Proverbs 9:1 inspired my choice of the name “7 Pillars” for my financial coaching business. The verse says, “Wisdom has built her house on seven pillars.” I wanted to convey my desire to help people build their “financial houses” with wisdom. Each of these seven “pillars” will support your financial peace of mind, both personally and in your business.
P – Planning
“If you fail to plan, you are planning to fail!” It is important to have a spending plan (a budget), a savings plan, and a debt reduction plan if you want to succeed financially.
I – Integrity
Always tell the truth – first to yourself, then to your spouse, customers, and business partners. You can’t be in denial about your spending habits, debt, or lack of savings and prosper financially.
L – Legacy
What are you leaving behind? You should aim for a both a fortune and a good example! What are you giving now to others, both in terms of your time and your money? “The generous will prosper; those who refresh others will themselves be refreshed.” ~ Proverbs 11:25
L – Learning
Strive to be a life-long learner. Are you better today than you were yesterday? Do you know more today than you did yesterday? If not, you are falling behind! You should spend some time every day learning, and that includes learning how to handle money better. Don’t depend on others to make your financial decisions for you. Gather information then make a decision that is a product of your own conclusion. Don’t be mentally lazy. Read, read, read! Leaders are readers.
A – Advice
Wise advisors are the key to success. The people you associate with have a big influence on who you are and where you are going. Make an effort to spend time with people who can teach you something and encourage you to be a better person.
R – Responsibility
Don’t make excuses. Being responsible means living on less than what you make, saving, and avoiding debt. Take responsibility for your success and prosperity, because no one else will!
S – Saving
Saving money provides a cushion between you and life, because we all know that life happens! We save for purchases, emergencies, and long-term goals. When you have money saved it gives you security and peace of mind.
If you keep these things in mind when you are making decisions regarding your money and your business, you will be operating with wisdom!
Showing posts with label budget. Show all posts
Showing posts with label budget. Show all posts
Tuesday, June 22, 2010
Thursday, June 10, 2010
How Having a Budget Can Remove the Money Fights from Your Marriage
“I can’t believe you are buying more clothes and shoes! Don’t you have enough already??”
“How could you go and buy a new iPad when we are already strapped for cash?”
“Who charged $700 worth of stuff on the Visa card last month?”
Sound familiar? If so, you are hardly alone. Most married couples admit to fighting about money on a regular basis. In fact, it is the #1 reason for divorce in this country - money problems and money fights. Getting on the same page with your husband or wife is essential to winning with money. “ Ha! Not likely,” you say. The surprising fix for money fights is having a budget that works for your family.
Now many of you cringe when I say that dreaded “B” word – budget… But a budget is simply a plan for how you are going to spend your money for the month. As Dave Ramsey says, “A budget is you telling your money where to go, instead of wondering where it went.” How does a having a plan for your money take the fights out of your marriage? Once you have agreed that you are going to spend a certain amount of money on something, like clothes, then there is no fighting when you buy clothes. If you’ve decided that we’re going to spend $200 on electronics this month, no one yells when electronics are bought, so long as you keep to the agreed amount. Wouldn’t that be nice?
Working through the budget with your spouse causes you both to communicate about what is important to each of you and your family. There is a learning curve when you get started with budgeting. The first couple of months, you will make a lot of corrections and changes to your family budget and that is to be expected. You and your spouse will probably fight through the first couple of months of budgeting, but don’t get discouraged. It will get easier the longer you do it. Doing a monthly budget is a small price to pay for financial peace of mind!
“How could you go and buy a new iPad when we are already strapped for cash?”
“Who charged $700 worth of stuff on the Visa card last month?”
Sound familiar? If so, you are hardly alone. Most married couples admit to fighting about money on a regular basis. In fact, it is the #1 reason for divorce in this country - money problems and money fights. Getting on the same page with your husband or wife is essential to winning with money. “ Ha! Not likely,” you say. The surprising fix for money fights is having a budget that works for your family.
Now many of you cringe when I say that dreaded “B” word – budget… But a budget is simply a plan for how you are going to spend your money for the month. As Dave Ramsey says, “A budget is you telling your money where to go, instead of wondering where it went.” How does a having a plan for your money take the fights out of your marriage? Once you have agreed that you are going to spend a certain amount of money on something, like clothes, then there is no fighting when you buy clothes. If you’ve decided that we’re going to spend $200 on electronics this month, no one yells when electronics are bought, so long as you keep to the agreed amount. Wouldn’t that be nice?
Working through the budget with your spouse causes you both to communicate about what is important to each of you and your family. There is a learning curve when you get started with budgeting. The first couple of months, you will make a lot of corrections and changes to your family budget and that is to be expected. You and your spouse will probably fight through the first couple of months of budgeting, but don’t get discouraged. It will get easier the longer you do it. Doing a monthly budget is a small price to pay for financial peace of mind!
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