Why is it so hard to save money for some people and not for others?
A lot of time I sit down with my clients and ask them questions about their goals and their dreams and the age they would like to retire.
Once we are done, I spend a few hours reviewing what they said and their current financial situation and create a plan for them, (better than what they have of course) and show it to them.
They get so excited when they see that implementing the plan will get them so much closer to their goals and dreams, and they want to separate as much as possible to reach those goals.
However, after a month or two, they are not as excited about saving money and having that money going to investments, even their wealth will be growing.
Why is it that after a few months, they neither want or feel that they can save as much as they committed to?
Why is it so hard to save money for some people? Or rephrasing it, why does it seem that...
If you are wondering why do you need to create a budget or spending plan, I am going to tell you on this blog.
No matter if you like it or hate it, having a budget can help you improve your finances immediately.
The reason to have a budget or a spending plan is so you can spend intentionally on the things that are most important to you. This is the first step to financial freedom even though it sounds like it is not. Why?
You are planning out everything in...
The number one reason couples split up and ended in divorce is Money.
One reason is that they have a different point of views on how to manage the finances. The other reason is that they both have weak money habits and cannot handle it correctly.
The lack of communication in a lot of couples could create more debt in the household. Why? Because where there is not a good communication, it creates a void. And most likely, shopping, things will be filling up the emotional gap.
Are there any secrets when it comes to finances within your household? Sometimes one of the spouses doesn't know what the other is either spending or saving. A lot of times, one of them don't know what the other's income is.
They do talk about money, but not openly and honestly.
In the midst of Hurricane Season and Fire Season and even Earthquake Season, it is important to ask ourselves these questions. The word EMERGENCY broke it down pretty well. We need to have funds for any unexpected events. This should be liquid assets that are readily available.
Here are the major unexpected events that we can run into:
1. Job Loss
2. Medical Emergency
3. Car Repairs
4. House Repairs
5. Weather Conditions
When a hurricane is approaching an area, most individuals are subject to hours of preparation, which means an increment of expenses, by having to buy extra nonperishable food, supplies like flashlights, candles, plywood, and of course water. This also means hours of loss of work time. If you do not evacuate the area, you can lose your car, your home will also incur in damages and that is without counting personal items that could be lost due to wind or water damage.
Fire is something very unexpected as well. How about insurance protection for flooding,...
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