5 Stages of Money

No problem was ever solved by avoiding it.

Your money is connected to everything you do.  You can't hide it.

To conquer your negative feelings of fear, shame, and guilt, know there is hope.

Many people don't try because they don't see any hope in conquering their money.

YOU can do this.

Success in any goal comes down to effort.

How much are you willing to work?

Goals give us growth.

Goals keep us focused.

Some examples are:

- Pay off $1,000 debt each month.

- Invest $1,500 monthly into retirement.

Debt steals your future income.  

When you have debt, you are obligating your future income to those payments.

Debt is expensive.

Don't throw away your income to interest.

This is common sense, 

yet why don't we do this?

We are emotional beings with egos and an image to uphold.  When your ego drives your spending decisions, you're in trouble.

"What gets measured, gets managed." 

- Peter Drucker

A budget isn't a constraint.  

You develop your budget.

You're in control of your budget.

The two most powerful variables of compounding are time & contributions.

The sooner you start investing, the sooner you'll see the magic of compounding work in your accounts.

The more consistent you invest, the more powerful compounding will be.

Consistently investing in yourself and appreciating assets creates passive income.

Consistency, discipline, and patience pay off when you practice them over the long-run.

Appreciating assets are the path to wealth.

Work then becomes optional.

 To win with money, figure out how to earn multiple streams of income.

The opportunities are endless.

Here are some options:

- passive income

- part-time job

- side hustle

 We live in an imperfect world where unexpected things happen.  

Calculate a month of expenses, multiply by six, and save that much money.

Having six months of expenses gives you time to adjust if something happens to your income.

Every debt you decide to take on creates an opportunity cost for that cash, even debt on appreciating assets.

Know the costs & fees before you sign the documents.

Make sure this is the best deal for you.

Saving up a down payment shows you are committed.

Saving a down payment:

- reduces your risk

- gives you more time

- shows your lender you are ready

- improves your decision-making ability

Appreciating assets are the path to wealth.

The three most popular appreciating assets are:

Stock-related Investments

Real Estate

Businesses

Every debt you decide to take on creates an opportunity cost for that cash, even debt on appreciating assets.

Know the costs & fees before you sign the documents.

Make sure this is the best deal for you.

Zig Ziglar said: 

"People often say that motivation doesn't last.  Well, neither does bathing, that's why we recommend it daily."

Discover your sources of inspiration and go back to them every day.