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Columns : Investing in You - Glenn S. Ferguson Last Updated: Feb 6, 2017 - 2:32:04 PM

Financial Planning - One Thing You Can Do to Recession Proof You!
By Glenn S. Ferguson
Sep 15, 2010 - 2:18:35 PM

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When it comes to financial planning there is one thing that you can do that is guaranteed to recession proof you financially.  But you may not realize it because very few financial planners are talking about it.

You may recall reading my article “Financial Planning - Three Thing You Can Do To Recession Proof  You!  In it, I stated that there are three things that you can do to recession proof you. They  are:

Cut Spending. Increase Income and Optimizing Spending. And of these by far the most effective one for recession proofing your finances and allowing you to really achieve financial independence and live the life you want is increasing your income.

Yes it is good to cut cost and optimizing spending but these both have limits. There is a limit to how much cost you can cut and there is a limit to how much you can optimize spending. But there is no limit to how much money you can earn.

And you will agree that while you have tried to keep a budget and save some money, it has still been very difficult because the money you are currently earning is just  not enough to support your lifestyle. 

Not only that, you really do not have the discipline and understanding for how to manage your money resulting in you being frustrated in your efforts to achieve the result you are looking for with your money.

And this is why,  if you really want to recession proof your finances you have got to start earning  more money.  But in order  to do this, you must overcome the biggest barrier that you have to earning more money - your job!

You see,  you have grown accustom to your job being the primary and only source of your income and this is the problem.  But it is really not your fault. As we have all been told that all you have to do is get a job and work hard and you will achieve financial success.

However, there is one fundamental planning mistake that is made when you buy into this idea of just getting a job and it is a mistake that if not corrected will result in a life time of frustration and regrets. That mistake is - not starting at the beginning and deciding the lifestyle you would like for yourself.

You must appreciate that the lifestyle you choose for yourself has a price tag attached to it.  And that price tag is the amount that you will have to pay each and every day, month and year to live that particular lifestyle. And how do you pay for it?  With the money you earn!

And the problem is,  you do not know how much your lifestyle is costing you. How much is it costing you to live the life that you are living? To live in the house you live in, drive the car you drive, wear the clothes you wear, take the vacations you take, educate your children and do all the other things you do? Do you really know?

Once you figure out how much your lifestyle is costing you, then you will realize that no amount of cost cutting or optimizing spending is going to solve your financial problem. Only one thing will - and that is earning more money!

And the sooner you realize this then the better it will be for you. As you will now be able to focus your energy and effort on the one financial thing that really matters to recession proofing your life - Earning More Money!

And here is a resource that can help you discover the Secrets to Earning An Extra $1K Monthly.

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: glenn@financialcoachingwithglenn.com  Web site: www.financialcoachingwithglenn.com Tel: 242-327-2453   Fax: 242-327-2456

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