Tag Archives: Money Coach

Money Mission: Earn Your Own Income

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The goal-achievement race is more like a marathon than a quick sprint; unless you continually focus on the finish line, you might get discouraged by the long journey and give up along the way. Our Money Mission columns are aimed at challenging you to accomplish a specific task each month that will help you persevere with your dreams.

Previously, we addressed two of the stumbling blocks that can prevent persons from making progress on their plans – procrastination and the inefficient use of time. Another major drawback that many people face in their quest to attain their goals is that they don’t earn enough money to save for important financial objectives such as buying a home or retirement.

Independent earning is important

The reality is that with the rising cost of living and the inability of most employers to pay increased salaries, you will have to change your outlook on earning if you want to have more money. You can no longer expect a job to supply you with all the income you need to create your desired lifestyle; you have to learn how to generate other sources of earning from your own efforts. Continue reading Money Mission: Earn Your Own Income →

How to Overcome Time Poverty

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We have been looking at one of the main stumbling blocks to personal and financial success — the inefficient use of the precious resource of time. Many people will argue that they really wish to start the process of change that will take them towards actualising their goals, but they find it very difficult to dedicate enough time to do what is required.

With work commutes that can take hours, job responsibilities that go beyond the contracted nine-to-five, and various commitments to children, service clubs or school, the average person is severely starved of unscheduled time. We may be able to find ways to alleviate our money deficiencies, but how can we overcome the challenge of time poverty?

Educator and author of Overcoming Time Poverty, Bill Quain, explains that if you feel like you don’t have enough time in your life, you may think you can fix the problem by becoming more efficient at what you do. On the contrary, Quain says, “You don’t need more time to do the same things you are doing now. You need to do different things in order to have more time in your life.” Continue reading How to Overcome Time Poverty →

What Makes the World Go ‘Round?

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When asked, “What makes the world go ’round?”, some people will empathically answer “Money!” while others will firmly declare, “Love!” It’s been said that “money can’t buy love,” but there is also wisdom in the concept that “it takes cash to care.”

Many people think that it is impossible to actively pursue love and money at the same time. A job, the main source of income for most persons, is seen as a tedious chore that is only tolerated because it pays the bills. The idea of working for love seems like a childish fantasy.

Others are so obsessed by the need to amass riches that they will sacrifice human kindness to gain a dollar. In their greed for money, they will abuse and take advantage of people; and cheating and corruption often become necessary evils in their pathway to progress. Continue reading What Makes the World Go ‘Round? →

Money Mission: Make Time for Your Money

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The month of January has already bid us a swift farewell. We have all heard the old adage, ‘Time waits for no man’ and the days, weeks and months of 2013 will not delay their passing for any of us. How successful have you been in getting started on the resolutions that you were determined to accomplish this year?

For our monthly ‘Money Mission’ columns this year, I would like to focus on strategies that will help you keep your dreams in the forefront of your minds. Don’t accept the mistaken belief that it is impossible to accomplish your resolutions; with clarity about your goals and the right attitude you can adopt new habits that will help you to be successful.

What do you do with your time?

Many people find that even though they are desperate to make changes to their financial situation, they just can’t get the time to do what they need to do. We often let work pressures and trivial events distract us from our goals. We stop thinking about and carrying out the daily steps required to maintain our progress; thereby relegating our future to the back burner.

It’s pointless to say “If only I had a little more time, I could really get going with my plans,” as we all have the same number of hours, minutes and seconds to utilise each day. Wealthy persons and successful achievers don’t have some secret stash of time that puts them ahead of the pack; they accomplish exceptional things with the same amount of time resource as you do.

What should you be doing with your time?

There are several essential activities that you need to accomplish if you want to be financially successful. You need to be efficient at budgeting, practice smart spending habits, be cautious with debt, save consistently, invest for future goals, put money aside for your retirement years, and make adequate provisions against life’s eventualities. Continue reading Money Mission: Make Time for Your Money →

More Money: Get Paid to Shop

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Many people are feeling a tight squeeze on their pockets as their spending power decreases in line with the increasing cost of goods and services. Unfortunately, most of us don’t have incomes that automatically adjust to inflation, so it means that what we earn can buy fewer items each month. How can we maintain our standard of living in light of this reality?

To stay on top of rising costs, you need to create a budget plan for the year and track your expenses every month. When you consistently record your actual spending, you will quickly be able to ascertain when your bills start to increase. You can download a budget plan with a monthly tracking spreadsheet at www.financiallysmart.org.

Rebalancing your budget

When the expenditure side of your budget goes up, your first strategy is to try and rebalance it by cutting back on other costs. Apply conservation strategies to reduce your utility bills, plan your driving routes to use less petrol, and make drastic reductions on non-essential expenses such as cable TV, fast-food restaurants and mobile phone calls. Continue reading More Money: Get Paid to Shop →

Budgeting: Get it right, Get it done

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Last week we reviewed Brian Tracy’s best-selling book, Eat That Frog! looking at simple tactics that could help you to take action on your financial resolutions this year. The book’s unusual title is derived from a saying that if the first thing you do each morning is eat a live frog, it would probably be the worst thing that would happen to you for the entire day.

Tracy, a goal achievement expert, explained that your frog is your most important task, “the one you are most likely to procrastinate on if you don’t do something about it now.” If you immediately tackle your frog every day, it will have a tremendous positive effect on all your goals. Ignoring your frogs will only make it harder to achieve your life’s objectives.

Your ticket to success

One thing you can do right now to change your financial future is to prepare a budget. However, it is probably the one money objective that people procrastinate on the most. Budgeting could definitely be viewed as a big ‘frog’ that you need to eat. It is the foundation to money success; as without the clarity it provides, it will be hard to proceed with your other goals. Continue reading Budgeting: Get it right, Get it done →

How to Become a Goal-Getter

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Last week we discussed the importance of focusing on one major goal at a time instead of attempting to carry out all the items on your money to-do list. The idea is to concentrate your efforts on the activity that would have the biggest impact on your finances right now. By breaking down that task into smaller steps and doing something every day, you would be more likely to succeed.

As simple as this plan sounds, I know that it can be difficult to stay on track when distractions and disappointments come our way. When it comes to goal achievement, it really is a case of ‘easier said then done.’ If you want to make the most out of 2013, you need to learn some practical strategies to help you persevere and press on until you accomplish all your objectives.

Don’t kill your dreams

To become an effective goal getter, you will need to overcome one of the biggest dream defeaters that prevents people from actualising their plans. Victor Kiam got it right when he declared that “procrastination is opportunity’s natural assassin,” as many dreams die a slow and painful death simply because persons failed to take action on them. Continue reading How to Become a Goal-Getter →

Money Mission: Just Do It!

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It’s the beginning of a new year, and like most people, you may have prepared a list of things that you want to accomplish for 2013. Whether you hope to get fit, lose weight, save more money, read a book each month or spend less time on Facebook, you probably have a strong desire to finally see your plans through to completion this time.

The reality is that the success rate for keeping New Year’s resolutions is usually very low for many persons. Despite our best wishes and firm declarations of change, somehow it is just easier to continue along the familiar highway of ‘same-old, same-old’ than to traverse the often challenging pathway that leads to progress.

If you are one of those faithful readers who have followed my column for almost seven years, you might have seen me confess my own limitations with following through on important tasks. In the past, there have been several missed opportunities and projects that have been left undone, because of my lack of courage, determination, or patience. Continue reading Money Mission: Just Do It! →

MoneyAir Flight 2013

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Ladies and gentlemen, welcome aboard MoneyAir Flight 2013, with non-stop service to Money Success! It is my pleasure to be your financial flight attendant who will guide and assist you for the duration of this 12-month journey.

Your trip on MoneyAir will be customised to fit your needs, as all passengers must create individual flight plans to achieve their personal objectives. It is important that you make a directional map that is specific, measurable, achievable, relevant, and time-based. If not, your journey will be aimless and frustrating, and you will not be able to reach your desired destination.

On MoneyAir, we put you in the pilot’s seat, as you are actually the designer and driver of your own destiny. You will be required to adopt a persistent and determined attitude on this flight, as it will not always be a smooth or simple journey. As we prepare for take-off, please pay full attention as I explain the safety features of our special flight. Continue reading MoneyAir Flight 2013 →