By: Anamika Gupta
When I was a kid I was constantly told, "We can't afford that; we can ONLY get this; ask your dad if you can have that; you must save your money for a rainy day; start saving now for retirement."Visit at http://themotley-fool.blogspot.com
Don't get me wrong, I understand the intention of some of these messages and that they may even hold value for some folks but I also have learned that these statements can lead to potential financial paralysis.
By hearing those statements over and over again, I developed what could have been my Money Destiny. That Money Destiny led me to believe I would never have enough money, that I must always save and never spend, and that I was not financially safe. These messages repeated themselves in my mind every time I needed to make a money decision or anytime I thought about money. Soon thereafter I found myself resenting the "mean green" and at times wanting to rebel against it. Thank goodness I realized one day that should I continue down this same Money Destiny road, I was destined to have just enough (not plenty) or none at all for that matter or worry about money constantly, and stay in the middleclass.
When I noticed how I was making decisions that would keep me in the same place and never propel me forward financially, I knew it was time to bust my old patterns, break debilitating money-habits, and create a new money system, a new Money Destiny. Doing this was going to take some mental, emotional, spiritual, and physical work, oh yeah, and finacial work as well! It meant I was going to have to stop listening to what I had been told all my years growing up as a child as well as stop playing the "tape recording" of these messages over in my mind. It also meant I was going to have to buck this old system every time it flashed before my eyes! My intention in sharing this article with you is to help you break down your conditioned mindset and build it up with a new one that actually works with you and not against you. This is a mindset that YOU are going to create, nobody else will be creating it for you. Isn't that exciting?
So what does mastering money look like? Mastering your money literally boils down to one thing: your mindset. Have you ever noticed that when your bills are paid off for the month and you have some extra "bread" in savings, you are just bouncing around the planet like you are rich (even if you aren't)? However, on the contrary, have you noticed that when you don't have enough to make ends meet and you're struggling to figure out where the next dollar will come from to pay your rent or mortgage, you never seem to see the light? And, have you ever noticed that you actually decided, either consciously or subconsciously, which of those scenarios would play out in your life?
What I would like for you to do is sit for a moment and put yourself into both situations. First, visualize yourself in the moment when you have no money, nothing in the bank, in fact you may be in the negative. You're not going to be paid for another week and all of your bills are due yesterday. What is the first feeling that you notice? Desperation, anger, frustration, helplessness? Take a quick note of that. Now, go to the visual of having money in the bank, all bills paid off and in essence you feel free. You have extra money to do what you would like and everything seems to be going right in the world. Again, take note of the first feeling that pops up for you when sitting in this visualization.
Let's take an even further step. Picture that you are in control of both scenarios. You actually designate or choose which will happen in your life. And, you actually choose the same scene over and over again. Which do you choose? Do you choose the visualization with lots of money and financial freedom or do you choose the daunting visual? I venture to guess you wish to choose the one of Money Mastery.
The concept of Money Mastery has to do with having a destiny when it comes to money. Some folks actually are destined to be rich, middle class or poor. For most of us, we witnessed how our parents behaved with money, listened to things they said and then modeled after them. If our parents were rich, we figured as adults that we, too, had the right to be rich. If our parents were poor, we grew up thinking we did not deserve to have more money so we followed in the footsteps of our poor parents.
I am here to tell you that you don't have to follow in anybody's footsteps when it comes to mastering money except your own. Today, you get to decide your new Money Destiny in just three steps.Visit at http://themotley-fool.blogspot.com
Article Source: http://www.articlesbase.com/finance-articles/money-mastery-three-easy-steps-to-mastering-your-financial-destiny-1050294.html
Monday, July 20, 2009
How Are You Managing Money If Financial Distress is Overwhelming You?
By: Anamika Gupta
How Are You Managing Money If Financial Distress is Overwhelming You?
The stock market is down, foreclosures are up, unemployment is up and bankruptcies are up. Many Americans are having a very difficult time managing their money in this environment.Visit at http://themotley-fool.blogspot.com
There are many small business owners that are facing the prospect of losing their business. I faced this exact situation in the past year and this is how I dealt with it.
My home improvement business was very profitable by 2005 and I was looking at a very prosperous future for my family. In 2006, however, sales began to decline as more of my customers were finding it difficult to get home improvement loans to pay for my company's services. I realized that the future success of my business was in doubt and began to plan for alternatives.
I tried to sell my business, but there were no takers. I worked extremely hard to keep it profitable, but by June of 2007 I realized it was a losing battle. I looked at all of my debt, and understood that a bankruptcy was probably inevitable.
I knew that filing for bankruptcy was an extreme measure, and that the consequences of that decision would be far reaching, but I had poured every cent that I had into my business, including a huge mortgage on my house. I could not see spending the next 30 years trying to pay back all of that money when my formerly prosperous business was a victim of a bad economy.
I knew that before I took a step as drastic as bankruptcy, I had to have a plan for how I would provide for my family after I got rid of the business that had become an anchor around my neck. I spent hundreds of hours studying various online and home businesses and eventually found one that I thought I could do.
I started that business in December 2007 and was able to make over $10,000 the first week in January. This gave me the confidence that I needed to move forward, but it still was not easy. I was not able to consistently make that much every week, so I had to take some very drastic actions to keep food on the table.
My advice in managing money if financial distress is overwhelming you is born from my own experience. I was a victim of many creditors that threatened me and got me to cough up money that I could not afford to pay. Many times I found myself without enough money to pay for the basic essentials for my family. Health coverage was an almost instant victim of my financial struggle and food and gas costs became a great concern.
If you are going through a situation that is this difficult, I recommend making sure that you are able to take care of the basics before you succumb to the threats of your creditors. Having health coverage and food on the table is far more important than your credit score. There are far worse things than realizing that you need to pay cash for everything.
If there is any way that you can avoid a foreclosure or bankruptcy, by all means do so. You can drive a cheaper car and cut costs across the board to try to avoid losing your house or going bankrupt. If you realize that a bankruptcy is inevitable, then make the decision and protect yourself. Do not cough up money when you do not have it and begin working on a plan on how you can prosper in the future. This is perhaps the very best time to go through a bankruptcy or foreclosure because there are many people doing so. The social stigma associated with those financial events is not what it was 20 years ago and you will be in good company. Some notable people that have gone through bankruptcies are Abraham Lincoln, P.T. Barnum, John Barrymore, Kim Basinger, Bjorn Borg, Francis Ford Coppola, Walt Disney, Charles Goodyear, Ulysses S. Grant (his face is on the $50 dollar bill), myself and many others. Do not be afraid of taking the opportunity for a fresh start.
This may also be a very good time for you to start a home business. Your financial distress should help provide motivation for you to put in the effort to make a home business succeed. Most home businesses fail for lack of effort. The reason that mine succeeded is that I knew I had to be successful. Failure was not an option because the security of my family depended on that success.
If you are in financial distress you should also make sure to nurture the relationships that are important to you. Money, or the lack of it, can bring out the worst in people and you do not want to let your relationships to be a victim of your hard financial times. Any type of difficulty can either bring people together or drive them apart. The former is better than the latter and you will be able to handle your financial trials better with the support of family and friends than without them.
If you decide to start a home business, make sure that you have the financial ability or time to properly market it. Do not spend more money than you should to get your home business off the ground, but you do need to realize that it takes an investment to make money. If you invest your time to learn how to market for free, you will save your dollars for essentials and be way ahead in the long run.
I had very little money to put into a home business when I started, but I was able to take my effort and determination and build a very successful and profitable business. You may be able to do the same if you are willing to invest the time and take the risk to do so.Visit at http://themotley-fool.blogspot.com
Article Source: http://www.articlesbase.com/finance-articles/how-are-you-managing-money-if-financial-distress-is-overwhelming-you-1050317.html
How Are You Managing Money If Financial Distress is Overwhelming You?
The stock market is down, foreclosures are up, unemployment is up and bankruptcies are up. Many Americans are having a very difficult time managing their money in this environment.Visit at http://themotley-fool.blogspot.com
There are many small business owners that are facing the prospect of losing their business. I faced this exact situation in the past year and this is how I dealt with it.
My home improvement business was very profitable by 2005 and I was looking at a very prosperous future for my family. In 2006, however, sales began to decline as more of my customers were finding it difficult to get home improvement loans to pay for my company's services. I realized that the future success of my business was in doubt and began to plan for alternatives.
I tried to sell my business, but there were no takers. I worked extremely hard to keep it profitable, but by June of 2007 I realized it was a losing battle. I looked at all of my debt, and understood that a bankruptcy was probably inevitable.
I knew that filing for bankruptcy was an extreme measure, and that the consequences of that decision would be far reaching, but I had poured every cent that I had into my business, including a huge mortgage on my house. I could not see spending the next 30 years trying to pay back all of that money when my formerly prosperous business was a victim of a bad economy.
I knew that before I took a step as drastic as bankruptcy, I had to have a plan for how I would provide for my family after I got rid of the business that had become an anchor around my neck. I spent hundreds of hours studying various online and home businesses and eventually found one that I thought I could do.
I started that business in December 2007 and was able to make over $10,000 the first week in January. This gave me the confidence that I needed to move forward, but it still was not easy. I was not able to consistently make that much every week, so I had to take some very drastic actions to keep food on the table.
My advice in managing money if financial distress is overwhelming you is born from my own experience. I was a victim of many creditors that threatened me and got me to cough up money that I could not afford to pay. Many times I found myself without enough money to pay for the basic essentials for my family. Health coverage was an almost instant victim of my financial struggle and food and gas costs became a great concern.
If you are going through a situation that is this difficult, I recommend making sure that you are able to take care of the basics before you succumb to the threats of your creditors. Having health coverage and food on the table is far more important than your credit score. There are far worse things than realizing that you need to pay cash for everything.
If there is any way that you can avoid a foreclosure or bankruptcy, by all means do so. You can drive a cheaper car and cut costs across the board to try to avoid losing your house or going bankrupt. If you realize that a bankruptcy is inevitable, then make the decision and protect yourself. Do not cough up money when you do not have it and begin working on a plan on how you can prosper in the future. This is perhaps the very best time to go through a bankruptcy or foreclosure because there are many people doing so. The social stigma associated with those financial events is not what it was 20 years ago and you will be in good company. Some notable people that have gone through bankruptcies are Abraham Lincoln, P.T. Barnum, John Barrymore, Kim Basinger, Bjorn Borg, Francis Ford Coppola, Walt Disney, Charles Goodyear, Ulysses S. Grant (his face is on the $50 dollar bill), myself and many others. Do not be afraid of taking the opportunity for a fresh start.
This may also be a very good time for you to start a home business. Your financial distress should help provide motivation for you to put in the effort to make a home business succeed. Most home businesses fail for lack of effort. The reason that mine succeeded is that I knew I had to be successful. Failure was not an option because the security of my family depended on that success.
If you are in financial distress you should also make sure to nurture the relationships that are important to you. Money, or the lack of it, can bring out the worst in people and you do not want to let your relationships to be a victim of your hard financial times. Any type of difficulty can either bring people together or drive them apart. The former is better than the latter and you will be able to handle your financial trials better with the support of family and friends than without them.
If you decide to start a home business, make sure that you have the financial ability or time to properly market it. Do not spend more money than you should to get your home business off the ground, but you do need to realize that it takes an investment to make money. If you invest your time to learn how to market for free, you will save your dollars for essentials and be way ahead in the long run.
I had very little money to put into a home business when I started, but I was able to take my effort and determination and build a very successful and profitable business. You may be able to do the same if you are willing to invest the time and take the risk to do so.Visit at http://themotley-fool.blogspot.com
Article Source: http://www.articlesbase.com/finance-articles/how-are-you-managing-money-if-financial-distress-is-overwhelming-you-1050317.html
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