Finance Board

Ima Rich is a classy lady. She drives a fancy car, lives in an exclusive neighborhood, and associates with upscale people. However, Ima is one of the “Broke Folks.” She lives paycheck to paycheck. Her life is filled with debts and worries. Although many people envy Ima’s luxurious lifestyle, Ima is constantly haunted by her financial fakeness.

The Financial Situation

Do your friends hound you because you’re financially shrewd? Are you ridiculed because you have a simple lifestyle? Many Americans live flashy lifestyles (fancy cars and expensive houses) but lack a strong financial basis for living. In our early years of marriage, some people tried to influence our living habits. We were professionals. We needed to act the part. You live in a certain neighborhood and possess the finest things. Fortunately, we didn’t buy-in to this hype. It was all about image but no substance.

The media bombards us with lies that acquiring material things will make us happy. This falsehood confuses our children and makes us “Dream Brokers.” It appears that many Americans have bought this superfluous living. Therefore, we have created a nation of Broke Folks. What are Broke Folks you may ask? Broke Folks relates to individuals who try to portray an upscale image but lack the financial asset to back it up. It’s not about a high paying job. There are numerous examples of professionals (lawyers, doctors, etc.) who are deep in debt but refuse to correct it because of this image. Being broke is now normal.

The Reality Check

Dave Ramsey, author of Freedom Peace, constantly runs into Broke Folks on his nationally syndicated talk show. Ramsey explains, “If you are taking advice from Broke Folks then you are stupid.” The following 2004 statistics by Bankrate mark the increase of this social class:

• Average per US household debt, excluding mortgage debt, is approximately $14,500.
  
• A typical credit card purchase ends up costing 112 percent more than if cash were used.
  
• Some 40 percent of US families annually spend more than they earn.
  
• Approximately 60 percent of active credit card accounts are not paid off monthly.
  
• Average credit card debt among US households is approximately $8,400.
  

Much of the problem with these statistics relate to not delaying personal gratification. Most Americans can handle their money better. We are no exception. However, the myth exists that rich people spend a lot of money. Stanley and Danko, authors of The Millionaire Next Door, maintain that most Americans don’t understand how to build wealth. They explain, “Many people who live in expensive homes and drive luxury cars do not actually have much wealthMany people who have a great deal of wealth do not even live in upscale neighborhoods. Obviously, the media promotes this urban legend of the “Rich & Famous.” To help you with building your wealth, here’s a summary of wealth building tips from the Millionaire Next Door:

• Live below your means.
  
• Allocate your time, energy, and money in ways that help build wealth.
  
• Build good character so that high social status isn’t more important than financial stability.
  
• Teach your children to be economically self-sufficient.
  
• Be prepared to take advantage of any market opportunities.
  
• Do your homework on career selection so that you find the right occupation.
  

The Logical Solution

Become financially responsible. Financial independence is more than show. Don’t let your family and friends talk down to you because you are managing your money wisely. Don’t be discouraged because your friends are living the Glamour Life while you eat “beanie weenies” for dinner. Take the offensive by continually getting financial education and by staying away from “Broke Folks.” Build your financial portfolio. It is not too late. Start today!

Daryl D. Green has published over 100 articles in the field of decision-making (personal and organizational), leadership, and organizational behavior. Mr. Green is also the author of two acclaimed books, Awakening the Talents Within and My Cup Runneth Over. He is a columnist, lecturer, professor, and management consultant. Mr. Green has a BS in engineering and a MA in organizational management. Currently, he is a doctoral degree in strategic leadership. For more information,visit his website at http://www.darylgreen.org

Share This

I’d like to write a few lines here to tell about a quite valuable concept that I read about while browsing a very educational website. The concept I’m referring to is that of following your passion. Let me start by saying that a person’s passion will arouse and inspire him/her to put effective effort into action. And the enthusiasm from this inspiration is in fact contagious. It will vitally affect all with whom this persons comes into contact.

Your passion for something affects you in the same way steam can forcefully move a locomotive. This is why the most successful leaders will make it a point to inspire moments of passion and enthusiasm in their followers. When a person makes it a point to mix his/her passion into their work, no longer can it seem difficult or monotonous. The passion will literally energize that person’s entire mind and body so much so that he/she requires half the usual amount of sleep and will perform two to three times more effectively in a given period.

Passion is also the vital force that recharges people when they have become fatigued. A person without passion is like a battery without electricity. When a person is full of passion, you notice his/her dynamic personality. It’s true that some people are born with natural enthusiasm while others simply don’t seem to be able to find it within themselves. However, it’s really quite simple to to develop passionate enthusiasm. Initially, you must employ yourself in doing the work you enjoy; preferably that which you enjoy most. Then you do something which most people never indulge themselves in doing: set your sights on the really fun things that would make your ideal vacation feel like heaven. When a person works at things about which he/she is passionate, there will be a natural reaction that gives that person more “inner-fuel” and resources to reach higher goals.

The combination of these things in anyone’s life naturally creates an unmistakable enthusiasm in that person. Start today, and pursue the things that fill you with passion, and you’ll experience a different you. After all, it’s what you’re meant to do.

I hope this information inspires you to find and follow your passion.

My name is Joe Clinton. I enjoy helping others learn valuable information that I’ve learned over the years.

For priceless and truly informative details on internet marketing, go to http://www.gogetgold.com Don’t forget to sign up for the free course that teaches you completely and thoroughly how to create your own internet business that creates money for you while you sleep.

Share This

Every week for years and years you get up in the morning, go to work, come home, pay the bills, get up again, go to work, come home, pay the bills. Sound familiar? You’re on what I call “the treadmill of life.”

Unless you are happy with this existence you had better start doing something to change it. Because, if you don’t, in ten years time, and with a few more wrinkles and some more gray hair, you will still be getting up, going to work, coming home and paying the bills.

You see, most of us get into this routine. Pretty much we fall into it, obliviously. Everybody else is doing it. It’s just the done thing. Or is it?

Well, who wrote the script?

If this is “normal” for you then I can almost guarantee that after years and years of doing it you will one day wake up and wonder why you keep doing it.

Maybe it will be next year, maybe in a few years, maybe it will take another ten or twenty or thirty years. Hey, maybe you are wondering about it right now! Are you?

What are you going to do about it? What is the defining event that will allow you to jump off the treadmill? To answer that, you need to know why you are on the treadmill in the first place. I can categorically state that 100% of people who are on the treadmill do it to pay those darn bills that seem to appear almost magically every day in our letter boxes.

Let me put you to the test. If you had no bills to pay and could exist comfortably without money would you still you get up every morning and tootle off to work? Well, would you? Do you have something else that you would rather do with your time? Do you enjoy battling the highways and the subways with hundreds of thousands of other commuters?

What are you going to do about it? To replace your income will open up your life to a whole new spectrum of options. Think about it.

But how can you achieve such a thing? How can you replace your income? How can you get off the treadmill that will command your life until you retire?

Just think - when you “retire” with that nice little super-annuation and retirement benefit - then you can REALLY enjoy yourself. Heck, maybe you can even take that ski trip that you have spent all your youth waiting for.

Have I got you thinking? I hope so! Don’t wait until all your youth and health has been spent in the system before you realize that there could have been so much more to life.

This article comes with reprint rights providing no changes are made and the resource box below accompanies it.

To learn how you can get off the treadmill click here.

Share This