Tag Archives: Excuses

Top 5 Unexpected Benefits Of A Budget

Ever see your bank account dwindle away and wonder where it all went? 

You have to understand this principle about money:

If you don’t tell your money where to go it will get lost.

Welcome back to our Managing Your Money series. This post is on Rule #2: Create A Spending Plan.

Rule #2: Create A Spending Plan

What is a spending plan? Very simply, it’s a budget. It’s telling your money where to go before it wanders off and you can’t find it anymore. And according to Dave Ramsey a budget is the number one tool for getting out of debt.

We’ve done numerous posts on How to Create a Budget. So instead of the “how-to” I want to give you five reasons WHY YOU MUST have a budget every month.

Top 5 Unexpected Blessings Of Having A Budget

1. A Budget Gives You Control.

Drowning in debt feels like you’re out of control doesn’t it? A budget puts you back in the driver’s seat. You start to feel like you can wrap your hand around your finances. It gives you confidence. Even if your budget is a mess, simply having one tells you and your money whos boss.

2. A Budget Brings Unity.

Ever have that “WHAT WERE YOU THINKING?!” experience when you find out your spouse spends money on something completely ridiculous? Creating a budget with your spouse eliminates that once and for all. It forces you to agree on what you will spend your money on every month.

3. A Budget Eliminates Conflict

Statistically, couples who argue more about money are more likely to separate. Why argue constantly when you can schedule one hour each month to get all of your financial arguments out of the way? (Shhh…Beth & I actually enjoy doing our budget together!)

4. A Budget Reduces Emergencies

For an event to be considered an emergency it has to be unexpected. But what most people call “financial emergencies” are actually normal events for which they failed to plan. The car needs new tires, the A/C went out, we have to buy Christmas presents, etc. A budget forces you to “expect the unexpected” and helps you be prepared for them when they inevitably happen.

5. A Budget Saves You Money.

Last but not least, a budget can save you ridiculous amounts of money. But there’s a reason almost 200 million Americans DON’T have a budget. It’s hard…it takes time…blah, blah, blah.

If I offered you $200 to sit down and create a budget in an hour or less you would take it. But what you must realize is a budget will SAVE you at least $200 a month, and every month you follow your budget that number goes up.

What You Manage Grows

Let me be candid for a moment. You know you need a spending plan. The people who don’t aren’t reading this right now. So why don’t you have one? What are your excuses? Time? Fear? Not enough money to manage?

T. Harv Eker says “You must acquire the habits and skills of managing a small amount of money before you can have a large amount. Managing your money is more important than the amount.”

Your excuses will kill your potential. Don’t let them. Take action now.

Committed to your success,

-Wesley

P.S. Do you have a budget? How has it helped you? If you don’t have a budget, what’s stopping you?

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Make Excuses Or Make A Fortune: Your Choice (Pt.2)

Welcome back to DTL. If you missed part one, click here.

In part one, we shared why you can’t despise the rich and be rich, and we explained how making excuses is essentially handing over control of your life to someone else.

We’ll wrap this conversation up today by sharing how to respond to negative mindsets about wealth and how to kill your excuses.

How Do You Respond To Wealth?

How you view wealthy people will determine in part your level of wealth. I used to believe having wealth was wrong, at least for me. There was something pious about being poor. I was part of a culture that placed high honor on people who gave up wealth in order to serve the poor, and because of that I had a tendency to resist wealth, and I would feel guilty or unworthy when money did come my way. If you can relate, I highly recommend reading the T. Harv Eker book mentioned in part one. He get’s a little new agey for my taste, but overall it’s a great book all about our mindsets towards wealth.

One exercise in the book really exposed my inner beliefs. He was writing about how the way we view rich people will determine our ability to become rich. He ends the chapter by asking the reader to make the following declarations “I admire rich people! I bless rich people! I love rich people!” To be honest I couldn’t do it the first time. It just felt wrong to “bless rich people.”

But why? Why is it easy to bless poor people but not rich people? Does God love them less? It revealed an inner belief I had that equated wealth with something wrong. Not only is this thought not found in scripture, it is also not good for my personal economy. If wealth is bad I will resist having any.

How Do You Respond To Excuses?

The second issue in this post is that of excuses. Here’s my challenge to you: keep a small moleskin or notebook (that can easily fit in your pocket). Every time you catch yourself even thinking a negative thought write it down and replace it with truth.

For example, I did this a couple of years ago and at that time I read about a young girl (in her teens) who had created a website for teenage girls which someone had offered to buy for several million dollars. Her parents had helped her immensely through financial support and encouragement.

My first thought was “I would be successful too if my parents had loaned me that much and helped me start it.” Once I caught myself making the excuse, I wrote it in my journal. I then wrote “TRUTH: I have everything I need to be successful right now.”

It’s amazing how empowering it is to recognize your excuses and replace them with truth. The truth really will set you free. I challenge you to try this for just 7 days and you’ll be amazed at the results.

Committed to your success,

-Wesley

Please let us know what you think! We love to dialogue with our readers!

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Make Excuses Or Make A Fortune: Your Choice (Pt.1)

Never start your day by watching the news.

I learned that lesson this morning. Thanks to the upcoming election, everything was negative about the candidates. However, what got me fired up was when they started talking about taxes (my point is financial, not politics, so I’m leaving names & political parties out).

They showed clips of one of the candidates who is proposing higher taxes on the rich in order to help the middle and lower classes. I was fine until he used the word “selfish” referring to wealthy people. Of course, if you want an applause, go in front of a crowd of low income voters and talk about how the rich are “selfish” (nevermind the fact that the guy calling rich people selfish is a millionaire). To their own demise the crowd gave their applause. Let me explain.

Don’t Be Your Own Victim

This bothers me immensely because it promotes a victim mentality. It says, “I’m poor because you’re rich.” It’s a mentality that is common among people who do not have money. It’s just easier to blame others for our problems than it is to take responsibility for them ourselves.

In his best-selling book “Secrets of the Millionaire Mind” T. Harv Eker makes this statement: “You have to realize that if you view rich people as bad in any way, shape or form, and you want to be a good person, then you can never be rich. It’s impossible. How can you be something you despise?” He goes on to say that “resenting the rich is one of the surest ways to stay broke.”

If you ever want to become wealthy, you have to develop a healthy relationship with money and with those who have it. The bottom line is that when you blame others for your problems, you are giving control of your life away to someone else. Do you really want to do that?

Success is a Personal Issue

If you really want to be successful, you have to stop making excuses, even if they are legitimate.  The minute you let something external determine your level of success is the minute you won’t have any. I’m serious. You’d be amazed at how much we limit ourselves by making excuses. Let me give you a personal example that just happened to me.

On Sunday night Beth & I were watching ABC’s Extreme Makeover Weight Loss Edition. In one year this wonderful lady lost over 160 pounds, and overcame incredible odds to reach her goal, including a very dysfunctional family. I’ve been carrying around an extra 30 pounds for several years now, so I knew immediately that if she could do it, then I no longer had any excuse. So here I am on Sunday night all motivated to lose weight, and BAM! On Monday while playing with Macey I broke my toe! (I wish I was making this up).

Is a broken toe a legitimate reason to not exercise? Of course it is!

But, if I allow myself to be the victim, then I’m giving control of my life over to a negative circumstance that happened to me. In reality, a broken toe will limit me but it cannot stop me. It may make it difficult, but it does not make it impossible! With a little creativity (such as swimming instead of running, only doing upper body workouts for a while, etc) it doesn’t even need to slow down my progress.

So how do YOU view the wealthy? What is your response to excuses? Stay tuned for our next post where I share two powerful exercises which will set you free from excuses.

Committed to your success,

-Wesley

P.S. Please leave us a comment! What are some excuses you’ve been tempted to make recently?

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