November 2008
You are currently browsing the articles from Utah Financial Planner written in the month of November 2008.
“Most of the time we relate to money as something separate from ourselves – a “thing” to be managed, lost, spent, or saved – but rarely do we appreciate the use of money, with its myriad implications…” – Landmark Education
I read a great post about how money represents our strongest and deepest EMOTIONS. We put a lot of value on money as a way to get what we want.
“People imagine that money will provide personal fulfillment for themselves and their loved ones, that it will give them a sense of security and exciting new possibilities for their life ahead.”
Isn’t that interesting that money is possibility. One thing I learned at Landmark is to be less fearful of money. Of course money itself is fancy paper. Nothing more or less. But our emotions are attached to money. If you don’t have enough to cover the basics of life, it’s incredibly scary.
Money is attached to power, to control, to our fears — even our spirituality is tied to money. We can feel guilty for not giving enough, for having more money than others. We feel great when we give to a cause or a person – when money is an expression of our generosity. As a country we have a lot of anxiety about money right now.
Fear of not having enough money can make people do crazy things. People will ignor other people’s needs to save money, as evidenced in the death of a Walmart employee who was killed in a stampede of shoppers who wanted a Black Friday deal.
“There is a lot of fear surrounding our finances: fear of dependency, fear of success, fear of failure, fear of loss, and fear of the unknown.”
The thing is you can never have enough money to wipe away all of your fears. Even the ultra-rich can feel incredibly poor or have wants bigger than their bank accounts.
If you live in a poor country and have money, part of your survival is learning to ignore beggars and poverty you see everywhere all of the time.
What are your fears about money? What does it represent to you? What things have you done or creative ideas have you had that help you in managing your money?
Written by admin on November 29th, 2008 with 1 comment.
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Here’s a great example of a telecommunications business that is financially free because of the way they have done business – without debt:
“The good news about FiberLight is that it has been self-funded since the day of its inception. We carry no debt and we borrow no money, so we don’t need the capital and the credit markets”
If you’re starting a business, and have planned well, perhaps you could do the same. I know a young millionaire who did that. He sold everything he could to get capital and started a business online. It took a year to become a millionaire. That is extraordinary but a great example.
If you don’t borrow money you won’t need credit which either may not be available or may be very expensive. Here’s another quote from this wise businessowner Michael Miller:
“…we want to continue to expand our reach in all of our markets…we want to continue to grow, but not to the extent that we cannot take care of our customers. We’ve seen too many communications companies explode in growth and leave the customer behind. We want to make sure every one of our customers gets the same level of attention they get today, no matter how large we get.”
Also, Miller said:
“What we’ve done, to ensure we don’t have to borrow money, is have a very short return on investment. We try to get our money and our profit within nine months of a sale. Our competitors, historically, will go 30-48 months before they see a return on their investments and some companies even longer than that.”
So if the economy is getting you down, be encouraged by the businesses who have planned ahead. This is what carries America in these times. It’s also what will carry you. The ethics and principles this business operates by is inspiring.
Written by admin on November 14th, 2008 with no comments.
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My friend at Jibberjobber has been writing about age discrimination. He’s recounting the story of someone who lost his job and how a much younger replacement showed up. It wasn’t handled well and the man wasn’t prepared to retire early.
Today he gave this advice (I’m only focusing on two points, he made three. The last one was more specific to his situation):
(1) Financial discipline.
I was preparing for retirement. But, I should have done better. Saved more. Hired a financial adviser; not some brokerage flunky. Been more focused on the “what if”. What if the bridge comes up short? That was a question I should have been asking all along. How’s your financial pyramid? Can it stand up to a tsunami of a premature job loss?
(2) Diversified income stream
Followed my own thinking, I should have created my own internet business. Hard to do, yes. Shoulda, coulda, woulda. They will kill you. I had ideas that I could have “spun out”. The internet is perfect for “part time” jobs. Instead of trying to convince younger people to do it, I should have done it myself.
Starting an Internet business is a great avenue to develop another revenue stream. If you have an idea learn how to research demand online (using keyword tools which are often free).
Just like losing weight or any behavior change, having someone give advice and monitor progress improves results. A financial planner is like that. They can guide you so you’ll have a secure foundation and be able to weather financial downturns with less pain.
My husband, who is a financial planner in Layton UT talks about the people who come to his office AFTER something has happened. AFTER they get cancer and don’t qualify for insurance. Many live for now only, and have leveraged the future. Or, they are supporting adult children totally capable of supporting themselves. He’s very good at giving and living by his own advice to invest in your financial future. It’s harder for me.
As this man points out, you may need more money than you think to tide you through job loss and I add through whatever might come. Thankfully this man has the health and job skills to be availble for work.
Written by admin on November 12th, 2008 with no comments.
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Here’s a funny card about the economy to make a point and make you smile…from someecards.com
Written by admin on November 6th, 2008 with no comments.
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You know how I love the “Get Rich Slowly” blog? Here’s another great blog mentioned there today:
The “I will teach you to be rich” blog. “It isn’t a frugality blog. In fact, Ramit’s an outspoken opponent of what he calls “stupid frugality tips” (e.g. use two tablespoons of cocoa powder instead of three). His site usually focuses more on boosting earning potential than cutting costs.”
That’s something I can be enthusiastic about – rather than simply cutting (depending on your situation you may have a lot of fat to cut but most could do better focusing on earning more. That’s more optimistic. It’s something I’m working on.
What have you done to increase your earning potential? One way I earn more is through my other blog and building affiliate marketing web sites. I’ll share with you what I learn by reading this blog I just discovered. I’d like to hear your perspective – leave your comments below. Since this is a new blog, I’m hoping you’ll be the first one!
Written by admin on November 2nd, 2008 with no comments.
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