Blog – Dragon Boat 07

That Moment when you Realise that Money Defines your Life; That is the Moment when You Become a Money Grown-Up

Becoming a financial adult does not have anything to do with age in years. You might also never become a financial adult. The specific financial, grown-up moment will come with the realization that money defines your life.

The defining financial adulthood moment differs for everyone and can come at any age.

Defining growing up moments can come when:

You have to pay your first taxes. You knew there were taxes payable sometime, somewhere, but did not make time to find out the whole of it. And then the time came, and you did not plan for it and do not have the money.
A tooth repair cost you the whole of next month’s rent and the electricity bill. You thought that health insurance will only be for when you are older because you never get sick. That thought only held out until you broke your tooth and had no emergency savings or health insurance.

And then also when you suddenly realise:

I need to start thinking about Tomorrow. When you look at the people around you and find that everybody has a contingency plan for retirement, health, and emergencies. And they are not afraid of thinking of retirement or vehicle repairs.
When someone gives you Advice and you realise it is good advice. Following that advice and getting the results was the awesome awakening moment that you can do finance.
When you take Control of your Finances. Starting to plan, work out a budget, saving some money and taking care of retirement and health and life insurance, defines an adult financial attitude.

Whether you like it or not, money will have an influence throughout your life. How you are going to keep a balance will depend on how you approach money and financial matters.…

Experiencing Financial Burnout? How to go Back to the Basics of Financial Know-How

December 8, 2017December 12, 2017

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A good motto for everything in life is to never overdo anything. Moderation should be your keyword for all you do. That also includes your finances.

Most people seldom do moderation, going from one extreme to another in all things they do. For example; from turning over every penny and keeping count of all you spend, to making a roundabout turn, and start spending if tomorrow will never come.

When you’re stuck in this in-betweens and extremes, you should go back to the basics.

Going back to the basics:

Take a Look at your Goals; review the goals you set earlier, are they still relevant to you today? If not, you should take a fresh look at what you want to achieve, and how you want to achieve it. Make a new list, with new dates, how long will it take you, what will be needed to get to the goals, and how much money you should put aside towards your goals.

Make a New Budget; it may be that the budget you made before is not valid anymore. Your situation changed, there might be more money available, or you made more debt. Both ways, be realistic and set up a new budget. And then, keep to your budget.

Pay off Debt; especially those high-interest debt needs to be paid off as soon as possible. Something like a home mortgage should not be a bother if the interest rates are low.

Think About the Future; everybody gets to a retirement date. You need to plan for that date. It might seem silly if you are still young but look at the elderly people around you. Do they live a good life or are they struggling? The earlier you start saving, the less stressful your retirement will be.

But, Also, Live for Today; plan sufficiently for retirement, health and life insurance, and all those future things. But remember to also live today. Spend time and money on the things that are important to you right now.

Your money should be a benefit to you and all and everything that is important to you.…

5 Financial Tips to Help Change the Way You Use Money and the Manner in which you think About Money

December 1, 2017December 12, 2017

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Starting out on our life’s journey we don’t always think too much about money and retirement, or even just next month, or next year. We have money now, and we use it now. Retirement is too far in the future, anything after tomorrow seems too far in the future.

That non-thinking about money for the future might cause some serious problems later in life. Rather take a minute a day and just think about next year, the same date a year later, will you still be just where you are now, or would you like to be someplace other than this?

5 Tips to help you Change your Money Habits and Thought Processes:

Make Time for a Money Minute Every Day: Somewhere during the day, take a minute each day to check your financial status, the transactions you made, and on what you spend your money. You can immediately identify where you might be going wrong, spending too much, and maybe spending on the wrong things.
Work out a Budget: In this budget you should include everything that you need to pay and spend money on; your monthly payments, rent, electricity, transport, Internet, etc. and then also things like clothing, food, and luxuries, eating out, buying a book, go out for a movie, and more.
Set up Financial Goals for Bigger Buys: Describe what you see yourself doing with your money. Use specific dates and numbers, not only words. Specify what you wanted to save, the amount in numbers, by which date, also numbers, or what you wanted to buy, when.
Take a Specific Goal and make it your Money Spending Mantra: Before you spend money on an unplanned item, ask yourself the money spending mantra; is this purchase going to be better than the cruise ship next summer?
Learn to Savour: This actually just means that you should appreciate what you have and to enjoy it to the fullest. Things do not make you happy. You do not need to buy things to be happy.

Banish toxic, negative thoughts about money. Find positive mantras. Value yourself, and get your body, mind and finances in shape. All of these are good life-habits which will not only help your health and life but also your finances.

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