The First Secret to Financial Security: Take Control [PART 2]

09/23/2021 01:17 PM By Paul Thompson

In the last email, we talked about 4 key points to make sure you Take Control, namely: 

  • Paying Yourself First

  • Adjusting Your Priorities

  • Changing Your Thinking, and 

  • Adjusting Your Lifestyle

To complete this checklist, you need to do 4 more things to make money work for you: 


EARN ADDITIONAL INCOME
If your family income is very modest, things may be so tight that it’s tough to invest more than $50 a month. If you want to make significant progress, consider taking a part-time job to get the extra income needed to start your investment program.




REALIGN YOUR ASSETS

This is another way to take control and free up income for savings. There are two major areas in which

families are not getting their money’s worth that are great areas to target for adjustment:


1. Low-interest savings accounts or accumulations with banks. You can take money from a 1% savings plan and invest it in an area that has the potential for higher returns.


2. High-cost life insurance. You can replace your outdated, expensive cash value insurance policies

with term insurance and potentially save thousands of dollars in premium over time! Both of these areas are covered in more detail later in this booklet.





AVOID THE CREDIT TRAP 

Credit cards are good for convenience but that’s it. Be careful to avoid the pitfalls of “plastic money.”

Pay your balance in full each month and you’ll not only avoid interest charges but you’ll prevent your balance from escalating out of control. To keep your monthly charges under control, pay with cash. You’ll probably find you spend less when you have to hand your money over.


See how many options you have? You DO have a choice about your financial future.





SET GOALS AND HAVE A PLAN 

You can’t reach your destination if you don’t know what it is. Setting goals gives you two things:
1. An incentive to make the necessary sacrifices

2. Benchmarks along the way to gauge your progress


After you’ve set your goals, you need a road map to get you there. You need a financial game plan.

Together with your goals, a game plan is the cement that holds together your financial foundation.





To Summarize: 



This concludes this topic on How to Take Control of Your Finances.
Next time, we will dig deeper on Paying Yourself First! 

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" On a daily basis, I have helped people learn, grow, through hands-on learning and team-building skills. My goal is to connect with like-minded people and help them become Properly Protected, Debt-Free, and Financially Independent."