Posts Tagged ‘money plan’

How to Finish the Year With a Flourish

In the final weeks of December, it’s important to take one last look back at the year. How’s your plan coming? If it’s like mine, there are still some items on the “to do” list that you’ve yet to mark off. We’re down to only a few weeks to finish up our goals for 2015.2015 to 2016

I was listening to a podcast recently with Hal Elrod (of Miracle Morning fame). He was sharing with the host that he sleeps very few hours most nights, but that it doesn’t seem to affect his day. He noticed that on short rest, everything hinged on his attitude. If he woke up and said, “Man, I’m tired. Today’s going to be awful,” the day stunk. If he said, “Alright! I’ve got a huge day today, no more time to sleep!” he became a powerful force in the universe.

I’m certainly not advocating that we give up sleep. More sleep AND a good attitude are probably the optimal one-two punch. However, if you’re in a situation where less sleep is the reality, attitude can change the game.

It’s the same with our money, isn’t it? Our attitude changes everything.

  • If I believe my debt’s killing me, it is.
  • If I think saving money is difficult, it is.
  • If I decide that I’m stuck in a rotten financial place, I am.

As creatives, we know from literature, film, plays, and even poetry, that the hero largely decides her fate. In the beginning of a three-act play, the character faces a problem. By the end of the work, the character has formed a plan, and for better or worse, they’re working through their plan to find a resolution. (more…)

Finding “Your Forever Pace” With Money

A good friend just finished his first marathon in Chicago. I’ve always envied people who accomplish big goals like a marathon. It takes so much time to train, and there’s no monetary payout… AND you know it’s going to require lots of effort and will be incredibly painful.

As a friend (and a student of asking “why” about everything), I had to ask, “What was your secret to success?”

He said, “I just had to remember that it was going to be exciting at the beginning of the race, then the hurt would come, and then I’d find my forever pace. After that, I needed to just keep it up until mile 20, and then gut it out the final six miles.”

Easy, huh? It sounds good, but we know that the key is in every moment of that plan… still, there was one phrase I didn’t understand.

“Forever pace?” I asked. “What’s that?”

He smiled and told me that after a few miles your body settles into a pace that you feel like you can run forever, without thinking. It’s an automatic pace, hopefully fairly fast, but ultimately one you can run for miles and miles.

I like that idea… between that and “gut it out,” the creative person in me can see plenty of connections.

When I’m working on an acting or writing project, I find my “forever pace” after awhile. Skill and training takes over. That gets me through until I’m applying the final touches, when really, in many ways, I have to “gut it out” and finish.

…but what does this have to do with money?

Because we want to focus as much as possible on our artistic careers, it’s important to find our “forever pace” with money. We need our financial plan to work for us in the background, so that we’re not constantly being distracted by financial worry. (more…)

Looking to Clean Up Your Finances?

Looking to Clean Up Your Finances? Copy Successful Health Programs

AppleCoins

A brilliant artist friend of mine recently wanted to lose weight. He picked up Tim Ferriss’ book 4 Hour Body and within a few months lost 20 pounds. He and I discussed how he finally was able to take off weight he’d talked about losing for a long time. His answers enveloped many of the themes I’ve covered when I work with people on effective money management. Let’s get creative today and see what lessons about money we can learn from health and weight loss programs!

It Starts With a Spark

One point he made that grabbed me was when he said, “I just one day decided I had to do things differently. It was like I flipped a switch. I’d had enough.” That’s true for better money habits, too. Every person I’ve met who decided that today was the day to get their financial house in order didn’t “take it slowly.” Sure, maybe they didn’t try to change ALL of their financial habits in a single day, but with one decision—to be different—they began either cleaning up their credit card debt, building savings, tracking their expenses….whatever.

I can usually tell when someone comes to me whether they’re going to be successful or not based on their attitude. If they simply say, “I’d like to change,” they rarely do. However, when someone can point out all of the reasons they NEED to handle money differently, I know they’re in business.

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Fighting Past “I Can’t Afford It”

How often have you caught yourself saying: “I Can’t Afford It”?  That’s one of the most disempowering phrases we can use in our creative lives. “I can’t afford it” is the financial equivalent of “I don’t deserve it” or “I’m not ready for it.” Of course you deserve it, and of course, you’re ready.

You just have to tell yourself that you are ready, you deserve it, and all you need is a plan.

Now perhaps there truly are some things you may not be able to afford. Like this yacht…

However, more often than not, you could (and should) be breaking down life into two columns:

–       I don’t want it.

Or

–       I am creating a plan to have it.

Let’s explore these two options: (more…)

Non-Conformists Are Born to Be Better Investors

Remember high school? Were you a person who wore what everyone else wore or did you stand apart?

I’ll bet you didn’t follow the crowd. That’s rarely the artist’s way.

Why do I bring this up? I only mention it because it turns out that creative people – those who are willing to go against the grain – should be great investors. Consider this: a financial company (Blackrock) sent out an email recently discussing the fact that many investors chase “negative returns.” Apparently, people try to guess where the market is headed; and Blackrock detailed just how horrible people are at guessing. In fact, it appears, when most people decide to turn right, the best decision was to turn left.

There’s Value in Turning Left

Everyone’s heard the mantra “buy low/sell high.” This even applies to your art, doesn’t it? Often I meet struggling artists who wonder “How come I’m not a sensation yet?” then they proceed to take the same steps as the herd.

It didn’t work in high school and it isn’t going to work now.

To truly get ahead, in your art and with your money, you need to turn left when everyone turns right. (more…)

Why You Need to Start Saving for Retirement NOW! …A Success Story

I recently received this email from an actor who just finished working through the Artist’s Prosperity Home Study System:

Miata,

I just have to write and tell you how excited I am to have found you! I’ve been an actor for five years, struggling along with everyone else, and I finally decided that enough is enough: I need to put together a plan so I can really focus.

All of this time, I thought I had already been focusing on my art, when in reality, I was part-timing everything: my job, my family and my craft. Now, you’ve put me on a path that I don’t think I could have accomplished myself. I have an emergency fund, a separate checking account for my business, and for the first time, real hope for the future. While I have yet to score that elusive “great part,” my auditions are much better. I believe this is because I come in focused and without worrying about “how broke I am.” Sure, I still worry about money, but not in the “OMG, I need this role” desperate way that I have in the past.

Thank you again for what you do. I just wanted to let you know there are people out there who appreciate you very much.

Jessica

It is rewarding when we hear from folks who have started to take control of their financial futures, because the unfortunate truth is that many people simply never will.

I was just reading some statistics from a group called the Employee Benefit Research Institute. While most Abundance Bound readers are self-employed (and not employees of others), we frequently fall into these same traps and the results of their recent retirement survey weren’t encouraging: (more…)

Giving Your Money the Gift of Momentum

Remember setting up domino chains when you were a kid?:

 

I think artistic people understand more than others what these falling dominoes can represent. One positive result leads to another: an artist is shown in a gallery in Los Angeles, and a dealer in New York sees the show. That leads to a second show in Manhattan. An actor scores a part in a play that’s attended by a big producer. The actor’s next role is a small part in a motion picture.

I attached this video because even when all doesn’t go exactly according to plan (they had to roll the marble twice AND there was a break in the chain at one point), there are still positive results!

We tend to forget that one good result has a tendency to create another.

It’s the same with our financial situations, isn’t it? Successful people are far down the domino chain: (more…)

I Do! I Like Them, Sam-I-Am!

I was busy with my semi-annual deep clean of my children’s rooms the other day and came across an old Dr. Seuss favorite: Green Eggs & Ham. Although I think you all know the story, I’ll give you the quick executive summary:

Grumpy furry guy says he doesn’t like green eggs and ham.

Sam asks him to try them before passing judgment.

Grumpy furry guy decides to try them.

He falls in love with green eggs and ham.

The end.

 

In my experience, most people seem to be like the grumpy furry guy. A good friend of mine disliked classical music until I dragged him to a concert. Fast forward five years and he’s calling us to ask if we want to accompany him to the symphony.

It’s fine to dislike music, because although I’d argue that it’s good for your soul, neither your health nor pocketbook are at stake. But when you decide you don’t like investing money, or prefer not to use certain tools to save, it could cost you financially. (more…)

5 Lessons from 2011

This time of year I like to look back over the last twelve months and reflect. For me, life is about making mistakes–mentors have told me that if you don’t make any mistakes, you aren’t moving fast enough. This year has been a whirlwind, so I must have made some real doozies!

While it certainly can be difficult, I try not to dwell on my missteps as long as I learn from them. At this time of year, I also like to learn from events and the mistakes of others. There are five that I think are well worth reflecting on before we march into 2012:

1) Don’t Wait on Government…In Fact, Don’t Wait.

Politics seemed to enter our life more than ever this year, with Republicans and Democrats waiting to the last minute before passing legislation in several key areas, including funding to keep the government open!

I’ve met people who’ve said that they can’t do any long-range planning because they’re unsure what measures the government is about to pass, or they aren’t sure if the tax structure is going to change, or they want to wait and see who the next president is.

Most artisans work on a 1099 income basis, so some important areas such as health care and small business taxes can have a big impact on your bottom line.

….but does this mean you should wait?

Waiting on the government doesn’t make any sense to me. Is it better to have a plan in place that you may need to adjust or to have no plan at all? I’d always prefer to revisit my plan when the government finally decides their actions, than be held hostage to whatever political problems crop up.

The Bottom line: Plan now and adjust as events occur. (more…)

4 Ways to Cut Holiday Expenses

 

If I were forced to choose one time of year that was about making smart choices, it’d be hard to choose against this one. What should you wear to the next holiday party? Who should you invite to a gathering you’re holding? How much should you spend on gifts? Probably the biggest one of all is this: what should you eat?

I was out with a friend recently for lunch and as she perused the menu, I heard her mumble, “Oh, that looks good, but I want that cake!” I felt a bit envious because if I eat frosting at noon, I’m struggling to stay awake by 2:00 PM. But I was surprised when the waiter arrived and she ordered a healthy salad and water.

She never ordered cake.

I asked when the bill arrived, “You aren’t getting the cake?”

Her answer was surprising. This healthy, fit woman told me that she was on Weight Watchers. She enjoyed this particular program because it was less about diet and more about making wise choices. She hadn’t been talking about the cake from that restaurant’s menu. Instead, she was already thinking about the awesome cheesecake a woman was serving at a holiday party we’d both be attending later in the week.

In short, she was making choices today that would affect what she was going to eat in the future.

If you extend this type of thinking to your whole life, powerful results are right around the corner. (more…)