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Control Your Money Part 4
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Control Your Money Part 4

Today we are going to talk about the power of financial planning. I am not talking about stocks, bonds or funds here. I am referring to what is in your pocket. Investment portfolios and retirement funds are best managed through a financial adviser. Here we are working on getting out of debt and living a life free of financial burdens. Planning is required.

As an example I am going to share this story with you.

My son and his wife had only been married a couple of years when he won a scholarship. So they pulled him off active duty and put him in college full time. Those kids had a mortgage to pay so my daughter in law went to work full time while he went to school and worked part time. Sounds like a pretty tight money situation doesn't it. Two cars and a house to pay for and operate. You get the picture. Well, my son loves to fish and it was one of his heart's desires to have a bass boat. My daughter in law made up her mind that he would have one for graduation. That was her plan. She had three years to make it happen.

If the electric bill was $28. she deducted $35. She did that with each bill every single month the whole way along. Having been in the rag industry at the time she knows when to buy clothes and what sections of the store to buy from and which ones to avoid. She trimmed her grocery bill by a third through specials, coupons and meal planning. She also had no fear of saying no to convenience buying of any kind. Every two weeks she would move the savings money into a hidden savings account.

Please understand, those kids never missed a beat. They went to Myrtle Beach a few times over those 3 years. Had a few parties. Traveled home a few times. Even had to buy another used car to replace one that was wrecked.

On his graduation day she handed him that savings account worth five grand and told him “buy your boat”. He was shocked. I was very impressed. The boat was a nice used one with a sound engine and a solid trailer under it. Candy apple red too. Nice ride. Paid for in cash. That's the power of financial planning.

When financial planning you first need a clear goal and you need a deadline. You know that your car is going to need tires in six months. That's the goal and that's the deadline. At this point do not try to plan for everything. All you will succeed in doing is making your self crazy and turning into a miser.

Keep it simple and keep it focused. You want your financial life to be stream lined.

Nothing will kill your money tree quicker that these three things:

  1. Conveniences: Eating out more often than you should. Getting take out is also costly to your goals.

  2. Indulgences: Expensive “toys”. The purpose of a cell phone gets lost in the tricks they preform.

  3. Appearances: So both of your neighbors have brand new cars and you don't. Want to make an impression? Then move yourself into a position to retire early.

Examine your money ruthlessly on a continuous basis. It's your money tree so make the most of it.

Next time we'll talk about how to sweeten the pot with extra income. So long for now.

Street Talk

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