These are certainly challenging times and by paying attention to these three areas, I believe you can bring some peace in to your financial picture!

1. Set a higher priority on building up your liquid savings, rather than your 401(k)

There is no sense in setting aside for your tomorrow if it puts your “today” in jeopardy. First things first. In order to be financially healthy, we need cash reserves; how much is up to your individual comfort level. Things come up in life which require quick access to cash, if there is no cash saved up, imprudent choices are made such as taking a withdrawal from your 401(k) or IRA and paying all the taxes and penalties (if applicable).




2. Conquer your purchasing passions.

Yep, good old-fashioned delayed gratification. Paying interest on credit card purchases makes for a profitable  credit card company, not a profitable you!




3. Secure your income.

If you are not already doing so, it’s time to work harder and smarter than: a.) Your Co-workers, b.) Your competition (If you are self-employed). Every industry is experiencing increased competition. Be the best, stay ahead of the changes in your specific industry. This may mean that you take the initiative in reading up on “shifts” or new developments in your industry, thus increasing your value.

You know the “Itch” right? After the new car smell fades and the tires have been replaced, the “itch” for a new car surfaces. My wife still gets that itch and it took awhile to learn to say “No.”

If you took a moment and considered  what the money you are now  spending on car payments can do for you in the future, you just might hold onto that vehicle a little longer.

By paying yourself that car payment (Once the loan is paid off), say for example, $500 a month at a conservative rate of return of 6%; you would have over
$84,400 in your account after 10 years!

When we consider that the average person between the ages of 48 and 62 has less than $60,000 saved up for Retirement, $84,400 makes a huge difference.

Something to think about……..

It seems that the message from our Governement is, “Do as I say, not as I do!”

Taking a closer look at your cash flow may help you “Recapture” some important dollars!

Part One in a series

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