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:
Increase Income and
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
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: firstname.lastname@example.org Web site: www.financialcoachingwithglenn.com Tel: 242-327-2453 Fax: 242-327-2456