Some tips to check your money reality and to live the life you want!

“It’s not what you make but what you keep that determines financial success. Pay yourself first and save what you pay yourself.”

This is the first principles stated in the 47 principles of the Financial Fitness Pack introduced by New-York Times best-selling authors Orrin Woodward and Chris Brady.

Rjf-friendI just read a story released by the Washington Post describing families making over half million dollars a year who are struggling financially and have no saving.

They live paycheck to paycheck being “trapped by lifestyle,” quoting Lori Atwood, a financial adviser based in Washington DC.

People need to do a money reality check. Here are some tips I cut, paste, and adapt based on that story I read from the Washington Post.

* Prioritize. Try not to live each month to the very last dollar you earn.

* Always have at least  $1,000 in liquid savings for non-discretionary expenses . If you don’t have this, the only place to turn to use credit cards.

* Never use a credit card with a balance for daily needs. You will never pay it off.

* Try to make sure your fixed expenses — housing, child care, car payments, student loans, credit card minimums — are no more than 43 percent of your household take-home pay. Anything above that percentage generally means you will feel financial stress.

* Spend less than you earn each month.

* Make trade-offs for discretionary expenses. “Should we eat out? No, let’s use the money instead for Susie’s soccer camp.”

* Never say “might as well” when it comes to a purchase if you don’t have the money on hand.

* Decide between what you must have and what is optional. Only the basics — housing, utilities, health, groceries, transportation — are “must haves.” Everything else is optional and ripe for trimming.

* Track your discretionary spending closely. That’s where the train goes off the tracks. Your utility bills are predictable. Your outside dining is not. You can change where and how much you eat so know where you spend so you can trim.

tracker_promoI am so glad that the Financial Fitness Services offer the tracking and other services needed to face this ongoing money reality check. But, it all starts with your ongoing financial literacy education which is the best investment you can make, and be part of a community of like minded people aspiring for financial freedom.

Congratulations to have read so far. You are qualified to receive a free gift. Just inbox me, and I will give you access to a free educational video on financial literacy and entrepreneurship which will help you start your journey towards financial freedom and to live the life you’ve always wanted.

Be well,

Roosevelt

Advertisements

8 thoughts on “Some tips to check your money reality and to live the life you want!

  1. Hi Roosevelt,

    I was glad to read this article and found it so useful that I shared it with my family.

    Thanks for sharing

    Elsy

  2. Greeting Roosevelt,

    Always sharing some good tips, thank you!

    I have also been told by my Financial advisor to have saved at least 6 months of fixed expenses in a Money Market account (should unemployment strikes) and also a 10K life insurance on every member of your household should a sudden death occur. Difficult to achieve but not impossible…

    Keep them coming my friend and be well!

    Evangéline

    ________________________________

  3. Elsy,
    Thank you to find this article useful and to share it with your family.
    Check your email, I just gave you access to a free video on financial literacy. ,
    Let me have your feedback.You may start a conversation on this topic with your friends and family as well.

    Be well!
    Roosevelt

  4. Evangeline,
    The game of money is the most important one we have to play.
    It’s the foundation of all the other ones. Yes, we need to understand the offense, defense, and the playing field to win this game and to live the life we want.
    Once again, thanks for your kind comments.
    Check your email, I just gave you access to a free video on financial literacy. ,
    Let me have your feedback.You may start a conversation on this topic with your friends and family as well.

    Be well!
    Roosevelt

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s