Are Your Finances Ruining Your Life?
The housing market is in shambles and every day the bleak news seems to get worse. Foreclosures are now at a record high and economists predict the pace won’t slow down for at least another 6 months. Behind the 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.
While the Federal Reserve cut the interest rate in an effort to prevent the housing slump from spurring a recession, people can’t count on the government to be a knight in shining armor, saving them from financial ruin. If you’re one of the millions of Americans consumed with stress over your economic situation, it’s time to take action. The longer you wait, the harder it will be to make progress.
Five Key Steps to Regain Your Financial Health:
* Assess your situation
Make an honest assessment of your current finances. Determine how much money you’re forking out each month. Don’t forget to include expenses such as medications, school lunches and dry cleaning.
* Decide where you want to be financially
Setting goals will help you focus. Decide what expenses you can realistically cut (daily mocha lattes, take out dinners, etc) to help create your action plan or roadmap for reaching your goal.
* Make goal-based decisions
Make decisions based on whether they bring you closer to or further from your financial goals. Signing up for premium cable packages when you’re struggling to pay the mortgage doesn’t bring you closer to your goal.
* Do something every day to move you closer to your goal
Attend a money management workshop, read a financial advice book, or consult professional help. Whatever it is, find a way each day to acquire more skills and knowledge about money.
*Learn to manage the money you have now
Money management is the most critical factor in building wealth; learn to manage the money you have now regardless of the amount
Barbra Williams, a self-made millionaire, success coach and spokesperson for the Success Institute of America 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.”
Available at: www.incometoday.net
About the Author
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.