jump to navigation

Easy Ways to Change Poor Spending Habits

Posted in : Think And Grow Rich , add a comment

Many people dream of retiring with a healthy bank account but few people actually achieve it. This is largely due to lack of discipline in building up their retirement fund and poor spending habits. While building a retirement fund requires time, you can accelerate the process by making incremental but positive changes in your spending habits.

Here are seven ways that you can change your daily lifestyle for more positive results in your spending habits:

1. Do more walking than driving. If you can reach your destination within ten minutes by car, consider leaving the car behind and walk instead. You will save money on gasoline and parking fees. This can easily add up to a few thousand dollars a year.

2. Use a bicycle if the destination is within 30 minutes by car. This helps promote blood circulation in your body and also reduces environmental pollution. You can also save on gasoline and parking fees.
(more…)

The Importance of Money Mindset for Financial Success

Posted in : Think And Grow Rich , add a comment

What were you taught about money as you were growing up? Something like “money doesn’t grow on trees”, or “money is the root of all evil”, or maybe “all rich people are greedy”?

Well, how do you expect to become a success financially if you believe these things?

First of all, believing that “money doesn’t grow on trees” is an example of what’s called lack or scarcity programming. Our parents taught us that there was never enough money to go around, and that it was not readily available or abundant. But in truth, the universe is very abundant, and there is lots of money to go around for everyone.

The key is to start thinking that you deserve the money and that there is lots of it available for you, and then you can start attracting it into your life. That’s abundance thinking, which is the opposite of lack or scarcity thinking.
(more…)

Personal Financial Plan: First Step Toward Being Rich

Posted in : Think And Grow Rich , add a comment

Accounting for your own personal finances is the first step toward building lasting wealth. It is essential to know the amount of your Owner’s Equity before you can start to develop a good financial plan.

Once you know what your assets are, and you know what your liabilities are, then you can calculate your Owner’s Equity. Then you can develop a financial plan to reduce your debt and achieve your financial goals.

Here is the Generally Accepted Accounting Principles (GAAP) accounting equation:

Assets = Liabilities + Owner’s Equity

Let’s start with the right side of the equation. First, you must calculate the amount of your outstanding liabilities. This means you write down in a list exactly how much you owe right now on your mortgage, credit cards, and any other bills or loans.

Next, let’s go back over to the left side of the equation where the assets are. Make a list of every asset you own. Examples would be your cars, home and cash you have in the bank. List all of your major assets.

Now we will determine your Owner’s Equity. Simply use this variation of the preceding equation to arrive at your present Owner’s Equity (how much you really own):
(more…)