www.itoccoa.com
Finance
How Much Is Enough?
Dorothy Powell
 |
Expand what you already have
Here we are in the Information era, bombarded by media that connects us globally. Every day we hear of the growing numbers within our youth who are overcome with anorexia. How much should we weigh? How much money should we have? By making comparisons with what we are shown on movie sets, most of us feel we just don't measure up. Turn off the external stimuli and come home to what is real for you! Express gratitude for what you already have and then begin to work on its expansion.
Establish guidelines for your finances
Order is the first law of the universe. The family unit needs to have established guidelines just as a business has its policies and procedures. The Head of the family (be it one or two people) is responsible for establishing these guidelines after carefully looking at incomes, lifestyle priorities, and future goals. This leads to the preparation of both a family budget and a financial plan that each member can understand. Including the children in this process can encourage acceptance and cooperation. Savings is one of the items on the list that varies within each family. It should be stressed that having some savings is not only prudent but an act of taking responsibility. What an example to set for your children!
Discover freedom in saving
Our society encourages the use of credit cards and deficit budgets. While this pumps money into the banking system through high interest charges, it adds nothing to one's peace of mind and sense of security. It often ends up costing the consumer twice as much for goods and services. By following a financial plan and saving ahead for purchases, there is a greater chance of having money available for your investments. Now you will be making money instead of the bank!
Be disciplined and stick to your budget
In summary, it is important for each family unit to develop a financial plan and then to work cooperatively towards the completion of its goals. This is an ongoing process that requires time and commitment. Sticking to a budget requires discipline that is sweetened by the knowledge of delayed gratification. For families who plan together and work together, the rewards have unlimited potential. I call this the PWR stock holding for families. This is Powerful.
Frequently asked questions:
Dorothy Powell completed a degree in Physiotherapy at the University of Alberta. She went on to own and manage her own businesses and currently serves as an Investment Advisor at Georgia Pacific Securities. She takes a personal interest in family management and estate planning, drawing from her life experiences as a single mom. She welcomes questions regarding investments and life insurance. E-mail her at: dpowell@gpsecurities.com or visit her website by clicking here.
Here we are in the Information era, bombarded by media that connects us globally. Every day we hear of the growing numbers within our youth who are overcome with anorexia. How much should we weigh? How much money should we have? By making comparisons with what we are shown on movie sets, most of us feel we just don't measure up. Turn off the external stimuli and come home to what is real for you! Express gratitude for what you already have and then begin to work on its expansion.
Establish guidelines for your finances
Order is the first law of the universe. The family unit needs to have established guidelines just as a business has its policies and procedures. The Head of the family (be it one or two people) is responsible for establishing these guidelines after carefully looking at incomes, lifestyle priorities, and future goals. This leads to the preparation of both a family budget and a financial plan that each member can understand. Including the children in this process can encourage acceptance and cooperation. Savings is one of the items on the list that varies within each family. It should be stressed that having some savings is not only prudent but an act of taking responsibility. What an example to set for your children!
Discover freedom in saving
Our society encourages the use of credit cards and deficit budgets. While this pumps money into the banking system through high interest charges, it adds nothing to one's peace of mind and sense of security. It often ends up costing the consumer twice as much for goods and services. By following a financial plan and saving ahead for purchases, there is a greater chance of having money available for your investments. Now you will be making money instead of the bank!
Be disciplined and stick to your budget
In summary, it is important for each family unit to develop a financial plan and then to work cooperatively towards the completion of its goals. This is an ongoing process that requires time and commitment. Sticking to a budget requires discipline that is sweetened by the knowledge of delayed gratification. For families who plan together and work together, the rewards have unlimited potential. I call this the PWR stock holding for families. This is Powerful.
Frequently asked questions:
- Where do I begin?
- As with everything else, you begin right where you are and with what you have today.
- Take an inventory of what you have to work with: cash on hand, investments, real estate, or perhaps something you can give to others.
- Take a moment to express gratitude for whatever that may be, as there are always those who are less fortunate. Write down what you would like to have or to accomplish. This is your Intention. Keep in mind that what you believe you can have, you can have! You may be overwhelmed with debts. So the first priority might be to reduce those. Today, think of one thing you can do to take the first step towards that goal and then do it! And so you continue, one day at a time.
- I have made budgets before, but something comes along and gets me off track. Then I think, "What's the use? Budgets don't work anyway!" What should I do?
- Say to yourself: "There is a divine plan and there is a reason for this, and my choice is to create the most positive reaction I can." Now, get right back on that track!
- When I turn on the news, all I hear is, "The economy is in a recession. The stock market is falling." Surely this isn't the time to invest?
Dorothy Powell completed a degree in Physiotherapy at the University of Alberta. She went on to own and manage her own businesses and currently serves as an Investment Advisor at Georgia Pacific Securities. She takes a personal interest in family management and estate planning, drawing from her life experiences as a single mom. She welcomes questions regarding investments and life insurance. E-mail her at: dpowell@gpsecurities.com or visit her website by clicking here.
Copyright ©2012 iToccoa, iTerion Steward. All rights reserved.
To request permission to use this article in your publication please Contact Us.
All use, including that categorized as "Fair Use" should include ouas r Copyright and a link to the original article on this site. Thank you.