Your Personal Finances: Controlling And Understanding Them

The new American Dream should be having complete control over your personal finances. True wealth is knowing that you never have to worry about any financial decision again in your life or for future generations to come.

For most Americans life is made of up of having a job, paying bills and then worrying about taxes. Now where in that scenario does it appear that you have complete control? When will you have a line in the sand moment and be ready to change?

The time is now!! Let’s take an honest look at the average life. Working for someone else will give you a future that has a sense of security but is it really? An employer pays you a percentage of the money that you make for him. I have explained to my employees for years that no matter how they choose to look at it that if they were not making me more money that I was paying them how could I afford them. I already do that for the government but we will talk about that in a moment.

Your job is not secure it merely gives you a certain number of dollars to pay your bills with each week. As the recent events have shown us even then most stable of companies have layoffs and then what happens?

The government and taxes is your ultimate boss. Currently employees must work until the middle of June each year just to pay all the forms of taxes imposed upon us. And we all know that the only 2 things in life that are certain are death and taxes, and the government is trying to control both. Not much for us to control there.

The debt that you have controls you. The only way to control debt is to eliminate it. Eliminating debt is like trying to quit smoking after you have smoked for 30 years. Debt is the drug of addiction for more households in America than all others added together. To have complete control of your life debt is the first thing that you gain mastery over.

To begin t take control you have to take what money you have and begin to make it work for you instead of you working for it. But how do you do that? First you begin saving before you do anything else. If it is $5 per day, that is a start that will give you the first step of control.

Next, begin eliminating debt. The key is here as you pay something off do not replace it. If it is a car that you pay off add that payment to your savings plan. Instead of paying 72 months for a car in 42 months you can pay cash. Add 50% life to the things you normally borrowed money for.

Find a way to increase your income. Work for yourself so you can gain 100% of the benefit of what you do. Start out small with a work from home opportunity. Take that income and add it to your savings. Build the amount of cash that you have on hand. Cash truly is king when it comes to being in complete control.

Focus on retirement and savings and your life will change. Don’t get discouraged at first it will be small steps but then it will leverage itself.

To learn more about personal finance and retirement planning visit the resource box below.

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