Managing Your Money Now For Later
Hello, my friend and future millionaire.
In the last email we started calculating your budget and determining how much money you have left at the end of the month.
Let’s just assume, for this email, that you’re somebody that has good credit (if not, no big deal as we can work around it).
But, based on that assumption, let’s pretend you have credit card availability and just need a little bit of guidance on how to get set up to utilize this option.
We discussed listing out your credit card debt on your budget paper, so now I want you to look over all the balances that you owe and start with the smallest balance first.
What we’re looking to do here with our goal setting, is to move the target close, so you know what it feels like to win.
The first thing we want to do, to have one free & clear credit card, is look at possibly paying off that card with the lowest balance on it so that you can use it to generate traffic to your new online business.
Outside of that, along with walking you down the path to a million dollar a year income, we’re going to teach you how to manage money so smoothly that you don’t have to worry about how you’re spending your money.
You’re going to be trained in the way a millionaire thinks so you’ll already know the way they spend money.
When I was starting out I really had to make a lot of changes because I didn’t realize I was blowing a lot of money on day-to-day life items.
Look at your card with the smallest balance and challenge yourself with this question: Are you in a position to pay off that balance or transfer the balance to another card?
I don’t want you to be in a position where you run yourself short money-wise; that isn’t the goal of this exercise.
But, one important part of building your wealth is learning how to get out of debt and how not to create new debt.
I challenge you to get a pocket notebook and, for 30 days, honestly write down every penny that you spend in that notebook; you’d be amazed at how much money you’re wasting on a daily basis.
Are you stopping at that convenience store on the way to work and getting a coffee?
Are you somebody that spends money on smoking cigarettes or the new trend of vaping?
But if you take a pocket notebook and for 30 days, you write down every single penny that you spend, no matter how you spent it, nobody’s going to see it other than you.
But I want you to be brutally honest as you review this and I hope you see, “Man, I didn’t realize that I’m spending a hundred bucks a month on this or that.”
I guarantee you, this is an eye opening exercise, but know that we all blow money on something and my plan is to increase your monthly income enough that it doesn’t matter.
But budgeting is the first step of building real wealth because if you can’t manage little money, all having big money is going to do is to magnify your problems.
So I want you to learn to manage the money that you have right now, so that when your income increases you’ll be prepared to handle it with your millionaire mindset.