Struggling to make ends meet? Then keep reading. You see...I am just like you. I've had everything, I've lost everything and I'm rebuilding everything. And you can too! No matter what your situation or income level is, you can get back on track to financial stability, learn the basics of building wealth and live debt free.
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If you take nothing else away from this book…this needs to be it. How you spend your money will determine your financial success. Think about it. People do not become millionaires by spending everything they have coming in. There is no possible way to become financially successful if you don’t live within your means. And chances are the spending habits you developed when you were young are pretty close to the same habits you have today. Now that you’re older, you are probably making more money, but you’re spending it just the same. And unless you make a conscious decision and effort to the contrary, your “necessary expenses” will always grow to equal or even exceed your income. The goal here is to live on 90% of your income. So, if you’re making $3000.00 per month, then your monthly expenditures shouldn’t exceed $2700.00 per month. You should already know what that number is because you’ve completed the tables in the previous chapters. You should also have some idea of what your spending habits are because you’ve been tracking all of your expenditures on a daily basis. I’m not necessarily telling you to spend less; I’m telling you to spend differently. You’ve heard it said before – pay yourself first. Instead of waiting until the end of the month to save anything that might be left over (because it is a rare occasion that anything is ever left over). Take the $300.00 (or 10% of your income – whatever that number is) and pay yourself first. The first time that I read this, I thought to myself, “Are they out of their minds? There is no way that I can pay myself first; I’m barely even able to pay my bills. I’m a single mother with 3 young children…I don’t have any extra money.” And you’re probably thinking something similar. I didn’t say this was going to be easy, but believe me, it can be done. You can reduce your expenses to 90% of your income. This does not mean that you take a 2nd out on your mortgage, get a home equity line of credit, or any other personal loan for that matter to pay off your current debts. While the media will portray that this is the quickest and easiest “fix” to your financial worries…it is not. Because if you don’t have control of your spending in the first place, you will most likely use the credit cards you just paid off to spend more, creating a new balance, therefore leaving you with your new loan payment and payments on the credit cards as well. We’ve all heard the stories of individuals just like you and me who have won the lotto, or in some way acquired a large some of money. Their financial worries should have disappeared. But nine times out ten, these people, within a matter of years, are right back in the same position they were before they had the money. Why? Because they didn’t have control of their day in, day out spending in the first place. So, how do you cut your expenses to live within your means?
About Staci J. Nauman
Widowed at the age of 28 and left with 3 young babies to raise, Staci Nauman has learned that life, success and prosperity are a matter of choice, and that by getting back to the basics of financial management anyone can become wealthy. She resides with her husband and children in Reno, Nevada.
Struggling to make ends meet? Then keep reading. You see...I am just like you. I've had everything, I've lost everything and I'm rebuilding everything. And you can too! No matter what your situation or income level is, you can get back on track to financial stability, learn the basics of building wealth and live debt free.
Widowed at the age of 28 and left with 3 young babies to raise, Staci Nauman has learned that life, success and prosperity are a matter of choice, and that by getting back to the basics of financial management anyone can become wealthy. She resides with her husband and children in Reno, Nevada.