Taking Control of Your Money

Taking control of your money is one of the most important things you can do in your life. In my experience, the most successful people financially are the individuals who devote time to managing their money. They put energy into budgeting, saving, eliminating debt, and finding income-producing assets. They have the discipline to educate themselves.

Getting a financial education is not difficult. We do not suffer from a lack of information. Financial literacy is rarely taught in schools or at home. There are thousands of books, seminars, and coaches who could teach you all there is to know.

People learn through trial and error. Most never learn at all and it doesn’t matter what economic bracket you are in. We see athletes, entertainers, and lotto winners fail to take control of their money.

The Time is Always Now

I understand what can happen when you don’t control your finances. Even though I was making an annual six-figure income I ended up broke and almost homeless. I lived in a hotel for years until I got my financial life in order. I made the same mistakes over and over until I raised my financial literacy.

The 5.5 elements below are the same steps I used to get control of my money. Were there setbacks? Yes! Every journey has some obstacles. In fact, I still carry a $10 bill in my wallet that I wrote out my financial plan on it. It reminds me of where I have come from and where I am going.

Here are 5.5 Elements to Take Control of Your Money:

Element 1 Weekly Money Dates: I schedule weekly dates to update my finances. Millionaires invest 8.4 hours a month managing their financial resources according to Dr. Thomas Stanley, author of The Millionaire Next Door. While lots of people intend to be millionaires, they do not dedicate the time and energy needed to make it occur.

Update your budget, review your bills, and check your accounts for accuracy. Have fun with your money dates. Play music, dance, add some candle lights, or anything else to make these weekly occasions enjoyable.

Element 2 Commit 60 minutes a week to reading about personal finance: Leaders are readers and all you need to know are found in books. Don’t try to…