Today’s Sunday Snippet is from Amazon Bestselling book “Money Matters” by Karen Ford.
About Money Matters
Learn the answers to these questions and more in Money Matters, a sensible, down-to-earth, pragmatic approach to paying down debt and building passive income. This book provides sound teaching and practical guidance for learning how to manage finances and invest in your future. If you are ready to move out of financial bondage and into financial freedom, then Money Matters will provide you with hope and positive direction while building your faith and increasing your ability to walk in generosity.
Snippet from Money Matters
I have coached many folks in the area of finances, and they all have one thing in common- STRESS!
Being overextended in the money arena can certainly cause a person to feel overwhelmed.
Over several years, I have found some habits that folks have that may indicate the reason for their debt and stress. If you find yourself engaging in any of these habits, you may want to consider changing them.
1 Bills are on automatic pay
Now, some folks may argue the fact that this saves them time, but in the long run this can cost you dearly. You may not forget to make that payment each month, but paying bills automatically takes you out of the process. When the money comes out of your account, this can be disastrous if you live on the edge of not having enough money in your account.
2 Spending more than you earn.
Living beyond your means will lead to trouble. If you have to reach for plastic to make it through the month, this is a huge red flag. This includes charging necessities, carrying balances and then transferring credit card balances.
3 Paying late.
If you don’t have financial problems, but you end up paying your payments late, this will trigger financial problems.
You’ll end up being charged late fees and it will go against your credit.
4 Home Equity loans!
A HELOC, home equity line of credit, operates like the ultimate line of credit, allowing you to buy what you need even at a low interest rate. If you miss a payment on a credit card, you get a bad mark, but if you miss a payment on your HELOC, you’re putting your house at risk.
5 Co-Signing a loan.
Think about this! When you co-sign a loan, you’re generally co-signing for someone you know. It could be a friend or relative. This can make for a very interesting Thanksgiving dinner, especially if the person you’re co-signing for doesn’t pay. Their missed or late payments will go against you. The bank is requiring them to have a co-signer on their loan because they don’t trust them to pay them back.
6 No budget!
If you don’t have a budget, it makes it difficult to define where your money is going on a monthly basis. A budget puts you in control of your money. If you’re not budgeting, you’re most likely experiencing a lot of stress.
People want to get rid of the stress, and one of the ways to do this is to get your finances under control.
The reason they aren’t under control is because they’re out of control.
If you won’t control your money, your money will be out of control!
So, how do we do this? How do we get our money under control?
We must look to change in these 3 areas:
MIND- MOUTH- MAKE
Let’s begin with the mind!
Did you enjoy reading this preview to Amazon Bestselling book “Money Matters”? You can buy a copy of the book on Amazon or via your favourite bookseller
PS: Karen will appear on The Segilola Salami Show on the 9th of October 2018 as a guest to talk about wealth building.