Who’s Got Your Money?
Money is only yours for a moment. That moment is the minute you exchange to get it. That means you have two options. You can hoard it so that it is always yours or you can exchange it for something else of value. At the point you exchange it, the money is no longer yours it belongs to someone else. You’ve got to go get more.
Hoarding money is scarcity mindset at its finest. Let’s face it, those who hoard money are afraid they cannot go earn more. There is something about exchanging with another human being to get money that causes them to believe it isn’t possible. From experience, those who hoard money, go broke because they don’t know how to get more. The more they hoard, the less they get. It’s a law of exchange. To get money you must be willing to exchange it away and go find more.
Who’s got my money? That’s the main question. There are actually two meanings for this. We already talked about selling and the importance of it. Now we will talk about knowing where your money is going. You’re earning income, but you’re not always keeping it. That means your money is turning into other people’s money. That isn’t always bad, but if you don’t need to exchange money out to someone or something and that other person or thing isn’t providing you with value, then don’t keep doing it. There are 4 major places your money goes right now that should not be so.
1. Debt. Quit trying to pay your debt off early. Make your minimum payments as agreed until you are solvent. Solvent means you have money in the bank and it won’t harm you to pay off your debt. Why are you in debt? Because you didn’t have money. So does paying off debt fix the problem? No. You still won’t have money which means you will end up back in debt. Pay your minimums and keep your money.
2. Insurance. I believe there are only 8 types of insurance you need.
Long-term-care insurance/living benefits
Long term disability insurance
Estate planning/legal insurance
ID Theft Insurance
Personal Umbrella/Liability Insurance
If you own more types of insurances than that, cancel them. You probably don’t need it. Also, don’t overpay for these. Work with reputable, solvent, and reasonably priced insurers. Increase your deductibles. Keep more of your money.
3. Taxes. Your income is yours. The IRS takes too much of your income year over year, keeps it, pays you no interest, and then gives you a return at the end of the year. That’s a raw deal. Claim as many exemptions as possible. Next, cut off your social security payments once you’ve fully funded. Lastly, deduct as much as you can. Have a business and involve it in everything, deduct it, and track it.
4. Investments. Wall Street has convinced you to give them 3-10% of your monthly income for the next several decades, with the promise to give you a return, backed by nothing, where the only guarantee is fees. If you are in the stage of “who’s got my money”, you have no business investing. Save. Period. Stop contributing to your retirement plan. You are insolvent today, not in 20 years. If you don’t fix today, then 20 years will not matter.
Too many people cut important things like their grocery bill, family activities, and other expenses that have a net positive impact when they are on this step. You should not be cutting those areas. You should be cutting your DITI (Debt, insurance, taxes, and investments).
If you’d like to learn more about how to do this, work with a coach one on one, and create a plan for you to get more money, click here. That’s what my company does and we are the best at it, hands down.
Own Your Potential,
Jerry Fetta believes everyone has the God-given right to own their potential. Most of us don’t because we spend 40 hours per week serving the 40 year to life sentence, trading our precious time for worthless paper called money.
We live on an economic planet and time and money do need to be exchanged. But it doesn’t need to be your time or your money. Jerry teaches his clients to secure income producing assets that make the time and money exchange for you so you can buy your freedom back and live a life of abundance and prosperity. To get there we must know how to make money, how to keep it, and how to multiply it.
Jerry provides coaching, education, accountability, and community to help you build wealth. Join the Wealth DynamX coaching program, get educated on Wealth DynamX University, and begin networking with the Wealth DynamX Mastermind Group today.
To get started, go to www.WealthDynamX.com/potential