November 29, 2008 11:30 PM

Totally Going For It says:

"Tough economic times" really is more a perception. To some people, these are not tough economic times. To others, it is. Why is that?

Probably the better question is "How do you effectively and efficiently optimize and manage your finances?"

I do so by balancing my checkbook, knowing what my expenses are, scheduling all my bills and when things are paid for, being wise with what and where I spend my money, learning self-control.

These things should be done whether the economy is good or bad.

A lot of people focus on lack or things being tough, and thus you get more of lack and things being tough. People who are not victims find ways to be creatively resourceful in managing their finances as well as generating wealth.

One needs to be able to manage finances well and be able to generate wealth. Most everyone has bills to some degree. Not everyone has debts. Whatever you place your focus on, you'll get more of that.

My focus is on generating wealth and managing what I do have well, being a good steward. A part of that means being generous with what I have, but not irresponsibly generous. It's also being truthful about areas of weaknesses and looking to improve those areas.

I'm personally more financially prosperous right now than I have ever been in my life. I've learned how to do that and thus while a lot of people are panicking, I remain calm and thank God for giving me the ability to be able to generate wealth no matter what is happening in the economy.

Reply to this comment

December 3, 2008 11:34 AM

Football and Finance says:

Depending on your personal situation, this could be a terrible time or a time just as any. Labor jobs are struggling right now which has caused a number of layoffs. My brother is experiencing this right now. I agree with you when you say that "one needs to be able to manage finances well and be able to generate wealth". However, not everyone has the knowledge, accountability, or dedication to do so.

The age old adage "spend less than you earn" will create you wealth. Simple, right? But not easy. There are things such as balancing your checkbook and paying your bills on time that will help ease the worry of the current economy. But they still have this gut feeling that has people worried, but they aren't sure why. It's the feeling that their security is no longer safe.

For example, many folks close to retirement are worried about not being able to retire on time because their retirement plans haven't been adjusted in years. Younger couples are worried about being able to purchase a house because they don't have enough money saved up for a down payment. Others are worried about protecting their families if something were to happen to them. The list goes on...

I use a personal trainer to help me with my fitness goals because I know he can help me reach them faster and more efficiently. Likewise, a Personal Financial Advisor can do the same for your finances. In times like this, everyone needs to understand why the market does what it does and gain the peace of mind knowing that their situation is ok. A Financial Advisor can help you work through your worries, help you with financial goals, and give sound advice in tough times to prevent a downfall in your financial world.

I say this not only because as an Advisor myself I see how people's lives have been changed by what I do, but from seeing how peoples lives have changed by not simply getting the professional help they need. Just like a personal trainer improves your physcial health, an advisor can improve your financial health.

Sorry for the pitch :) I get excited about what's going on right now and I want to make sure everyone is doing what they can to weather this storm. Ask your friends if they've worked with someone they trust and they will help you gain the peace of mind that what you're doing is right.

Reply to this comment