Money Mastery – Three Easy Steps to Mastering Your Financial Destiny

When I was a kid I was constantly told, “We can’t afford that; we can ONLY get this; ask your dad if you can have that; you must save your money for a rainy day; start saving now for retirement.” Don’t get me wrong, I understand the intention of some of these messages and that they may even hold value for some folks but I also have learned that these statements can lead to potential financial paralysis.

By hearing those statements over and over again, I developed what could have been my Money Destiny. That Money Destiny led me to believe I would never have enough money, that I must always save and never spend, and that I was not financially safe. These messages repeated themselves in my mind every time I needed to make a money decision or anytime I thought about money. Soon thereafter I found myself resenting the “mean green” and at times wanting to rebel against it. Thank goodness I realized one day that should I continue down this same Money Destiny road, I was destined to have just enough (not plenty) or none at all for that matter or worry about money constantly, and stay in the middleclass.

When I noticed how I was making decisions that would keep me in the same place and never propel me forward financially, I knew it was time to bust my old patterns, break debilitating money-habits, and create a new money system, a new Money Destiny. Doing this was going to take some mental, emotional, spiritual, and physical work, oh yeah, and financial work as well! It meant I was going to have to stop listening to what I had been told all my years growing up as a child as well as stop playing the “tape recording” of these messages over in my mind. It also meant I was going to have to buck this old system every time it flashed before my eyes! My intention in sharing this article with you is to help you break down your conditioned mindset and build it up with a new one that actually works with you and not against you. This is a mindset that YOU are going to create, nobody else will be creating it for you. Isn’t that exciting?

So what does mastering money look like? Mastering your money literally boils down to one thing: your mindset. Have you ever noticed that when your bills are paid off for the month and you have some extra “bread” in savings, you are just bouncing around the planet like you are rich (even if you aren’t)? However, on the contrary, have you noticed that when you don’t have enough to make ends meet and you’re struggling to figure out where the next dollar will come from to pay your rent or mortgage, you never seem to see the light? And, have you ever noticed that you actually decided, either consciously or subconsciously, which of those scenarios would play out in your life?

What I would like for you to do is sit for a moment and put yourself into both situations. First, visualize yourself in the moment when you have no money, nothing in the bank, in fact you may be in the negative. You’re not going to be paid for another week and all of your bills are due yesterday. What is the first feeling that you notice? Desperation, anger, frustration, helplessness? Take a quick note of that. Now, go to the visual of having money in the bank, all bills paid off and in essence you feel free. You have extra money to do what you would like and everything seems to be going right in the world. Again, take note of the first feeling that pops up for you when sitting in this visualization.

Let’s take an even further step. Picture that you are in control of both scenarios. You actually designate or choose which will happen in your life. And, you actually choose the same scene over and over again. Which do you choose? Do you choose the visualization with lots of money and financial freedom or do you choose the daunting visual? I venture to guess you wish to choose the one of Money Mastery.

The concept of Money Mastery has to do with having a destiny when it comes to money. Some folks actually are destined to be rich, middle class or poor. For most of us, we witnessed how our parents behaved with money, listened to things they said and then modeled after them. If our parents were rich, we figured as adults that we, too, had the right to be rich. If our parents were poor, we grew up thinking we did not deserve to have more money so we followed in the footsteps of our poor parents.

I am here to tell you that you don’t have to follow in anybody’s footsteps when it comes to mastering money except your own. Today, you get to decide your new Money Destiny in just three steps.

Step One: Change Your Money Talk-

As I stated earlier, mastering money has to do with your mindset so if you have been saying repeatedly, “I don’t have enough money” or “I need more money” then I venture to guess you haven’t had enough money for quite some time. So, I challenge you to begin saying(even if you don’t believe it in the moment, trust me, you will learn to believe the following statements wholeheartedly), “I have plenty of money,” or “I am grateful for the money I have,” or “Money is a precious gift.” These are simple statements yet extremely meaningful. These affirmations are packed with power! And here’s why: when we hear ourselves say something, we generally believe what we say-whether it is good or bad-we believe it! Thus, if you are constantly saying, “Money is a precious gift and I am grateful for it,” somehow your mind hears that statements and translates it into action. Before you know it you are taking action to have more money in your life or better yet, money is finding its way to you and you did not even lift a finger!

Do you see where I am going with this new verbiage? Positive thoughts become positive feelings which lead to positive actions that grant you positive results.

Step Two: Change Your Money Feelings-

If you feel badly about money all the time you will not get money in return or worse yet, you will spend it like water because you want to get rid of the bad feeling. Makes sense, right? Therefore, it is imperative to change your Money Feelings.

Here’s an exercise: Take out a one-dollar bill. Look at it, in fact, examine it. Notice what you like about the one-dollar bill. Is it the color, the images printed on the bill or perhaps it is what is stated on the bill. I want you to find at least two things you like about the dollar. Now, sit there for a moment and FEEL what you like about it. It may help you to close your eyes and just be in the feeling, be in the moment. Now, think about what you can get for just one dollar. Maybe an apple, a banana, an orange. Maybe a pack of gum or two packs of gum even? You can give a tip to somebody after buying a coffee or you can get change for your one-dollar bill and put money in the meter to prevent getting an expensive ticket. Do you see how far that one dollar went? Did this give you a new feeling and new perspective about that bill? For what appeared to be a small bill it certainly turned into big things, didn’t it?

The idea here is to constantly associate positive feelings with money in order to get more of it. Let me give you another example. I used to get angry every month when I had to pay the bills. I would say to myself, “I get so angry working so hard for my money only to turn around and give it over to somebody else.” Then one day it dawned on me that I should be grateful that I have the money to pay the bills in the first place! Suddenly I reframed my thinking to state,”I make plenty of money to pay my bills every month.” And believe-it-or-not, I no longer resent that time of the month when I have to pay bills and more money has been coming my way.

Step Three: Change your Money Behavior-

If when you get your paycheck and you turn right around and spend it then I am going to challenge you to pause for a moment and not take the same action. In fact, I am going to ask you to replace that action with a new action: Paying yourself first. What I suggest to my clients is that they take at minimum 10% of their paycheck and pay themselves first by putting it in a savings account, retirement account or money market account. What is better is if you can automate this so you never even see that 10%. These days, most banks or employers offer an automated savings plan whereby they take whichever percentage you desire and they put it into whichever account you want. This is a great way to begin paying yourself.

Now if you are the type who never spends a dime, I ask you the question, “What exactly are you saving for?” Don’t get me wrong, I am not encouraging you to not save your money, but I am encouraging you get really connected to what exactly you are saving for. If you are saving in case of an emergency rather than for freedom, excitement, purpose, joy, or love, realize what will manifest is an emergency. My challenge to you then is to change the reason for your saving.

When we stop and really think about the phrase, “Money Talks” we realize just how truthful that is. What’s important to note is that we have the power to dictate the conversation with and about money so that it is either a rich conversation full of financial freedom and joy or it is a poor conversation wrought with desperation, frustration and debt. Here, you have been given three powerful steps to Money Mastery. My question to you: Which conversation will you now be having?

The Basics Of Stock Market Investing

Investing money on businesses and other fields that will allow you to gain good amounts of profit is a really good idea if you want to become financially stable and independent in the near future. Aside from building your own business, you can also give investing on stocks a shot. Now, this may sound scary at first glance but once you get the rewards of your efforts, you will certainly be drawn in. If you are an absolute newbie in this field, you can try to have a look at different sites on the web such as Stock Market Investing Today that will teach you the basics. To give you a good jumpstart, I will be discussing some of the most important basics of investing in stocks in this article.

Stock market investing involves the concept of share or stock. When you purchase stocks, you will be getting a share or quantum of ownership in a company. This is the most basic idea. To be able to raise a capital, a company needs to have itself listed in the stock market after it gets to sell ownership in the form of different small shares that amount to millions. When you purchase a stock, you immediately become a share holder of the company, who in turn owns a share in that company. Shares of a company are sold in the primary market in the form of IPO or Initial Public Offering. Once these shares are bought, they can be sold in the secondary market, which is referred to as the stock exchange, later on.

Now, the big question is "How do you make money from investing on stocks?" You earn from this endeavor by purchasing a share at a low price and keeping it under your wing until its value increases in the secondary market. When this happens, you can then sell it base on its current value. In other words, you need to buy something cheap and sell it as high of a price as possible. The next thing you need to know about is choosing the right stocks to purchase. When you take a look at the different stocks available in the market, you need to choose ones that have a huge potential to grow in terms of value later on. Choosing the right stocks is the most important factor that will help you with investing. That's all there is to it.

Credit Card Debt Consolidation – The Hidden Dangers

Credit card debt consolidation sounds great, pay off high interest bills, but credit card debt consolidation has hidden dangers that you must be aware of before you proceed. Drowning in debt can be frustrating and anxiety filled but make sure the relief you seek is truly beneficial to you, let’s discuss what to watch out for.

Credit card debt consolidation loans offer the ability to swoop in and pay off your high interest card debt, allowing you to apply more of your payments towards your balance owed and seize control of your finances back from your creditors. It seems like an easy choice on the surface, and in most cases it is beneficial but there are some common financial traps you must avoid if you get a consolidation loan.

Remember that your new loan is just that, a loan, with financing fees and charges for the approval of your new consolidation loan. This in and of itself is normal, but be wary of companies that charge very high financing charges for the privilege of your loan. You may be reducing your rates with the new loan but there is no reason that you should pay more than you have to finance your consolidation.

Many credit card debt consolidation companies will offer to negotiate settlement of your debt on your behalf with your creditor. What this means is they will negotiate with your debt holder to have a portion of your debt forgiven in return for an immediate pay off of the remaining amount with the consolidation loan. This is very commonly accepted by credit card companies for delinquent accounts as they would rather write off the debt and get paid a little than risk your bankruptcy and non payment in full.

If you choose to settle your credit card debt, simply be aware of the tax ramifications for doing so, forgiven debt is typically looked upon as income come tax time with the IRS. For large settlements you might wish to seek the consultation of an accountant or tax attorney in order to receive a professional consult for your situation.

Also be aware of the affect settlement and consolidation will have on your credit score. You may already have bad credit, and are not in the process of rebuilding yet, then this won’t concern you much. Settlement of your debt has a negative impact on your credit score, and can take years to rebuild from.

Lastly, always be sure to work with a reputable and trusted online credit card debt consolidation company. There are many services fighting for your business, some promise more than they can deliver. There are companies that have earned their trust over many years through hard work and service to people just like you, stick with them for your next consolidation loan.

A Brand New Recipe For Branding

In a recent article, I told the story of when I was a young whippersnapper, attaining classes at what was then and still is called "one of the more famous hotel schools in North America", the marketing professor gave us an interesting, but quite challenging assignment.

We were to find a hospitality business that marketed itself by using the participation of the owner as part of the "distinctiveness" of the business. At the time, this seemed like a most difficult assignment, because in those days, it seemed that not too many people really stood out in this field. At least that what it seemed like to me in my youth. Or maybe it was just that they did not want to either make a fool of themselves. There seemed little need to drive the world to their door. I chose a very different restaurant enclosed within an old 19th century Mansion in this very cosmopolitan city. It was called Julie's Mansion and was owned and operated by a very eccentric, but wonderful showman who knew that he had to differentiate his restaurant from all the rest. He knew that the best way to do that – after the assumption of great food, entertainment and service – was to turn himself into the "brand."

My job, as a young hospitality student, was to watch him carefully and learn as much as I could. One Saturday night I showed up and Julie was trying to 'insert' himself into the home team's pro hockey uniform. It was immediately obvious that Julie had never played hockey. To see a middle-aged man struggling to get into and then have to have me extricate him from the jersey, equipment, elbow pads et al, was hilarious for a young guy like me, who had been on skates and playing the game since age four. He certainly was not afraid to make a fool of himself. When I showed up that night, he had less than no idea what piece of equipment went where, and was struggling with the shin guards. He had got himself all tangled up with what he thought were hip guards, when in fact they were shoulder pads, worn over the shoulders. It was indeed the first time I had ever seen a 'player' wearing shoulder pads, stretched around his butt.

I helped him get 'dressed'. Next came the taping of the hockey stick. This was really hilarious, watching this fellow trying to figure out the right way to tape a hockey stick without making a mess of it and looking foolish to his customers. He had a special plan for that stick.

I taped his stick and now he was ready. He had on his uniform, equipment and helmet, borrowed from one of the local NHL players who were a frequent guest at the mansion. Now, he actually looked like a real NHL hockey player … in black and white running shoes, sans skates!

Then Julie 'flew through' the different alcoves and floors of the restaurant with a big ball of foodservice aluminum foil as his 'puck'. He stick-handled in and out and between tables, took shots with the aluminum ball off the walls, cross-checked his own waiters trying to serve tables, all the while yelling cheers and the phrase made famous' round the world, by Foster Hewitt : "he shoots …. he scores!" All this, at the top of his lungs. Then he had planned for a horn to sound loudly indicating that the 'period of play' in his imaginary 'game' was over. It was now time to go to the dressing room. In a flash, just like an on-stage magician, he quickly disappeared into thin air, hidden in his office.

My face was covered in tears. I could not stop laughing! The restaurant was in an uproar. Guests were laughing so hard … one guy literally fell off his chair. The waiters were laughing, the guests were laughing, I was laughing and all the while Julie was having a ball too. Here was a restaurateur who made his work fun.

I had not met one of these types before. I really liked and respected this fellow. But I figured then, and still today, that anyone who had that much fun … and made that much money … must know something the others did not. And he did. He became his own brand. 'Distinctive. 'Differentiated. 'There is attractive to people who are sick of seeing the same old, same old every day. People are attracted to differences not similarities. Take a look at what you can do with yours. It's right under your own nose.

© Copyright, Roy W. MacNaughton, 2006