Personal Finance, Loans & Insurance

Many personal finance articles have been written on the issue of money.  Can’t say I have been moved to action by many.  First I’d like to say it is ok that you feel down about the current situation about your personal finances.  I give you permission to feel your feeling for the next 24 hours and then pull yourself by your boot straps and let’s what we can do. 

There exist many a definition, I want to share with you  my personal finance definition:

Financial freedom is not an event, it is a skill.

I bet right now with the current economic situation you are saying to yourself, “I just wish I could the lotto!”  Boy don’t we all and yet statistics and personal finance facts show that the majority of people who win the lottery, end up broke and worse off before their winnings! Imagine that.  You among the many seeking wealth, riches, fame few people realize that money isn’t the solution to their problems;  the way you think about money is the problem and the solution. 

I can almost see you going oh yeah, give me the money and I’ll show you change in mindset!

My favorite entrepreneur of all times, Henry Ford was once asked, “What if you lost everything you own?” He responded without missing a beat: “I’d have it all back and more within 5 years.”

Being a master of your own personal finance is not about what is in the bank; it’s about the ability to acquire the skill that will show you how to produce new streams of income and wealth based on your knowledge and experience.

So before we go any further on this issue let us tackle the real problem here that is impeding your personal finance for good!  Why you might ask?  Well without the mastery of these 5 steps, your desire for your goal for financial success and financial freedom is highly unlikely!  This is why big players in any industry have coaches, Oprah has a life coach, football players and basketball players have coaches and mentors.  Tiger woods after every bad game will go in for coaching and training.  Why?  Those who achieve great financial success do not go it alone.  They always have a team.  Those who achieve great poverty have the do it yourself mentality!

Why is it important to plan personal finances?

5 Steps That Will Guarantee You Become Master Your Personal Finances

1. How do you think about money? Say you come up with an idea to do something. Do you think that will never work?  Are you afraid to follow through?  Are you scared of loosing money or do you see every dollar spent as an investment?

2. How do you manage and invest your time?  The average man has at his disposal  6 discretionary hours.  This is time they can do whatever they want.  No work, no chores etc.  Many will watch T.V., attend pricey sports events, spend money on meals at a restaurant and movies, see where I am going with this? Do you do personal finance budgeting?

3. How do you leverage the talents and life experiences you ALREADY POSSESS?
Most people see their experiences as failures.  They only talk of how they tried to do something as failed.  Thomas Edison failed more than I care to count, and yet he persisted to light the whole world. Many of life’s failures are people who did not realize how close they were to success when they gave up. Thomas A. Edison

4. Do you have a mentor and/or coach with a proven personal finance curriculum? This is the true measure of your desire for financial freedom.  This is where you literally put your money where your mouth is, can’t afford a mentor you say?  Well what was the last book you read? Gossip magazines do not count as literature sorry ?!

5. What do you think is “risky,” and what do you think is “safe and secure”?  Most people never break into the realm of the 5% wealthy group who own 95% of  the worlds resources because they want to play it safe.  They want the money, the fame, the accolades but they feel they should not have to go through the process of creating this wealth.  No wonder the internet and other places are full of scams and get rich quick opportunities.  Remember this success does not  happen overnight, but one night success does happen.  Someone once said to me, it takes 3 years to be an overnight success!

Many personal finance articles have been written on the issue of money.  Can’t say I have been moved to action by many.  First I’d like to say it is ok that you feel down about the current situation about your personal finances.  I give you permission to feel your feeling for the next 24 hours and then pull yourself by your boot straps and let’s what we can do.  There exist many a definition, I want to share with you  my personal finance definition:Financial freedom is not an event, it is a skill.I bet right now with the current economic situation you are saying to yourself, “I just wish I could the lotto!”  Boy don’t we all and yet statistics and personal finance facts show that the majority of people who win the lottery, end up broke and worse off before their winnings! Imagine that.  You among the many seeking wealth, riches, fame few people realize that money isn’t the solution to their problems;  the way you think about money is the problem and the solution.  I can almost see you going oh yeah, give me the money and I’ll show you change in mindset! My favorite entrepreneur of all times, Henry Ford was once asked, “What if you lost everything you own?” He responded without missing a beat: “I’d have it all back and more within 5 years.”Being a master of your own personal finance is not about what is in the bank; it’s about the ability to acquire the skill that will show you how to produce new streams of income and wealth based on your knowledge and experience. So before we go any further on this issue let us tackle the real problem here that is impeding your personal finance for good!  Why you might ask?  Well without the mastery of these 5 steps, your desire for your goal for financial success and financial freedom is highly unlikely!  This is why big players in any industry have coaches, Oprah has a life coach, football players and basketball players have coaches and mentors.  Tiger woods after every bad game will go in for coaching and training.  Why?  Those who achieve great financial success do not go it alone.  They always have a team.  Those who achieve great poverty have the do it yourself mentality!Why is it important to plan personal finances?5 Steps That Will Guarantee You Become Master Your Personal Finances1. How do you think about money? Say you come up with an idea to do something. Do you think that will never work?  Are you afraid to follow through?  Are you scared of loosing money or do you see every dollar spent as an investment?2. How do you manage and invest your time?  The average man has at his disposal  6 discretionary hours.  This is time they can do whatever they want.  No work, no chores etc.  Many will watch T.V., attend pricey sports events, spend money on meals at a restaurant and movies, see where I am going with this? Do you do personal finance budgeting?3. How do you leverage the talents and life experiences you ALREADY POSSESS?Most people see their experiences as failures.  They only talk of how they tried to do something as failed.  Thomas Edison failed more than I care to count, and yet he persisted to light the whole world. Many of life’s failures are people who did not realize how close they were to success when they gave up. Thomas A. Edison4. Do you have a mentor and/or coach with a proven personal finance curriculum? This is the true measure of your desire for financial freedom.  This is where you literally put your money where your mouth is, can’t afford a mentor you say?  Well what was the last book you read? Gossip magazines do not count as literature sorry ?!5. What do you think is “risky,” and what do you think is “safe and secure”?  Most people never break into the realm of the 5% wealthy group who own 95% of  the worlds resources because they want to play it safe.  They want the money, the fame, the accolades but they feel they should not have to go through the process of creating this wealth.  No wonder the internet and other places are full of scams and get rich quick opportunities.  Remember this success does not  happen overnight, but one night success does happen.  Someone once said to me, it takes 3 years to be an overnight success!

Making a complete career change, whatever the reason, is a really big undertaking that can have huge ramifications in your life if you don’t take the time to think things through. Jumping too quickly can result in more uncertainty in your life than you’re feeling right now, so it’s important to avoid making a few common mistakes.

First, have a plan. Without one, you could end up adrift.

Consider the following aspects: – Strategies – Finances – Research – Education & Training

Without a plan, you might take the first job offer that comes along, whether it is a good fit for you or not. Don’t make the mistake of confusing disliking your last job with disliking your career choice. Take the time to analyze whether it is the job, another employee, or your boss that is making you consider a complete change, or whether it’s the career, the skills necessary to do the job, or the work that you dislike.

The same goes with if you were feeling bored; think about whether it is career choice, the boss or the job itself. If you have honestly answered these questions and have decided that a complete change is what you need then you will need an achievable plan for finding that new career.

Many people make career changes based solely on the prospect of making more money or because of better benefits. This, too, can be a mistake. Certain career fields are very alluring but be careful of switching careers because of the dollar signs. Remember the research! A new venture that’s hot today could be gone tomorrow, so dig deeper if this is the only reason you want a change.

Discuss your new ideas with friends and family members. Any networking is good. Sell yourself where-ever you are and feel confident in the knowledge that you have something worthwhile and of value to offer someone and that they will be very lucky to employ you. A positive attitude has huge pulling power to anyone on the lookout for staff, business partners or even someone to invest in.

Do some self-reflecting and assessment. Consider what you would really like to do and what you really would not. Keep it real. There is nothing wrong with stretching your boundaries. Keep things real and achievable though. If you still feel confident then stay enthused and feel proud to have a go i.e. Consider your present financial situation, family, career openings and opportunities.

Spread your net as wide as possible. Your family and friends have contacts. Shout it from the roof tops! Tell the people in the petrol station, in the take away, at the newsagents and corner shop. tell everyone at the gym, the hairdresser. This is the way of the world. Don’t keep it a secret!

A career change at 50 is a fabulous idea if you are financially sound and bored with your present work. With all the experience you have to offer this could be the start of exciting new pastures and a time to learn new skills to enhance your enjoyment of life.

A career change at 50 will help you to rediscover your potential; it will also give you so much more personal satisfaction when you find the right career for you. Now the best method of selecting a career at this juncture is to find the lost potential in you, and think about the options that are open for you. This is a good age to start what you always wanted to do but could not pursue, because of family and financial responsibilities. Below are some simple steps that will guide you to make a wise decision in your choice.

The first step to a career change at 50 is to focus clearly on what you can do and what you cannot. The key is to list down all your talents and areas for improvement. List down the skills you use in your present job too. You never know when these skills might be of help in your new career. Do not forget to mention the special talents that you possess like customer service skills, your passion for music or dance, understanding human psychology etc. these will help you greatly in your new career. Focus on your core strengths.

Your career changing decision should be based upon the lifestyle you are seeking. Do you want to work as hard as you do now or are you planning a more relaxed life? You might also want to work less hours. These factors will become of prime importance when you have decided on the lifestyle you now seek and will seriously affect what you would truly love to do at this juncture. Remember that you are not a fresher!

Salary may also be a vital aspect of your career change at 50. Budget for the proposed change and be aware of what investment will be required by you to make a success of this new career in the long run. Consider you present salary level and your monthly commitments to family, loans and lifestyle. Make sure you allow sufficient capital to finance this change as there may be extra costs involved with training, new equipment, clothing and travel. Ensure you have researched the salary and your expectations and requirements.

A Career change at 50 is the perfect time to explore those options which have always been close to your heart. If you feel financially secure at this stage of your life then change is ideal and an exciting prospect but it will still have you feeling a little apprehensive and nervous.

You can find your dream if you go for a career change at this age. Don’t be scared, go ahead, accept the challenge and do what you have always wanted to achieve.