and my auto insurance company. I also make automatic investments to my retirement account.
Educate Yourself-
Knowledge is power. Personal finance doesn’t have to be a mystery. Read personal finance books and self-development manuals to empower yourself.
Take CONTROL of Your Finances Today!
Subscribe to:
Posts (Atom)