Millionaire Wealth Building - Reduce Debt And Sustain Your
Wealth
I'm fortunate to have an excellent financial planner who in turn
works with an excellent team of financial specialists. These
specialists scrutinize all aspects of finance including taxes,
insurance, saving and budgeting. They have a wide range of
clients, from the average Joe to multi-millionaires. Knowing
whether I am spending more than I earn is probably the simplest
and best advice he has ever given me. Here is that strategy plus
a few others for reducing debt and living a life with less
stress and more freedom.
Are you spending more than you earn?
Isn't it incredibly easy to have money "mysteriously float away"
each month on purchases you simply "forgot"? We know we have
monthly bills, but a person's got to live, eh? Are you scared to
add up those credit card purchases each month? And then months
become years, and the money continues to "float away." If you
really think about it, keeping track of your money is easy. All
it takes is paper and pencil. One column for debts and one
column for income; add them up each month, subtract the
difference and see if you spend more than you earn. Once you
clearly see your spending habits on paper, you can no longer
hide from them. This is by far the single most important step
towards debt reduction and wealth creation. Being completely
honest with yourself is the first crucial step towards
incorporating positive financial change in your life. Are you
spending more than you earn? Credit cards got a hold of you?
Understand how emotional intelligence and your values can
rid you of crazy monkey brain.
How many times have you innocently walked into a store and found
a million reasons why it's okay to purchase something? This is
the last time I will buy this. My credit card balance is low;
it's okay. I love it and it's on sale! I'm not doing this for
me, I'm doing it for them. Hey, I have some extra cash! We all
have these emotions and thoughts coursing through our heads at
some time. Real millionaires with solid finances realize that
spending money on stuff doesn't buy lasting happiness. In the
short term, it's pleasurable but financially disastrous. So the
next time you have the spending bug, take a moment to simply
appreciate everything you do have. Appreciation is a powerful
emotion and a fantastic core value. Appreciating your family,
friends, health, nature and the simple pleasures in life will
make you realize that spending won't buy happiness. Use your
emotional intelligence. Make appreciation a core value. Real
millionaires respect the dollar but place appreciation,
gratitude, family and friends before all else. You most likely
don't need to buy it.
Hold on to your own reality. Don't give in to the
advertisers.
In this information age we are continuously assaulted with
advertising images trying to convince us to buy, buy and buy.
Bigger, better and faster. We will look more successful. We see
celebrities using their names to sell almost anything. Tiger
Woods drapes himself in Nike from head to foot because Nike is
trying to convince us that it is a groovy and respectful
company. We begin to respect Nike because Tiger Woods uses them.
Tiger has sold his image. Using my treasured rock songs to sell
cars, computers and any other consumer product really offends
me. The Who, Led Zeppelin, Aerosmith and The Rolling Stones do
it and have sold out. The Doors have not (completely).
Advertising images and music are reality. Success isn't about
exciting rock songs and getting everything you want. It isn't
about looking like Tiger. Spend your time on what is truly
important to YOU and not on what the advertisers tell you. Close
the television and get outdoors. Take a hike in the woods.
Marvel at the beautiful sky. Life can be magical at times.
Sometimes it's the simple pleasures that are the most rewarding.
Note: Although they allowed one song to be used in the 70's,
here is what the drummer Densmore from the Doors said recently
being offered millions to use their music for Apple and Cadillac
advertising. From the LAtimes...
"People lost their virginity to this music, got high for the
first time to this music," Densmore said. "I've had people say
kids died in Vietnam listening to this music, other people say
they know someone who didn't commit suicide because of this
music.... On stage, when we played these songs, they felt
mysterious and magic. That's not for rent." Let's
summarize:
1. Take action today to spend less than you earn. It will
reduce stress and release those shackles of debt. 2. Your
emotions and thoughts can easily make you spend more. Use
appreciation or gratitude to realize what is truly important in
life.
3. Don't let the advertisers make your reality. Your reality and
beliefs should have little to do with snazzy rock songs and
advertising.
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