We’re Going Over the Cliff, Ready?

28 Dec

We’re Going Over the Cliff, Ready?

So the Great Recession is on and by most accounts raging.
What’s next. Some say food shortages. I’m not sure but I know we all need a plan.
Are you ready?

Step 1: Take a fiscal inventory.
Everyone needs to know where they are at.
Get out a pen and a pad and write out all the debt you have and add it all up.
Next see what you make. Look at your last stub for the year and see what you made after taxes for that pay period and the year as a whole.
Your next step is to see what you spend on living expenses. Don’t include your discretionary spending. List that separately.
Once you have all these numbers worked out sit back and look at them. See if you are being foolish or fiscally fervent aka spending correctly. I’m not saying don’t have fun, just budget it in. Don’t be that guy we all know who spends all that’s left after paying his bills and saving that paltry 25 bucks a month. The odds are if you’re that guy you probably transfer that money back to your checking the day after the bank transfers it. Sounds slick to the spender, sounds like slavery to the fiscally efficient.

You have to make a choice. Decide where your values and dreams lie.
Money isn’t everything but poverty sucks. More to the point security is a better feeling and longer lasting. Anyone reading this blog on a smartphone has disposable income. The question I ask you is why dispose of it?

Step 2: Invest, save, or make more.
If you haven’t wandered away yet you probably have found at least a kernel of truth in my words. As someone who was quite the fiduciary fool in days not too far past I learned my lesson the hard way. If I could impart any wisdom it would simply be have a strategy. Let your money make money. And a favorite quote many haven’t heard: Pay you first.. Every dollar should be viewed as a soldier to get you ahead not a party animal to get you a good time with. You can easily invest in something. Not sure? Get an advisor- but do your homework. Many will have you invest in what pays them the greater commission. I personally use forms of life insurance and physical silver currently as my vehicles to grow my wealth. For me it works. For you it may not. But the silver I collect, especially the numsimatic coins, are pretty cool. These graded, sealed .999 silver coins look good and appreciate well. They are my favorite. Junk silver is pretty cool as well but we will get into that in a later article.
Next I say save a few bucks in saving. Start at 3% of every checks take home. It isn’t much but it will work. Look into what tax advantageous plans your job may offer or even your state.
When else else fails, and when it all works-
WORK MORE. there is no harm in earning extra cash. Blog for money, work security, anything. Heck see if you can work at The Gap. I worked there on and off for years and I not only got a good check and good hours I augmented my wardrobe and saved a lot on gifts for others.
Find the mode that fits you but be ready for the fiscal cliff. Even if I’m wrong deflation or inflation are on the horizons. And let’s say I’m wrong across the board- isn’t more money going to benefit you in the long run?
Heck it’ll benefit all of us today.

#thriveorsurvive.

“Every problem has in it the seeds of its own solution. If you don’t have any problems, you don’t get any seeds.” ~ Norman Vincent Peale

“Really great people make you feel that you, too, can become great.” ~ Mark Twain

Life is like a photography, we develop from the negatives.

Thoughts? Concerns?
Questions? Think I’m wrong?
Let’s chat.
Need ideas?
Want to learn how to invite?
Let’s chat.
Want a mentor or maybe the guy who will bounce ideas back and forth with you?
Let’s chat-
Tony@Changeinadvance.com
@changeinadvance
http://www.changeinadvance.com
Or simply reply to this article.

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