Rich Minds, Rich Rewards E-Newsletter
October 8, 2004
This week: Take Control of Your Financial Life
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IN THE NEWS:
I interviewed Rene' Syler, co-host of The Early Show on CBS, on her
inspiring example of "listening to your life" on BlackAmericaWeb.com
this week. Check it out at
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This week's topic:
Take Control of Your Financial Life
to all of you who made a small, but meaningful change in the last week!
I appreciate all of the emails letting me know the changes you are
making. Keep it up! This week, I want to share a message that will help
you strengthen your finances. It is an excerpt from my first book, Rich
Minds, Rich Rewards:
Not too long ago, I heard someone say that
prosperity begins with the decision to prosper. The statement is so
simple, but so very true. People speak in such general terms about
'someday' being comfortable, even wealthy. Yet their day-to-day actions
indicate that the accumulation of wealth is at the bottom of their
priority list. Although mired in debt, they continue to spend money
that they don't have while making minimum payments on credit card bills
that represent items that have been used up or long forgotten about.
They don't maximize their investments, if indeed their money is
invested at all. Worst of all, they live paycheck to paycheck, unable
to handle financial emergencies or to go for any period of time without
income from a job. Can you identify with any of these situations? If
so, consider the following ideas for taking control of your financial
1. Make a decision to prosper. Commit to practicing
behavior that will help you create a life of financial abundance. Make
prosperity and the creation of wealth a priority in your life that
governs the financial decisions you make. Adopt an entrepreneurial
mindset and learn to spot and create wealth-building opportunities.
Believe that you are worthy of a financially abundant life. Do not
allow your current circumstances or previous negative financial
circumstances to trick you into believing that you do not deserve any
more than you have right now. You deserve more and you can have more,
if you practice and work at it.
3. Live below your means. One of
the keys to living a financially prosperous life is to live below your
means. Do not spend more than you can afford. Practice doing without
things that you believe that you "just have to have" for a while before
buying them. Then if you feel that you still "just have to have it,"
and you can afford it, buy it. Make a habit of spending less than you
can actually afford. Don't purchase the maximum-priced home that you
can qualify for. Give yourself some margin. That is what living below
your means is all about. Focus less on looking like you have money by
displaying material possessions and focus more on actually having
4. Eliminate Your Debt. Practice living without debt.
Develop a mindset of cash-based spending rather than credit-based
spending. I know from experience that debt is easy to accumulate and
can be very difficult to eliminate. In order to create prosperity, you
must begin to live on what you have and eliminate the burden of needing
to dedicate your financial resources to paying back debt that you
probably could have done without in the first place. If you have debt,
make debt elimination your number one financial priority.
Save and Invest. Make it your goal, if you are not already, to save 20
percent of your net income. Invest it wisely and watch it grow. Save
three to six months living expenses as an emergency fund and hold the
money in a conservative account that you can access easily. Consider
enlisting the services of a trustworthy advisor to help you develop a
personal financial plan and investment strategy.
yourself about money. Particularly if you did not grow up learning
about money or haven't been the greatest at handling money as an adult,
spend some time reading and learning about how to create financial
prosperity in your life. There are many great books and articles out
there. Spend some time reading them.
7. Give. Feeling powerful
helps us develop and maintain a prosperity consciousness that attracts
money to us. Few things make you feel more financially powerful than
knowing that you have enough to give to others. No matter how little
you have, God has blessed you with enough that you can give some of it
to help others. Tithe where you worship. Give to a charity or worthy
cause that you support. Share what you have with someone you know is in
need. Be willing to give of your financial resources, your skills and
your time to further good works.
Until next time,
Burton is a bestselling author, life coach and regular media guest on
topics of living a more fulfilling, less stressful life. Her latest
book, Listen to Your Life (Waterbrook Press/Random House, $13.99),
identifies seven principles to hear what your life is saying to you and
fulfill your purpose in your career, finances, relationships, health
and spiritual life. Purchase a signed copy online at
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