Just out, you must read my latest Benzinga Brain Trust column, Advice for Investors, Informed by Ben Bernanke
LIVE PERSONAL FINANCE LESSONS FROM FINCON
These past 3 days I learned scores of tips from the top personal finance bloggers in the world and I want to must pass them on to you. I want you to live a wealthy life, personally and financially and I can help you do that. For the next week I am going to divulge a tip a day that, if taken, can lead you closer to your dream life.
Personally, I’m at a crossroads in my own life. I have more to do in my life than I can accomplish in the amount of time available. So, I’ll let you in on a secret, these tips are for me too, to help me organize my expanse of personal and financial aspirations.
Step back this week, and let’s work on our personal dreams and see if we can take a step closer to wealth in money and life.
TIP 1; You Can’t Do Everything, But You Must Do Something
“If you say yes to one thing, you automatically say no to another. And, conversely, if you say no to something, you free up time to say yes to something else.” Suze Orman
One of my favorite presentations was a top notch tutorial about “How to Create and Sell a Product” by Adam Baker of Man vs. Debt. Adam is a credible spokesperson as he completely transformed his life going from deep debt, selling everything, to a six figure income earned from his products.
Among his inventory of products is a multipart video series detailing how to get out of debt. His comprehensive advice included recommendations to poll your audience and test your ideas, basic market research so you are giving your audience what they want. He also talked about the psychology of pricing and how $99.00 is better than $100.00 and if you are going to charge $22.00, you can probably get the same amount of sales for a price of $29.00. The abundance of information went on and on. He is an awesome resource for Selling Your Crap and getting out of debt.
The presentation was awesome, products professional and high quality. And this system is a great money making opportunity for him. And, it reminded me that everyone has a niche. A niche is something you are great at for which people will pay! Although this was Adam’s niche and he was quite successful, and there were some excellent takeaways, the key message is this; INVENTORY YOURSELF and find your niche.
Carve out a few minutes, maybe during a break at work, or when the kids are napping, and think about your own situation.
- Do you have enough money?
- Do you have enough leisure time in your life to really enjoy yourself every day?
If not, realize that something has to change.
Here’s how to get started today.
ACTION STEPS:
Get a notebook and label it: “(your name) Personal Finance” and keep it by the computer. Use it to keep all of your personal finance goals, thoughts, activities, and plans.
Write out the answers to these questions:
1. What do you like about your money and lifestyle?
2. What do you want more of?
3. What do you want less of?
4. Write down 3 actions you need to take to better your situation.
5. Put in your planner how and when you are going to get started. (For example, if you’re in debt, visit Man vs. Debt; if you need to learn about investing visit Oblivious Investor and check out his blog and books.)
6. Get rid of the activities that won’t get you where you want to go.
Decide how you want to focus your own time and energy. Use what you read to inspire and motivate you to action on your own goals.
No one is excellent at everything, but everyone has a talent and a dream.
Stop by next time for Part 2, The Power of Networking.
And don’t miss Part 3, Learning from Others
For a quick overview of Investing Strategies, pick up my FREE eBook; 20 Minute Guide to Investing (top right of the page). If you like what you’re reading, sign up for my RSS feed or email subscription and follow me on twitter so you get the word immediately.
What is your success dream?
image credit; anshumm.com
I have enough money and leisure time. I am working on some goals that should increase my income. I made some changes in July that are starting to pay off.
krantcents recently posted..Invest in Yourself!
@Krantcents- Now you have my curiosity up. Will you be sharing your changes that are starting to pay off!!
Barb, I have taken your advice about keeping a notebook by my computer. I take a small notepad in my purse wherever I go also. I also have “enough” money and leisure time, being retired. I save on areas that are not that important to me so that I can spend more on areas I like. I would like to travel more, but I’d need more money for that. So I’ll be planning some action steps for that. Thanks!
Maggie@SquarePennies recently posted..Oktoberfest German Potato Salad: Yum!
Achieving any dream of life obviously requires finance and I believe it is only through savings that one can do this. Barb, your tips are really helpful. Analysis of financial situation can help a lot in checking the unnecessary expenses we incur. Many a time, we can buy a rewarding investment policy with the money that we have wasted on buying another asset that we can do without.
Rosalia recently posted..Los riesgos de engordar : problemas para la salud
I like your step 1. many people just complain and complain that they dont’ have enough time to do anything. But the fact of the matter is, you need to at least do something and get the ball rolling. Good one!
Charles recently posted..Debit Cards Not Free Anymore
I like the idea of having a personal finance notebook and writing out tangible goals.
20′s Finances recently posted..Can You Be Too Frugal?
@Maggie and @20′s-I can’t tell you how much it means to me that my recommendations are driving action. There’s nothing that makes me happier.
@Rosalia-Muchas gracias visitarme. Estoy encanta que mis reccomendaciones te ayudan. Visitame mas por favor
@Charles-That’s been one of my most helpful as well. I dive in and worry about the results later.
Good thoughts, Barb. Important to pare activities, cutting out non-value added time sucks. In the end, it comes down to what we want to do with our time, and wherein lies happiness.
101 Centavos recently posted..Random Tips: Pullups and Pushups, Zip Ties and Knives for Christmas
I love the first tip: You Can’t Do Everything, But You Must Do Something
Very often we just keep thinking and do nothing.
Tushar@EverythingFinance recently posted..Dangers of an Adjustable Rate Mortgage (ARM)
I really like these questions Barb. They are direct, to the point, and actually answerable. My hubby and I have been looking at reevaluating some goals and I think this exercise would work perfect. Thanks.
Miss T @ Prairie EcoThrifter recently posted..Make Your Own Beauty Products
We spend a lot of time in shopping and making a list of things that we need to purchase. But, if we take out few minutes from it and plan, as Barb has explained under the Actions Steps, then we can have better control over our financial situation.
Leo recently posted..Porque YO voy a dejar de fumar : algunas razones
@101-I’m always asking, is this the best use of my time?
@Tushar-Taking a step forward is important with any goal, inactivity is failure.
Miss T-I think life is always about reevaluating.
@Leo-Absolutely.
i totally agree with your post here, somehow i tend to manage financial problem now. like if you want something, work for it.
anika001 recently posted..Car Insurance Comparison Sites
Looks like FINCON11 has lit a fire under you. Look out Adam Baker, here comes Barb! Your advice on doing something resonated with me. Doing meaningless busy work or thinking about big plans seems like production, but the end result is nothing. Thanks!
Buck Inspire recently posted..Unemployed? Game Show Contestant?
With today’s economic situation, i guess most people don’t have the luxury to live their dreams. However with this action steps, it will definitely bring them closer to their dreams. Great job!