I wanted to write about something that had hit home for me a few times. I felt the need to share this because it not only helps me, but it will help others.
Problem: I realized that having a higher income does not ALWAYS lead you to financial independence. I say this because when you owe (debt) 40% or more than what you have (income) - there needs to be a change in how you view and deal with money. If you cannot leave a financial legacy for your family and their generation, you are not doing your due diligence.
Solution: How can you change your thoughts and actively deal with the money you ask? I will give you three advice that will help me.
Reset! To fix in a new or different way, to set again. Reset your financial lives by downsizing. Of course, this will take outrageous foresight and bravery, but guess what? You can do it if you put your mind to it! I promise. Don’t look at this as moving backward - but as making some right moves to get your family and you in a better financial position.
Budget! Make sure to budget (please see my previous blog on this) and live a more frugal life.
Educate! Read up on personal finance. I have learned that the Bible has many excellent references to wealth and how you handle money and debt. I also follow along with my favorite author, Dave Ramsey, who has some excellent points and advice on money.
By taking these steps, you can turn your family and financial lives around. I always say, “Life is what you make it,” it holds in our everyday steps. Take the steps needed to get things right. You will feel good about it and have better control of things in your life.
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