Who Wants your Money!
Everyone around you is vying for your hard-earned income. If you are the breadwinner of your household here are some of them.
Your dependents depend on you for financial support.
Your bank, credit cards, lenders and other financial institutions. They need your money so they can profit from it. Your money is needed for them to invest and give you in return as a thank you a much smaller percentage of what they earned while investing your money you lent them.
Corporations and other small businesses. These organizations want you to spend as much as possible to maximize their profits.
Local, state and federal governments. They just take your money without permission to be spent frivolously on programs you may not approve of.
There are ways to get around these attractors of money, one way is by being more diligent with your disbursements. Sometimes, your spending is an obligation or just a necessity. On the other hand, the rest of your money that’s left over continues to evaporate from your purse by being spent frivolously without control by you or your dependents. That’s because your dollars don’t have a job assigned to them. Every dollar must be accounted for. The money that remains after money must be controlled and be kept in your purse and earn profits by putting systems in place like:
Making friends with your banks and lending institutions, do not try to beat them, you will lose. Make them your partners and learn how to leverage these institutions in your favor for you to profit from them.
Corporations and other businesses. These organizations are out for themselves by offering name brand products and services to maximize profits. You must learn how to make wise decisions when purchasing goods and services.
All government agencies take a large percentage of your hard-earned income. These agencies take your money whether you let them or not, through good and bad times, they have no respect for your and your family’s needs.
These government institutions take our money through taxes, fees and artificially created inflation. You can control the amount of taxes levied from you by creating tax havens like Roth IRAs, FSAs and HSAs. Tax deferred accounts like 401K, 457, 403b and 529. Taxable brokerage accounts. Opening or starting a business. Purchasing Real Estate. In general, by becoming an investor a great deal of taxes can be deferred, minimized or eliminated.
This information is readily available to you, at a cost. The cost comes in different forms. The cost can be monetary or valuable time spent on research and learning the subjects. You can read countless amounts of books on the subject until you find the author that speaks to you and learn what it is they are teaching you and then put it into practice. This knowledge can also be obtained by investing in a college education in the subject of finances. You can learn by trial and error, but that’s too costly and time consuming. You can also learn from YouTube or the internet. Again, at the cost of time and possibly investing in courses that teach you what is the problem with our financial system. You may learn what to invest in but is it suitable for your needs. You may get information about where to put your money in, but you are never certain if you are maximizing the potential of every dollar.
The real problem with all of this is that you can get an overwhelming amount of information and still never get the actual how to do it all. You got the why, you got the what, but no one tells you how to put it all together appropriately and cut through the wasting of your valuable time and the never-ending amount of bull crap. An alternative solution can be by working with a financial coach that has done all the hard work for you. A coach can streamline most of the processes to create a customized plan. Learn how to be efficient with your finances. Once you put the proper processes in place you can rest easily.
“We must all suffer from one of two pains: the pain of discipline or the pain of regret”
Jim Rohn