CDISSIA

Managing Money

Excerpt taken from the book Money Management for the
New Millennium. by Todd A. Williams

Many People are challenged by managing money because they have no
idea where it all goes. They may make a good wage; yet have no
understanding of how they manage to spend everything. An important
part of building a positive and lasting financial legacy is knowing
where your money goes.

In order to execute any plan for success it is imperative that you
know where your resources are, and where they go. Napoleon was a
great general for France because he knew the capabilities of his
army, and he knew where each regiment of his army was placed for
battle. That knowledge helped him win many battles. Your money is a
resource and you must know where it is, how it works for you, and use
it appropriately in order to make your financial goals a reality.

Although money is not the most important thing in the world, it is a
medium of exchange that is necessary to obtain creature comforts of
life. We need money to buy food, clothing, and shelter. Nothing is
wrong with using money to gain material goods. However, something is
very wrong when we squander our resources and misuse it.

Five steps to take to better manage your money:

Step 1: Stop budgeting!

The word "budget" is a restrictive action much like the word "diet".
We all have been on diets and have stopped because it is hard to deny
ourselves of things we like. Why torture ourselves?
No longer use the "B" word. Instead, implement a spending plan.
If we change from "diet" to "nutrition", it becomes easier mentally
because we know we are eating for a healthy life. .
Likewise, we are used to spending,. Creating a self-directed
spending plan gives us greater psychological control of where we will
spend. We can spend to a savings account, an investment account, or
any other accounts.
That is a more positive action.

Step II: Be diligent in tracking resources.

As the ancient saying goes.Know thyself!
Keep track of where you spend you money. Develop a spending
journal. Maintain the journal and yes, keep track of the smallest
amount that you spend. Remember, disaster does not strike all at
once. The little signs of trouble lead to the big ones!
Like Napoleon, be a great general; know where your troops are.

Step III: Have courage.

Don't let the fear of financial matters derail you from your dreams.
Take charge be in control, believe you can do it!

Step IV: Have a plan.

Have a clear vision of what you want to accomplish, and go for it.
Fuzzy goals give fuzzy results. Have a purpose and let your purpose
drive you to successful money management

Step V: Positive reinforcement.

The law of physics states that an object will continue in one
direction until a greater force alters its course. If you are headed
in the right direction, make sure you don't let anyone or anything
change your course. Success is in your hands. Grab hold tight!

Maximize your dreams
Organize to overcome obstacles
Network to networth
Enjoy the moment
Yield an abundance

Until next time

Your Money coach

End

Resource: Todd A. Williams is a money coach. He appears regulary on Newschannel
5 "good morning Cleveland." His latest book is available at http://www.moneybytodd.com contact him at coach@moneybytodd.com or sign up for his free e-zine