A Better You

George B. Thompson is a nationally recognized financial expert, the Author of several books, and an ordained Pastor, whose mission is to teach and empower people to be good stewards over their time, talent and treasures.

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Do You Know Where Your Money Is Going?

By George B. Thompson September 13, 2009 11:17 pm

Many people believe that if they had more money they would not be in debt. Research has shown that most lotto winners are in serious financial trouble or in bankruptcy in just a few years. This major financial jackpot combined with irresponsible spending and not knowing where their money is going inevitably led to disaster. The same is true for all of us, if we are not good at managing our money we will find ourselves broke; whether we have won the lotto, were given an inheritance or earned a bonus.

Do you know what happens to your paycheck when you receive it? We waste money on a daily basis and not think about what we are spending it on. How often do you take money out of the ATM and it is gone in an hour? We can not even remember how we spent it. What you do with your money is more important than how much money you make. It is important that you manage our money in a practical way.

One of the biggest misconceptions held by most people is equating success with living at their means. We must learn to live beneath our means and not above or at our means.

For example:

The simple definition of “means” is your resources or the mechanism by which your maintain a living (money, wealth, cash, capital, funds; informal definitions include but not limited to chips, moola, skrilla, bank,bread, benjamins, cheddar, dough,loot, paper, ends….sorry I think you got it).

Above Their Means: Some people spend MORE than what they make.
At Their Means: Some people spend EVERY penny they bring home.
Below Their Means: Some spend LESS than what the make and reserve a portion for the future.

Let’s begin with a practical exercise to help you manage your money or help you live below your means:

This week we are going to track where your money is going. This may be one of the most startling exercises that you have ever completed. You will discover this week the mindless spending that often happens when we do not keep track of how we are spending our money. You will calculate where your money is going in the chart below. The first chart is an example of what you will fill in.

Money in Motion

Installment Debt	Budget	Prosperity Dollars
Major Credit Card 1	Mortgage Rent Payment	Savings
Major Credit Card 2	Cable	401k
Dept Store Card 1	Utilities	403b TSA
Dept Store Card 2	Telephone	Brokerage Account
Car Loan	Groceries/Eating Out	Education
Student Loan	Entertainment	Home Equity

Now here is your turn:

Money in Motion

Installment Debt	Budget	Prosperity Dollars

_______________ _______________ ______________

The goal is to pay off debts so you have more money for Prosperity dollars and building wealth.

Thank you for your response to the the article “Five Steps to Getting Out Of Debt” . Please take a look at the video to help further understand the process of becoming a better you.

The Goal is to pay off debts so that we have higher cash flow.

Thank you for the response the article of steps to getting out of debt please take a look at the video to help you understand the process of becoming debt free.

You tube on How To Get Out Of Debt

Next Week: We will be starting a “Set 4 Life series which we will begin to show you how to achieve your goals and live your life by design not default.

Pastor George

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