||Last Updated: Feb 6, 2017 - 2:32:04 PM
While we talked about the excitement being generated by the government’s 2010- 2011 budget last week. I am beginning to think that I really did not have a full appreciation of the impact until I participated recently in a distinguished panel discussion at the Epiphany Anglican Church.
And no matter what you may be feeling it seems two things are certain - we always find a way to frame the discussion in “political terms” and to blame “someone else” for our problems. I think that is why talk radio is so popular. As it allows you to take whatever your experience is and eloquently expound to a capture audience why your problems are the result of someone else’s action and not yours.
Yes the government is responsible for ensuring that the appropriate fiscal and structural policies are in place for the proper functioning and management of the economy but let us not forget that every economic indices has a “you” component to them. And the key index used to determine economic growth - Gross Domestic product (GDP) is no different.
While this is useful information to have as it helps you understand the macroeconomic numbers. You will admit that these numbers are not a part of your consideration in the management and use of your money. You are driven by a lot of things including emotions but never these numbers. And if the truth be told you really do not care about these numbers.
You are really concern about what is happening to you financially. And your confidence or lack thereof is a direct result of the money that you have. But in the end the overall economy is affected by your confidence with rippling across production, employment and financial markets.
Which is why this next lesson that you can learn from the government’s budget is so important.
The third lesson you can learn is that you need to cut and optimize your spending while increasing income.
While you may see a budget as focused on cutting or reducing spending. It may surprise you to know that a budget is also concerned with optimizing spending and growing income. So even if you are not having financial difficulties you can use a budget.
Firstly as an opportunity to look for ways to cut your spending where ever possible by asking the question “is this really the best use of my hard earned money?” And if the answer is no then you know what to do - cut spending. Taking Control of Your Money Workbook is a useful resource to help you with this.
Not only will this review help in with cutting cost but also with optimizing spending. Simply getting the best value for every dollar spent. So are you getting the greatest value for your hard earned money?
Begin looking at every purchase through the lens of “Am I getting the most value for this dollar?” And if you are not then adjust your spending habit.
Cutting cost and optimizing spending is so important because “every dollar you spend has the potential of jeopardizing rather than enhancing your financial future.” And by controlling your spending you will begin to really show your appreciation for the value of money and it purpose - creating wealth for you and your family.
And once you understand this then it will help appreciate that you owe it yourself and family to earn at your maximum potential. Not only as a means of amassing wealth but from the stand point that money is a function of the level of service you are providing to your fellowman.
You would be surprise at how much money you are leaving unrealized every day because you are not using the skills you already have to help those around. I call these “Consumable skills” - like cooking, sewing, plumbing, electrical, carpentry and auto repair. The good news for you is that these skill are in demand and will continue to be, you just have to find a creative way to tap into these markets.
So what do you enjoy doing, it may just be your passport to another stream of income. If you do not have a skill then now is the time to learn one. By simply having an other stream of income will make your money management and wealth creation a lot easier.
And why is wealth creation so important well that come in the fourth lesson you can learn from the government’s budget which is the next article. Until then start focusing on ways to cut and optimizing your spending while increasing your income.
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Copyright © 2010 - Glenn S. Ferguson
Glenn Ferguson is a Speaker, Coach and Syndicated Writer, helping you to painlessly take control of your money so that you can own your pay cheque again to create wealth for you and your family. Email to: email@example.com Web site: www.financialcoachingwithglenn.com
© Copyright 2010 by thebahamasweekly.com
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