If you look like you are living like this
My goal with this blog is to help others live a fabulous life…and that includes having the resources in order to do. Most of us want to live highly prosperous lives, but many of us wear our prosperity on our backs, necks, wrists, and hands. Others are driving their prosperity to and from the job that is their mainstay that keeps them afloat from check to check. It makes no clear common sense to have on an Armani Suit, Gucci loafers, Constantin Valderon timepiece, and Tiffany cufflinks if you are 20-60 days behind on your bills. Likewise, what’s the point of going to the hairdresser every week, getting your weekly mani and pedi, rocking an (authentic) Chanel bag, and wearing a Gucci dress with some Louboutin heels if you have to set up payment arrangements for your cable, phone, and electricity bill before all your services are cut off. If this is you, please keep reading. If it is not you, keep reading anyway…..you most certainly know someone that fits in this category.
I am no financial planner by any means, but I stay up on the money game by employing one and reading about how to keep my hard earned moolah. The following advice is excerpted from books by two of the top financial experts in the game right now, Suze Orman and Lynnette Khalfani.
Suze Orman has a great book called from The Money Book for the Young, Fabulous & Broke. My favorite part is the introduction, where she breaks down the definition of “broke” for those who don’t think they are. I love it! Here are a few:
1. relying on a cash advance on your credit card to pay the rent and the mortgage, and praying that you have enough left on your credit line to do so.
2. having a ton of student loans that make you nauseated when you think about how long it is going to take to pay them off.
3. not opening your credit card bills because you’re terrified to see what you owe and have no way of paying. So, instead, you get hit with the late fee and finance charges.
4. wanting to buy a home but having no clue where you can come up with the down payment. So you are stuck renting a small space.
5. counting every coin in your change jar as well as scrounging under the sofa cushions in a desperate attempt to find the dough to cover your bounced check and the $25 fee your bank is going to slap on you.
6. wanting to save for your kids college education but not knowing how to swing it because you are already strapped to make the mortgage and car payment, and you haven’t even started saving for your retirement.
7. is not having one penny saved, even though you have a good job. If your car breaks down, so will you. You don’t have the money for repairs, but you need the wheels to get to work.
In her book, she gives you the methods to get beyond broke to the point where you never “revisit broke” again. Pick it up peoples…and get out of debt.
It is an easy and quick read, but it takes a little, actually–let’s keep it very real, a good amount of time to plan your financial future. I will be honest..I read the book a few times before I actually wrote my PPP (see below) due to the fact that I am a highly skilled procrastinator. Here are her 7 recommended habits:
1. Make a Personal Prosperity Plan (PPP)
2. Invest first, last, and always in your reputation.
3. Live like a lender, not a borrower
4. Leverage the power of property
5. Increase your fortune with proven methods, not shortcuts
6. Overcome setbacks and minimize risks to your financial health
7. Never forget the next generation
In a nutshell, pay your bills and plan to save. Buy property and invest in retirement and education funds. Get your credit report and fix it, if necessary. Have something other than debt to leave for your children, friends, and your family when you pass away.
This is merely a snapshot of these two books. For the complete picture, you need to pick up one (or both) and get your financial life together. Live like how you look for a change.
Keep is strictly stylish!