My 2Cents!~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~A Newsletter all about Living with Abundance, Ditching Debt and Collecting Cash.
Welcome to the Frugal Friends Network where We turn the Middle Class into Millionaires. Sponsored by SmartCents, Inc.
------------------------------------------------------------------------------------------Janine Bolon, Editor janine@smartcentsinc.com
[NAME] Welcome to MY 2Cents!
You are receiving this newsletter compliment of SmartCents, Inc. To opt out, please scroll down to the bottom of this newsletter. ------------------------------------------------------------------------------------------
In this issue -- Note from the Editor: -- Don’t Give a Dam, Give a Way! -- August’s Book: “Divine Wisdom at Work” by Tricia Molloy -- Reader Question: Do you 60/40 your gross or net income? -- Blog Spotlight: The Simple Dollar -- WHO WE ARE
------------------------------------------------------------------------------------------
Note from the Editor ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Dear Frugal Friends, This issue is full of nuggets of information to help you overcome barriers to wealth as well as inspire you to greater efforts. The first article, “Don’t Give a Dam, Give a Way!” Discusses the questions and obstacles that we use on ourselves to keep us from the wealth we deserve. Next comes a book review of Tricia Molloy’s, “Divine Wisdom at Work” a fact filled book on how to become more successful by knowing what you want out of life. Her questions, principles and examples are quite powerful. Lastly, we have another contest for free books. However, this time, you will need to write out your answers to the question, “What is the single best thing you did to save money? Winners will be announced in the next newsletter along with their answers posted. Good luck, everyone! Wishing you abundance, Janine Don’t Give a Dam, Give a Way! by Janine Bolon ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ There is no doubt that the single biggest obstacle to you becoming wealthy is yourself. We truly are our own worst enemies. Now, it is true that some of us have had horrid medical bills which gobble up our last remaining savings. Others have lost jobs, and being unemployed for over a year can definitely drive one’s finances to the poor house. But I also know that for over 90% of my clients who are in debt, their own attitudes and behaviors sabotage their best intentions for becoming wealthy. They become mental dams in the way of potential cash flow and abundance. Those who live in debt are not the only ones I’m talking to here. I also refer to those who have only their house to pay off. (Congratulations, by the way, if you are in that category! Give yourself a pat on the back!) But you, too, have a few issues that need to be addressed. I don’t want you to just get by in life. I don’t want you to be always dipping into your savings to bail yourself out of the next financial crisis, and the next, and the one after that. I want you to be wealthy, stinking rich if you will! I want you to break the mental dams that are preventing your abundant life, and I want you to give way to the wealth that is yours for the taking. How is that going to be possible when you’re looking at a mortgage that takes 35% of your paycheck and/or you have $15,000 in credit card debt? First, I need you to examine what sort of person you think you have to become to be wealthy. You have the potential to become a very rich person if you allow yourself to stop damming the flow of cash in your life. How do you do this? You must stop making choices that lead you further and further into debt. For starters, if you already have credit card debt, the last thing you want to do is to continue to BORROW MONEY! I know that this seems totally obvious to some, but I am amazed at the number of clients I have that tell me they have over $10,000 in consumer debt and then they email me asking what car loans are the best to obtain from their local bank. My quick answer is: NONE! What you want is to stop borrowing money, and instead pay some back. This is very difficult, I realize. Our society makes it incredibly easy for you to get other people’s money and use it. This has to stop first and foremost before you move on to any other principle on the wealth accumulation path. Second, you want to decide right now how much money you want to have. Do you want to have a half a million dollars, one million dollars, five million dollars, or even 20 million? You want to establish some financial targets so that you can celebrate when you hit these positive goals. Paying down debt is great, but you also want to focus on the positive aim of saving of money. If all you have is $25 in your savings account, then start with your next paycheck and put $10 into your account, then slowly build up the amount you are depositing until you have three months of your salary in a savings account. When you hit that target, celebrate. Go to a movie, a spa or camping. Whatever works for you as a celebratory event. You’ve earned it. You deserve to splurge a little at that point. Third, what makes you happy in life? Do you really enjoy going to amusement parks or are national parks more your lifestyle? Do you love travel or staying at home and enjoying a good book? What makes you feel good? Take a moment and examine the answers to these questions. It will help you determine where you want to go in life and what purpose you wish to have. Decide today that you are no longer going to spend money on things, people and places that don’t make you happy. That means if you don’t like visiting family during the holidays, why do it? I had one client that talked about how her recent trip to family cost her over $5,000 due to air travel, etc., and she had a rotten time. I asked how often she did this. “Once a year,” was her reply. I then asked her if she ever felt she got her money’s worth on this travel. No, she did not. Why then spend the money? Why work so hard for your money doing things that you don’t like with people you DON’T enjoy? Her response was, “Because I’m supposed to.” By whom? Society? Family? Who is it that is guilting you into spending money that doesn’t give you energy and joy? I know that I’m being a bit harsh here, but what I would like you to do this month is really examine why you are spending money on things that don’t make you happy. Seriously question your motives. Stop at the moment of decision and say, “Hey, why am I doing this?” Then take the time necessary to dig out the truth. You work hard for your money. I want you to get value added in your life. By really watching your choices you will start to see where you have been damming the flow of money and creating a block to abundance. Take some time, now, and find a path to Give a Way. Basically give yourself a way to open some new paths of abundance through your unblocked thinking. Book Review: Divine Wisdom at Work ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Last night I finished reading Tricia Molloy’s book, Divine Wisdom at Work: 10 Universal Principles for Enlightened Entrepreneurs. First off, this book is for everyone. I was amazed to see so many financial, emotional, and time management techniques packed into such an easy-to-read book. Tricia gives you exercises and ideas for increasing your productivity as well as the savings in your bank account. I was stunned at how quickly I read this book. Tricia has done a vast amount of research to bring you the 10 principles of an abundant and successful life. Her chapters are chock full of quotes from different books and people that she has read and interviewed so that you not only get her take on each topic, but you’re in discussion with at least five to eight other individuals on the same principle. My favorite chapters were: Principle 4, Clean Out the Clutter: The Universe will Fill the Vacuum, and Principle 10: Give Thanks Often: Cultivating an Attitude of Gratitude. I focus on these two chapters because they are so pivotal to having a financially secure life. Most folks forget how all these topics effect your view and choices on money, and what Tricia does is demonstrate how changing your environment from clutter to clean brings you more energy and time (at least 2 hours a day says the research) to be productive with what is really important to you. Giving thanks often is something that has brought me many new clients, opportunities and joys in life. By expressing my happiness to others in thanking them for their assistance, the Universe turns around and continues to shower me with the very things for which I am grateful! It’s crazy! It’s abundance! And it is how Life works. I highly recommend this book to anyone looking to break out of their negative rut in a simple yet positive way. Sure, the title says the principles are for entrepreneurs, but I have found that the truths talked about are just as viable for the stay-at-home mom, teacher, construction worker, or doctor. It really doesn’t matter what you do for income. If you are working, this book is for you! You can get a copy of Tricia’s book as well sign up for her inspirational newsletter on her web site: www.divinewisdomatwork.com Reader Contest for a Free Book “Passion Saving” by Rob Bennett ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~Hey, folks, guess what? We’re having a contest. Rob Bennett was kind enough to ship me three copies of his hard cover book, “Passion Saving.” I have reviewed Rob’s book on my blog and now I get to give away copies to the winners. Send me an email that answers this question: “What is the single best thing you did to save money?” All responses will be judged one week from today and winners will be notified by email. Please put “Free Book Offer” in the subject heading and send your answer to: themoneymuse@gmail.com September’s Book: Debt is Slavery by Michael Mihalik ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Michael and I have never met in person, but we were on a Canadian talk radio show earlier this year and had many similar views on how to get out of debt and live a life of abundance. Michael and I hit it off because his background is Aerospace Engineering (He truly is a rocket scientist!)and I was a pharmaceutical biochemist.(Major geek factor here!) After the radio show, Michael and I continued to correspond and traded books. Next month I will review his book, “Debt is Slavery and 9 Other Things I Wish My Dad Had Taught Me About Money.” Also, visit Michael’s web site and read more about his systems as well as order a copy of his book for yourself! http://www.octobermist.com/ Reader Question: Do you use the 60/40 principle on your gross or net income? ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Dear Janine, Do you 60/40 your gross or your net after taxes? We pay our tithing on our gross but it would be impossible to do the rest of it on gross when 30-40% is already going to pay taxes. Thanks - Laura Hello, Laura! My preference is to implement the 60/40 principle on my net income. Afterall, I only have control over the net income. The Gross is hit by Uncle Sam before I ever see it. However, not everyone shares my view on this. Some folks say that they want to tithe on the gross and do the rest on the net. Fine! Feel free to visit my FAQ page on my website for further details on this topic. And the different perspectives people have. http://smartcentsinc.com/cgi/faq/index.cgi Have a great summer, Janine Blog Highlight: The Simple Dollar ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ The Simple Dollar was started by Trent Hamm after he experienced a money melt down and decided to get his financial life repaired. He focuses primarily on fighting debt and bad spending habits. I like the fact that I can sign up for his new articles and I get a kick out of his perspective and humor. You can give his blog a visit at: http://www.thesimpledollar.com/ Do You Have a Question or Charity or Blog for the Next Newsletter? ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ If you've got a question or charity or blog you want me to address in the next newsletter, please send it to themoneymuse@gmail.com with the subject line "Newletter Question/Charity." My 2Cents will feature a question and a charity and a blog each issue from the Frugal Friends Network. If you wish to remain anonymous, not a problem! Just state that in your email.
------------------------------------------------------------------------------------------ WHO ARE WE ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~SmartCents, Inc. is a company dedicated to bringing the systems of debt-free living to as many people as possible. We wish our students to go out and make their communities stronger by building financial security within their personal lives first and then demonstrating the conserver lifestyle to others.
To schedule a seminar or consultation, send your e-mail to themoneymuse@gmail.com with the subject line "Financial Services Info." You can also visit our Web site at www.smartcentsinc.com.
Reprint permission ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~You are welcome to reprint any items from "My 2Cents Newsletter." However, please credit us as a source with the following paragraph:
Reprinted from "My 2Cents newsletter," a free ezine offering financial systems for debt reduction, wealth accumulation and the conserver lifestyle. http://www.smartcentsinc.com
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~Like this newsletter? Pass it on!
We never rent or sell subscriber lists to any third party. Your privacy is very important to us. Always. To subscribe to this newsletter, click here: www.smartcentsinc.com.
----------------------------Copyright 2006 SmartCents, Inc.----------------------------
Contact Information ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~email: Janine@smartcentsinc.com web: http://www.smartcentsinc.com ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Your Subscription:
