Economic Woes Got You Down?

11 Jun Economic Woes Got You Down?

Oil Prices Going Up and UpWe’re all facing skyrocketing prices in more ways than at the gas

pump. Just about everything we buy today is more expensive. What’s

more, gas prices could hit $5 per gallon by the 4th of July…and the

Fed is considering raising interest rates in an effort to fight inflation.

It’s a lot to to take in. But what should be on your mind is how you

can hedge your finances against the weakening dollar and higher

prices still to come.

Too many people are struggling in this economy. What they thought

their future would bring isn’t happening. Thinking about your future isn’t

the same as planning it. If you had a wealth plan in place already, you

wouldn’t be struggling or worrying as much as you are, or not at all.

It’s times like these when stress strikes, worries abound, and we walk around in a state of confusion and frustration. Well, I have a simple plan to help you focus your attention on something that requires it and that can ultimately help you build wealth.

Basic steps are imperative in the beginning. Neglecting these steps to protect you from the financial hazards of today (and tomorrow) could put you on a path that you hadn’t planned, if it hasn’t already.

You may not want to think about it but this is the perfect time to take stock of how far you’ve come (or not) and consider what lays ahead. This week’s article will help. Let’s get started with steps that will be the basis for accelerating your future wealth.

The step I’m talking about is the organization of your receipts, important documents, and those stray sticky notes with all those great ideas for Cash Machines!

It’s said that clutter around you creates clutter in the mind — and that’s counter productive. You’ve heard me talk about the importance of your Financial Filing Cabinet before. This is not a step to skip or ignore! This process enables you to understand your financial baseline. Organizing your important papers helps create a clear logical view of what you need to be doing.

It’s essential to create order out of the chaos of your finances. You’ll reap the reward of gaining a clear view of where you’ve spent your money and what you need to be doing. What’s holding you down? What needs to be dealt with first? What could you pay off? Can you find money wasted on fluff that you could convert to investment capital instead? Is there a hobby expense that can be turned into a side business making the expense tax deductible… and possibly the start of your next cash machine?

Organize! Get Pro-Active! Here’s what goes into your Financial Filing Cabinet:

Wealth Building Worksheets

  • Legal Documents
  • Insurance Policies (Household, Automobile, and Health)
  • Financial Information
  • Banking Records
  • Income Tax
  • Receipts
  • Other Expenses
  • Household Records
  • Don’t forget to include an area for your own personal ideas. We often talk about having a random thought that turns into a great idea. Keep a space for those thoughts to rest while you work on other projects. Go back to them on occasion for inspiration.

    Having everything in order provides many benefits including confidence. It’s a great feeling when you are in need of the fine print on a financial document and you know right where to look. Clearing the clutter gets your mind working on what is most important creating and building your wealth cycle. It also helps you shake the confusion, make important financial decisions and move forward!

    So find ways to get off your lazy assets and build your wealth. Ready GO!

    A year from now you’ll be glad you started today!

    Loral

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