Dollar Signs In Crayon

by Takia D. Hansley (Your Guide To Working From Homeschool)

Category: Money Matters (Page 1 of 2)

real financial goals

How to Calculate Your Magic Number

It's so much easier to reach a destination when you know where you're going.  Even if you don't know how to get there yet, as long as you know where you're headed, you  can always ask directions, read a map, ask Google, Siri, or Katara.  With that being said, do you think it would be wise to know where you want to go in your finances as well as every other aspect of your life?  Whhaaat?  Mind blown, right?

It's amazing how the simplest concepts get overlooked when we think about our finances.  So today I'm going to show you how to calculate your “Magic Number” and focus your monthly intensions.

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winning numbers

Know Your Winning Numbers

Math rules the universe.  If you beg to differ, I'm sorry to disappoint you.   Almost every phenomenon in this universe can be quantified.  You may not understand the depth of the mathematics, but that doesn't mean it's not true.  Yes, even the success and failure of business…. Prime example: the stock market.

But today I want to share with you the logistics of marketing your home business.  Most of my readers are network marketers so, lucky you, you get to be the example today.  Let's walk through your numbers…

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What’s Your Money Personality?

Everyone has a money personality or combination of 2. You typical favor more than the other. Your money personality describes your relationship with money. I am a saver, but if you look at my mountain of mail, you'll see that I'm also an avoider… to a certain extent. Like everything else in life, you want to make sure you're not being extreme in any particular area. Balance is key to happiness, peace, health, and even wealth.

What do you think your money personality is? Are you missing the necessary balance in your finances?

We can talk about me first…

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being broke is selfish

Being Broke Is Selfish

So I made the statement on a Midday Motivation video that “Being broke is selfish… If you monetize your talents, there is no reason you should not have money to live.”

In response there's the notion “Life isn't all about money. You should help people for free.”

Here are 2 reasons you should get paid for your talents.

#1.

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Millionaire’s Budget

Millionaire Mind Money Management Jars

A few months back, I attended the Millionaire Mind Intensive weekend event. There was so much useful information presented about transforming your mind to think and live like a millionaire. The most simple concept to implement is T. Harv Eker's Money Management Jars. I chose to customize the system to hold my family even more accountable to the system. It

may be a little tedious for some but totally necessary for others.

 

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Millionaire Mind Money Management Jars

The general idea of the jars is to divide your total income into 6 areas (jars).

Jar #1: Financial Freedom (10% of your total income)

  • The money in this jar is designated for investments in your financial future ie. Retirement and investments in passive income ventures. When necessary, you may only spend interest earned from this account.

Jar #2: Long Term Spending (10%)

  • The money in this jar is in designated for large purchases. When you are in the market to make a large purchase, you should take your time and save for it. With this extra time, you can think, search for the best deal, determine whether or not you really need to make the purchase, and ensure this isn't just another impulse buy you could regret later. Ideal purchases would be cars, appliances, vacations, and paying off debt.

Jar #3: Education (10%)

  • You should always be improving yourself. An investment in yourself is the best investment you can ever make. Pay for courses, books, and college classes with these funds.

Jar #4: Necessities (55%)

  • These are your monthly bills; mortgage, food, utilities, etc. If your necessities total more than 55% of your total income, you should consider lowering your bills or increasing your income.
Millionaire Budget

Click here to find a Millionaire Mind Experience near you!

 

Jar #5: Play (10%)

  • Have you ever heard someone say to always pay you first? My mom told me that all the time when I was growing up. I would only pay my bills and save everything else. I didn't have anything in particular I was saving for, just saving. I had a lot of money but was lacking any fun. You definitely don't want your budget to leave you bitter. For the sake of your sanity, spend your play money every month, or at least every quarter.

Jar #6: Giving (5%)

  • Giving is as important to your success as saving. These funds are for charity, church, and giving to others. In the event that you can't give money, give your time. If you prefer to give more than 5%, take the extra from your Necessity jar.

Most important to remember is that the system isn't set in stone. You want to focus on forming the habit.

The tweaks that I made to the system are that my checking account is designated as my Necessity jar and I use envelops for everything else except Play. That's an actual jar. Anytime money is spent from an envelope or jar, it's replaced with a note or receipt. At the end of the month, I can record exactly where the money was spent. I have noticed that using the jar system, instead of spending until its gone each month, we actually can see that there's money left over at times. We also tend to eat out less because we can physically see how much money is allocated for frivolous spending for the month.

I definitely recommend T. Harv Eker's Money Management Jar system to anyone trying to increase their wealth and financial awareness.

Share in the comments your experience with the jar system and any tweaks you may have to it. How is it working out for and your household?

Peace & Love

P.S. If you are looking to increase your income, click here to take a look at the opportunity I am taking advantage of that allows the extra wiggle room we needed to get out the paycheck to paycheck race.

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