This is one of the most basic principles you can follow when trying to get yourself out of debt and/or save money. If you don’t have the money, don’t spend it! This may sound straightforward enough, but at a time when the average U.S. Household has over $9,000 in consumer debt, it simply cannot be stated enough. We live in a world of credit and debt, which has unfortunately become the norm. We figure if everyone else has debt it can’t be that bad, right?
But where to start? That’s where we can help. We help clients develop a budget and a system for eliminating debt. We help our clients to prioritize so they can easily determine whether a purchase is necessary or if it fits with their goals. And we help them build up savings so that if an emergency or repairs come up, they don’t break the bank. Our mission is to “Reclaim America’s Financial Freedom.” It may sound like a lofty goal, but we believe that it can be done. It starts by helping individuals and families get their finances in order.
So what is the best way to avoid debt? If you don’t have the money, don’t spend it! Only use your credit cards if you are going to pay the entire balance (on time!) each month. And evaluate your purchases before you head to the check-out line. Do you really need each of the items in your cart? Could you put a few back or not put them in your cart at all and instead put that money towards paying down debt? Keep your long-term goals in mind as you shop. Realize that when you spend money you don’t have, you are basically putting yourself into slavery because you will have to work to make that money at some point.
If you have questions on ways to save money or get out of debt, you can email us at coach@imoneycoach.com, check out our home page, follow us on Facebook or Twitter or call us today at (303) 462-2001. We care about people and want to see you living a life you love, free from the strongholds of debt.
Tags: get out of debt, save money
If you can find small ways to cut back in several areas of your life, your savings can really add up. At iMoneyCoach, we are all about helping people save money, save time, and work towards financial freedom. We all need to eat. Thus, we must all buy groceries – so I have compiled a quick list of some great ways that you can save money on groceries. Taking a couple extra steps here and there can end up saving you hundreds of dollars.
- Coupons. Spend time browsing the ads in the newspaper and cutting out coupons for things you normally buy. Not all coupons are good deals, so make sure you aren’t clipping them to spend more money for a brand name. There are also many websites online where you can find printable coupons. Check with your local grocer first to make sure they will accept those printed coupons.
- Make a list and stick to it. Impulse buys are easy in a grocery store, so before you go, make a list of what you need to get and commit yourself to only buying those items. It might even help to plan out your weekly menu so you can be sure you have all the ingredients (while you are at it, plan your menu around items you can use a few times – you can buy a large package of chicken and use some one night for chicken tacos and the next night for a chicken-veggie casserole. This way you are saving money by not buying all new ingredients for each meal).
- Shop full. Speaking of impulse buys, you might end up spending a whole lot more money if you go to the grocery store with an empty stomach. This can be multiplied if you happen to be there on sample day because those tiny little samples will taste heavenly, and you may start throwing more food (and more expensive food) in your basket than you need.
- Use a calculator. Bigger isn’t always better. With a calculator you can determine how much your food costs per ounce. And it will help you spot those items where the manufacturers are changing the packaging so you think you are getting a slightly better price, but you really end up getting a lot less product!
- Get in and get out. Again, avoid those impulse buys. Don’t linger at the store, thinking in the back of your mind how good a bag of chocolate chip cookies would taste right now. Get in, shop from your list, use your coupons, and head home.
Following these tips can end up saving you hundreds on your grocery bill each year. Couple that with the money you are saving on gas (see last week’s post!), plus the money you are saving in other areas of your life (watch for more blogs on how to do this!), and you will see how all these things can add up to big savings. It can help you reach your financial goals faster, whether that means getting out of debt or putting away more for retirement.
Tags: coupons, groceries, save money
The skills necessary for success can be learned, just like any other skill. You can struggle or you can learn from those who have gone before you. A Financial Life Coach will help you implement the successful musts in your life. Here is a list of things that successful people have in common. These are things that you can start working on today!
Successful people have a dream. People who achieve much in life have a purpose, understand what it is, and work toward it. They are clear about why they are here. They know what they will accomplish while they are on earth.
Successful people have a plan. Having a written plan will guide you toward your main mission in life with daily, weekly, monthly and annual markers.
Successful people are disciplined. Daydreaming is a good thing. As is having a set of tasks to accomplish today, regardless of how you feel, how the weather is or small impediments that might come up. Discipline keeps you moving forward.
Successful people take complete and total responsibility for their lives. Quit blaming the boss, your spouse, or your parents. Just accept that you are, now, in charge of your life. No one else.
Successful people are solution oriented. We all have problems with accomplishing what we set out to do today. Focus on the solution, not the problem. Accept that the problem is there and then move on to finding and implementing a solution that moves you closer to your goal.
Successful people are action oriented. Some days, any action is good. Think about the road blocks, get advice if you like, and then move ahead. Learn how to overcome inaction.
Successful people are constantly upgrading their skills. Read, listen and talk. Gain new skills every day. The world is changing with new technologies in many areas. Our understanding of human performance is expanding as is our understanding of human health. Faster computers and more powerful software that allows us to accomplish things that took days just a few years ago, now can be completed in minutes.
Successful people are realistic. Realism is a balance between dreams and fatalism. Understanding what is real is a powerful connection to your dreams and goals. Awareness of what is possible provides grounding to the task at hand until it is done.
Successful people are focused. The achievement of dreams through action requires focus. Some days you just have to put your head down and get it done. No more mind games, just stay focused on the task at hand until it is done.
Successful people are fun and enthusiastic. Most boring and lifeless people have a ways to go in the success department. Success is drawn to those who are fully engaged in their dream and a joy to be around.
At iMoneyCoach, our goal is to get you to a place of success, a place of financial freedom. We believe that while it takes work, it is a possibility. Our Financial Life Coaches help make that dream a reality by teaching you how to be successful and holding you accountable. So get started today!
Tags: financial life coach, purpose, success
Gold has been a hot topic in the media lately. Everywhere you go you hear about people stockpiling gold, and companies are begging you to send in your old gold for cash. Before you decide to buy gold, it is good to know the pros and cons, the ins and outs. We want to dispel the myths the media has put out there and give you a general overview of why you would buy gold and what to do with it (keep in mind, we are not advising you here to buy or not to buy gold. It is your decision and something we feel you should discuss with your financial advisor before you invest).
Gold is one of the economic pivot points that you can invest in to diversify. It’s a good way to spread out your money. Economic pivot points are the many places you can invest, including things like stocks, bonds, real estate, oil and gas, commodities, and gold, among others.
Basically, putting your money in gold is a way to protect yourself against inflation over a long period of time or in case our dollar goes away. Our country has a specific amount value in it. This value is represented by buildings, roads, business, etc. – any kind of improvements. The dollar must go out and make something better by work in order to increase value. For example, a vacant lot might be worth $100,000. A person might spend $300,000 building a building on the lot. The total cost at this point is $400,000, but if the lot and building were put up for sale, they might be sold for $500,000. The lot has thus been improved on and has increased in value. Money has been created and so has value to match the money that was created. If money is created when there is no improvement of value, then the printing of the money will only be able to represent the value that already exists – thus decreasing the dollars that are in existence at this point. Our dollar gets its value based on the improvements that have been made in this country. If dollars are printed when work has not been done, and value has thus not been created, then the newly printed dollars will only water down the value of the dollars in existence already.
Gold used to be the standard of value. The paper dollar was only brought into existence to represent the value of gold that you owned that was stored in the bank. When they took us off of the gold standard, we were left with only paper we were holding. If it no longer represented the gold we had in the bank what did it represent? It represented the value of the country. Gold, however, still maintains its intrinsic value. By being off the gold standard, the banking system was able to begin creating more dollars than the amount of available gold they were supposed to represent.
Look at it this way. Say many, many years ago you could buy a gold coin for $20. That gold coin could be used to buy you a new suit. Today, you can still use a gold coin to buy a new suit. However, you would need $800 to buy that gold coin. It is our dollar that has deflated, so it takes more of them to buy the same thing.
If our dollar goes away, which could happen at some point in the future (though we don’t know when), then gold is a safe investment because it is tangible, and you will be able to use it. However, there are some things that you should be aware of when purchasing gold. First is the Presidential Executive Order 6102 which empowers the acting President of the USA to demand US citizens to surrender to a member bank of the Federal Reserve any gold coins, gold bullion and gold certificates in their possession. This Order has been used before. In 1933 President Roosevelt issued the order in an effort to boost the economy. If the President calls in the gold, you are required by law to turn it in! There are a couple of exceptions where you would not have to turn it in, and those include “graded” coins that have a 15% or higher “collector’s value” and were minted before 1933. They must be graded MS60 (MS = Mint State) or higher, or AU50 (AU = Almost Uncirculated) or higher. These coins do not have to be turned in, so it is a good idea when investing in gold to buy something that you would be able to hang onto. Otherwise you have to turn them in for whatever price our government sets.
When purchasing gold coins, do so from a reputable dealer capable of certifying the grade of coins you buy. Make sure you are getting what you expect. And as a general rule, you don’t want to take your gold to a safety deposit box because if the banks close you will not be able to get in to get your gold. So you’ll want to save it somewhere else, but you don’t want to tell everyone where you are hiding them, or even that you are doing it – unfortunately people have been known to do all sorts of things when they are desperate to feed their families.
So if you are thinking of buying gold, be sure to give us a call! We would be happy to discuss the pros, cons, ins and outs of investing your money in gold. Call us at 303-462-2001.
Tags: gold, investment
There is an interesting interview with Daniel Pink, author of Drive: The Surprising Truth About What Motivates Us, on January 4, 2009 with Neal Conan of Talk of the Nation. What stands out in this interview is Mr. Pink’s theory that raises do not motivate people. We live in a culture where people work hard for raises and expect them often, but there is a lot of research that backs up the idea that raises only work for a short time. What Mr. Pink does is go further to say that when people have the freedom to work on their own and pursue projects unrelated to their day-to-day jobs, they will be more motivated, be more creative, and work harder.
Here at iMoneyCoach, we have a Financial Constitution in which we list fundamental principles that we should all follow for the various segments of our lives. One of these segments is our work life. And some of these principles include:
- Always be productive working in an area of your expertise
- Spend some of your resources and efforts “reaching for your dreams”
- Create more value for your employer than what you are being paid
- Pursue your work with a long-term perspective
So how do we reconcile the research about raises with staying motivated and doing a good job in the workplace? You may not be able to change your employer, but you could ask for a little more freedom or ask to be involved in a creative project. Remember why you are working there. What about your career first interested you, and how are you making an impact? If you don’t believe in your company’s goals or don’t feel that you are creating value, it may be time to evaluate whether it is time to move to a new job. As you work and keep in mind the principles listed above, you will find that you have more balance in your life and are happier with your accomplishments. This may impact your finances too – if you feel fulfilled in your work, then maybe you won’t have to go on shopping binges to make yourself feel better, and you’ll end up with a little extra in the bank! We believe that people can get to a place where they can honestly say, “I love my life!” And part of that is evaluating your goals and what motivates you so that you can adjust and balance your life accordingly.
Tags: drive, financial constitution, motivation
![[Valid RSS]](images/valid-rss-rogers.png "Validate my RSS feed")