|
Wednesday, 14 November, 2007 11:31 AM
Are Your Finances Ruining Your
Life?
Five
Steps to Get You Back on Track
The housing market is
in shambles and every day the bleak news seems to get worse. With
foreclosures at a record high, economists predict the pace won’t
slow down for at least another 6 months. Behind these grim statistics
are families who are struggling and desperate, trying to figure
out how to hang on to their homes and ease their money woes. If
you’re one of those families, you probably feel like you’re
stuck in a losing situation. But you can take some steps to regain
control of your finances and get back on track!
“While the Federal Reserve cut the interest rate in an effort
to prevent the housing slump from spurring a recession, you should
look into the other measures the government is taking,” says
Barbra Williams - a self-made millionaire, success coach and spokesperson
for the Success Institute of America.
“For example, investigate the possibility of re-financing
a problematic loan through the government’s FHA Secure loan
program. This program may help if you’ve suddenly found yourself
‘house poor’ due to creative financing that’s
taken an ugly turn and sent your adjustable mortgage rate payment
skyrocketing.”
But don’t rely solely on the government to save you from financial
ruin. If you’re one of the millions of Americans consumed
with stress over finances, it’s time to take action.
Five Key Steps to Regain Your Financial Health
- Assess your financial
situation: Make an honest assessment of your current income including
the how, when and where of your spending. Determine how much money
you’re forking out each month for bills, but don’t
forget to take into consideration the spending on everything from
prescriptions to lunches, haircuts to dry cleaning. It all adds
up!
- Decide where you want
to be financially: By setting financial goals you will be able
to focus on what you need to do in order to get there. Is taking
a second job a good idea? Assess if there are corners that you
can cut in your spending which will help you become financially
fit. Believe it or not, cutting out the daily latte may be one
of the keys to reaching your financial goals faster.
- Make goal-based decisions:
Don’t just make any financial decisions – make decisions
based ONLY on whether they bring you closer to achieving your
financial goals. Do you really think that signing up for premium
cable TV package when you are struggling to pay the mortgage brings
you any closer to your goals! Make sure to take into consideration
that better financial decisions move you forward on the path to
success! Stop rationalizing expenses!
- Do something every
day to move you closer to your financial goal: Knowledge is power
and in order to stay motivated, why not keep finding new ways
to stay on track? Attend a money management workshop, read a financial
advice book, find helpful internet based newsletters or possibly
even ask for professional help. Doing this everyday will keep
you focused on your goals and prevent you from slipping into bad
habits.
- Learn to manage the
money you have now: Money management is the most critical factor
in building wealth, so it is time to learn how to live on par
with your income. If you are really motivated to make a change,
learn how to live beneath your means. This is a surefire way to
accumulate wealth!
As a financial expert, Williams understands why so many Americans
feel anxious about their finances. She firmly believes financial
health is about more than money. She says when people are under
financial duress it affects all areas of their lives. That’s
why it’s so critical to take action.
“Financial problems
hurt more than your bank account,” says Williams. “When
you feel stressed about money, that anxiety has a negative impact
on all areas of your life—your relationships, your job and
your health. I bet you find yourself snapping at your family and
constantly distracted by thoughts of how you’re going to pay
each bill. It’s definitely not a healthy way to live.”
Williams says it’s
important to start your roadmap for the future as soon as possible.
“Carve out some time to sit down, grab all of your bills and
outline your roadmap. Simply taking that first step will instill
a sense of relief.”
About Barbra
Williams
Williams is a highly successful entrepreneur. She built a million
dollar company from the ground up with just $500 cash. She is also
a success coach and mentor, specializing in personal and financial
development training. Through the Institute for Success, she has
helped thousands of businesses, professionals and individuals achieve
their goals.
Williams is a highly sought after lecturer/instructor who teaches
management, marketing and entrepreneurship for many college and
government programs. In addition, she’s popular on the guest
speaking circuit. Countless network marketing representatives, real
estate agents, and other professionals including doctors, athletes
and various business owners have turned to Williams for her vast
expertise.
Williams and her husband Steve have three daughters. She is very
proud that her entrepreneurial efforts have allowed her to raise
her girls personally- no daycare or babysitter. Visit www.incometoday.net
for more information about Barbra Williams.
Source: NewsandExperts.com
|
