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How to Get a Grip on Your Money
Most people have no idea where their money goes. They earn it and they spend it. That's fine if you want to live from week to week and are not concerned about your financial future. However if you want to increase your wealth and have more options, action needs to be taken by you otherwise you could end up like most people further down the track, totally dependant on a pension. Karen's Story Karen is the Marketing Manager for a well-known organisation. She's 39 yrs old, single and earns over $80k a year. She is paying off a mortgage and that's all the debt she has. Karen buys whatever she likes and says she has more than enough money for her lifestyle?or so she thought. And that's a very important point - Karen 'thought' she had plenty of money to splash around yet she had no real idea of where it went. She was at the stage where she wanted to achieve more in her life including taking charge of her financial future. One of the exercises I gave her to do was to sort all her financial statements - visa card, bank accounts and any cash receipts and list her income and expenditure under specific headings ie: loans, clothing, utilities, food etc. Karen recorded everything that occurred for the past 6 months . She nearly fainted when she saw how much money she had wasted and how much she was overspending! She was going backwards fast and only realised it by doing this simple exercise. In the past Karen hadn't put a high priority on her financial well-being as it was just too hard. Being a marketing manager, her life was busy at work and she had a hectic social life. She did not want to bother doing something that wasn't exciting like working on her financial future. After all, she had a well-paid job, did not she? Karen has now come to her senses and knows her true financial situation. If she lost her job, financially she could not afford to be off work for more than a month. She realises that she is responsible for her future. The area of wealth creation hadn't been of great interest to Karen in the past. Now that she was undertaking coaching, she was serious to making a change. Prior to writing down where her money was going, Karen was completely closed to any suggestion to read more about how she can accelerate her wealth (or lack of it), so I did not pursue this with her. Her attitude had now changed so she was ready and willing to move to the next step. The next move?I referred Karen to an organisation who would look at her total financial picture and be able to recommend what she could do. The reason I chose these people is because they take a holistic approach to wealth creation. They look at every aspect and provide an on-going education as well as a hand-holding service. We met after her first session and Karen said she nearly had a heart attack at the meeting. She realised how much money she had been giving away to the tax office. Being on such a high income she was being taxed 47c for every dollar earned. She now realised that by making some small changes she could keep this money and have investments that over time would accelerate her financial situation dramatically. She now had enough knowledge to make decisions and take actions that could make her financially independent over the next few years. Karen could not believe how simple it was! Your Financial Future - Whose Responsibility? Unfortunately you cannot leave your financial well-being in the hands of anyone else except yourself. Of course, you can seek advice from professionals in that field like accountants and financial planners; however, it really is up to you to lead the way ?to be proactive! Having attended many seminars, spoken to wealthy people and to the financial professionals (many of whom aren't independently wealthy themselves), and read many books on the topic of wealth creation, I have found you cannot rely on any one person to delegate your financial affairs to. You need to be proactive and take control of your own life. How to Take Control of Your Financial Future Get your finances in order first: You need to know what you spend, what you earn, how much you owe and how much you own?Not in your head but in writing. What you think your situation is and what is reality, will more than likely be two totally different scenarios. If you know where you are right now you can then seek out appropriate solutions to your specific financial needs. How to Get Started Speak with your accountant on the best way to set up your recording system. Ask them how you can increase your wealth. Ask your accountant and/or your financial advisor how they have created their wealth. What do they invest in? Talk to people who are wealthy. Ask them how they accumulated their wealth. Question everything. Read books and attend seminars on wealth creation'the more informed you are the easier it is to make sound decisions. We regularly advertise these types of events in our Event Update: http://www.office-organiser.com.au/weeklyupdate.html Don't believe everything you hear, see and read, particularly if the person advising you reaps financial benefit from you accepting their advice. Only listen to people who "have rungs on the ladder". Once you've have done some research (and this can happen in a matter of days or weeks, depending on your efforts) then: Take action Sure you'll make mistakes along the way, however that's the only way you can progress. Learn from them and move on. The Final Word Looking after your financial well-being should be high on your priorities. It's about having choices in your life. Do you really want to work from dawn to dusk to support the lifestyle you and your family have become accustomed to? Perhaps you don't get to enjoy the lifestyle because you are too busy busting your guts at work. Imagine what it would be like to work because you want to, not because you have to? If financial freedom is something you desire in the not too distant future (and it doesn't happen overnight), you have to take action sometime... like right now! About The Author Lorraine Pirihi, principal of The Office Organiser (http://www.office-organiser.com.au) is Australia's Personal Productivity Coach Lorraine specialises in working with businesspeople showing them how to dramatically boost their productivity, reduce the stress and the mess in their lives and have more time for enjoying their life. We Offer a Broad Range of Services and Products including: Coaching for small business owners and professionals, keynote presentations and workshops, books, CD's, DVD's and on-line learning programs. Take action today! Contact Lorraine to discuss your specific needs at lorraine@office-organiser.com.au
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Business Management Executive Coaching The higher you climb the ladder in this organization, the less chance you have of getting feedback about your performance. The working rule of thumb is "the farther up you go, the stranger things get," especially in the way you are reviewed and rewarded. We seem to have time for everything else, but not time to give our top people the kind of reviews they need to help them develop. -Executive level controller Why We Need Executive Coaching Purpose Many people go through much of their lives without really thinking about their purpose. I don't mean a lofty, philosophic, and often unrealistic purpose that has us striving to save the world or solve the challenge of poverty throughout the world (although these are both admirable for those whose true purpose is to do so). What I am talking about is the individual and unique purpose that drives and grounds us. The one thing that gives meaning to our lives and motivates us to achieve our potential. How Do You Build Momentum in Your Business and Life? A few weeks ago at a "Leadership from the Ground Up" conference, Donald Trump spoke about the ingredients for success. I found his topic on momentum very intriguing. My thoughts have been returning to his presentation in my mind ever since. Think, Pause & Talk There are two kinds of peoples we generally face in every walk of life Life Coach, Counsellor, or Therapist; - How do I choose? Life coaching has become fashionable in recent years and there seems to be a big demand for what they offer. Counselling and many forms of therapy are also on offer, these may have been around for many years and have advantages to offer clients. Yet how do you choose which one to go for? Smelling the Roses: Better Living Through Savoring "Stop and smell the roses," people often say. Then they smile ruefully, because everybody knows there isn't enough TIME to stop or, as my daughter says, to "chill." Solution-Focused Therapy Most types of psychotherapy involve exploring feelings, being validated, finding explanations, exploring wishes and dreams, setting goals, and gaining clarity. Every therapist has unique ways of working with clients, based on his or her personality, training, and views of how people change. A solution-focused therapist is likely to do the following: A Call To Do Better I'm calling you out. Issuing a Challenge. Relax, It's not to a dual or anything quite that complicated or dramatic. Secrets of Creating Interpersonal Power If you work with people, as a company owner, manager and team leader or on the customer interface, your impact on others is your most important asset! Someone creating 'Interpersonal Power', as I see it, has the ability to inspire, motivate and facilitate outstanding action in another. How to be Your Authentic Self Most of us play many different roles in the course of any given day. We could be Mom, Boss, Employee, Student or Friend, to name just a few. Very often we identify ourselves by those roles. When asked, "Who are you/" we say, "I'm a wife and mother", "I am a doctor and amateur photographer". We identify ourselves by how the world sees us, not by who we really are. What in the World is Life Coaching? In my speaking engagements I have often compared coaching today to psychotherapy in the 1920s. The level of public understanding of coaching, outside of people in a certain socio-demographic category, is still in its infancy. We are all so saturated with the language of psychoanalysis it's difficult to read a book or watch a movie that isn't premised on this shared language that we probably don't consider there was once a time when practitioners were asked: A Small Piece Of Carpet Have you ever noticed how the way you feel about yourself sometimes depends on whether or not you get confirmation of your value from others? When you enter into challenging situations with a positive self identity you will discover that you are living your life with a greater sense of enjoyment and fulfillment. What Do You Really Want ? Being a coach is such a rewarding profession. The enormous impact you have on other people's lives always astounds me. Nourishing Your Network It takes less effort to keep an existing customer than to gain a new customer. Leadership Coaching Easier Said Than done Recently at a Pharmaceutical meeting in Europe, one of the presenters shared the results of a recent study that demonstrated that Managers who were trained in Eight Step Coaching Skills were out selling DM's who were not trained in the program. This quantitative data seems to support that the cornerstone of success lies in effective leadership coaching and diagnosing the needs of the Representatives. However, it is not simply a matter of being trained. Managers must overcome day to day hurdles to be an effective coach. It takes a knowledge of the skills plus the courage to open up sensitive and important topics with others. It takes time, a precious commodity in a DM's week. It takes self-control over our emotions when someone doesn't measure up on an important mission that we, as Managers care about. When we coach, we run a risk of opening up conflict, differences, and misunderstandings that can create discomfort. In short, "coaching is easier said than done." But the results will be worth it if we are consistent and rigorous at using coaching skills. Being an Emotional Victim None of us like to think of ourselves as victims. The term "victim" brings to mind a pathetic image of a person who is powerless. Therefore, It comes as a shock to most of us to realize how often we allow ourselves to be emotional victims. Having counseled individuals, couples, families and business partners for 35 years, I know that many of us are victims much of the time without realizing it. 7 Destructive Habits of Incompetent People WARNING! If you want to have a fantastic life, never engage yourself in these 7 deadly habits that incompetent people do. The Right Time and Place (Channelled) Boost Your Self-Esteem What Is Self-Esteem? Guilt By Association & Wealth By It Too! "Tell me what company thou keepst, and I'll tell thee what thou art." - Miguel de Cervantes (1547 - 1616) Spanish novelist.
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