There are few things that you could implement to get ready for the change. First of all you could talk to your partner and decide which part of the household expenses would each of you be handling. Also you could take out your credit scores and read them together and discuss about it. Finally you both could set up financial goals as a couple and plan on how you are going to achieve them.

Lets now discuss about people who appear to be rich. These are people who own a luxurious apartment, a dazzling car , jewels and clothes that are in par with today’s trend , inspite of the fact that its beyond their range of affordability.

As a result, instead of enjoying financial independence , they fall victims of financial dependence. Every month they have huge amount of bills to be paid, hence their job becomes an integral part of their life which they have to hold on to even if they hate it. Juggling the funds would become an everyday routine, where you have to decide about which debt to clear immediately and which to postpone. These people always expect themselves to be in good health , because a major health issue would incur a lot of cost and obviously an emergency fund is out of question when they are busy shopping.

In a nut shell these are people who are used to the fake comforts that money offers and are not ready to accept the reality that something might go wrong someday and we have to be prepared to face it.

I personally would hate a life like that. Instead i would prefer to be rich in my own way. I won’t have the most amzing car, but i will have a vehicle that falls under my bydget to solve my purpose plus i will have financial freedom and lot of peace of mind. Instead of breaking my head over how to settle my monthly bills for all the debts, i would be spending my time in a constructive manner.

If i get bored with my job, i will have the courage to quit and follow my passion.To me living a life by my own rules matters more than the outward glamor that only leaves stress inside.I definitely cannot buy what i want immediately, but with months and years of secure savings, i would be able to acquire all that i desired some day plus i will have a sense of satisfaction, which i prefer to the fear of losing myself in debt.

So its high time you decide, what you want out of life. Because in the end life gives you what you desire out of it. Make a wise choice and start to act accordingly NOW!!!

]]> http://www.8000credit.org/814/rich-rich/feed/ 0 http://www.8000credit.org/770/victim-money/ http://www.8000credit.org/770/victim-money/#comments Mon, 21 Sep 2009 11:25:39 +0000 Teena http://www.8000credit.org/?p=770 How often do you hear people saying you cannot increase your income because there is a recession, you won’t have enough time to handle another job, you have to be health conscious and no over stress yourself, its difficult to save money in this economy and the government will not let you.

Well i am sure these words keep constantly resonating in our ears, whether through external sources or through our inner voice. Although we have a burning desire every morning we wake up to make a new beginning towards the life we actually want to live, somehow the motivation gets faded as the day progresses. Sometimes due to laziness, sometimes due to fear of failures.

There is a great chance for you to stumble upon the pathway when you walk, but do you stop walking at all? There is risk in every little thing we do in our lives but we do not stop living. Do we? So its high time you start taking a hold on your life and begun realizing your dreams. Instead of spending hours together in front of the television, do something productive.

Ask yourself why you want to become rich. Ask yourself what would be the best possible way for you to go about it. Analyze various options and plunge into action. The world has plenty of opportunities but it presents them only to people who have what it takes to seize it.

Do not be a victim of circumstance but like Bradley Whitford rightly said, become a hero of your own life. In the end what counts is the gallops not the stumbles.

Let me answer the questions in the reverse order. The time to begin is ow, because you have already invested a lot of time in the ‘knowing how’ phase, its high time you invest your money not just time and energy.

About the question as to where and how to begin, we will discuss that in detail. Most of you must be confused about prioritizing. Whether to begin by reducing the debt or starting to save? There is no perfect answer to this question. One answer cannot be applicable to everyone. If i was in your situation, i would first allot more funds in reducing the debt and little towards saving, once the amount of debt is considerably low, i would switch the scenario.

Money management is definitely not rocket science. All you need to do is give it a structure and break it down to small goals and then everything becomes simple. You first step should be to spend as much less as possible than you earn. You do not have to be stingy but you most definitely have to be frugal. If you find yourself partying every weekend, reduce it to one weekend in month. This is going to save a lot of money which can be redirected towards savings or debt.

Categorize your debt, start by paying regularly for the highest debt. Once it is over concentrate on the next debt. But don’t ever stop making regular payments. A debt free life could be like a heaven. Your trip to Europe can be postponed a little, once you clear your debt, the trip could be enjoyed in a guilt free and tension free manner.

Set up a savings account. Make sure you allot each month at least 10-20% of your take home income in some sort of saving. This should become a habit. This way you never have to be financially dependent on any one else.

Even if you have just begun your earning career, your time to start is now, because the earlier you start, the sooner you will be rich.

WANT OF DISCIPLINE—

With discipline comes wealth. One should always try to live within their means. We are bound to be lured by every new product we see in the market, but before we go for it let us stop and ask ourselves do we really need it? If we spend more than our earnings we can never become rich. So always know where you spend, keep track of your expenses and avoid compulsive buying.

STOP BEING MATERIALISTIC—

Materialism gives rise to discontent and dissatisfaction. Do not look for happiness in blindly imitating others. Instead look for happiness in higher pursuits of life. Try achieving happiness by attaining intellectual and spiritual superiority. That will give us a true sense of happiness and fulfillment.

BAD DEBTS—

Insensible buying or borrowing which can burden you with bad debt and destroy your credibility in others opinions is the toughest and most harmful enemy on your road to financial success.

PAYMENT OF TAXES—

Paying all your taxes in time is a citizen’s social responsibility. Lessen your burden by paying your dues in time so that you do not have to pay over dues or fines .The lesser the burden, the greater the saving.

RISING PRICES—

Probably the worst enemy one faces on his road to financial success is inflation. It gradually gnaws at your edges and starts cutting you down financially. It is not easy to fight this enemy but the harm done by it can be reduced considerably by spending sensibly. So always use your discretion and weigh the utility of the commodity which is luring you.

RIGHT INVESTMENTS—

While investing your hard earned money, let the mind rule you not the heart. Invest after careful discretion, only after you have studied the pros and cons thoroughly. Keep updating your investment portfolios.

BE PREPARED FOR UNFORESEEN EXPENDITURE–

In spite of all precautions, there are times when all planning fails and we find a huge speed breaker on the not so smooth road to financial success. These speed breakers are emergencies like death, sickness, unemployment or some legal complications. Always keep enough finances ready to meet these casualties.

Realize your purpose in life, and try to achieve it. It is only then that you will pave a new path for yourself, a path that leads to fulfillment of your dreams , a path that leads to financial success.

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