#money #moneymanagement #paying #payments #finance #financialstress #financialfreedom #coaching #moneymanagementsystem #financialplanning #howto Here I explain how easy it is to pay with one of your saving accounts: Your FFA, LTSS, PLAY, EDU, GIVE and TAX accounts are all savings accounts. Solution: make an internal transfer to your NEC CC account first.
"Money Management 101" (Single-session Course)
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"Money Management 101 Exploration" (Single-session Course)
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If your FFA, LTSS, PLAY, EDU, GIVE and TAX accounts are all current accounts or checking accounts, you can pay directly from these accounts. No problemo.
But what if those accounts are savings accounts?
In that case, they can't be used to make direct payments.
You'll have to add 1 extra step.
It's not a big deal.
Take a look:
Suppose you want to buy a Course of USD 500 on 5StarTeachers.net
Step 1. Choose the account you want to pay with: either NEC or NEC CC.
Let's say we choose to pay with credit card (NEC CC)
Step 2. Make an internal transfer of the EXACT payable amount (USD 500) from your EDU Account to your NEC CC account.
Why?
- an internal transfer doesn't cost you any money.
- it's instant.
- do this BEFORE you pay with your credit card account. (a great money management habit)
Step 3. Now pay with your credit card (NEC CC)
ALL DONE!
The result is that you make instant payments and keep the most possible detail of your payments in your bank statements. This is really interesting if you have the Advanced Money Management System because you'll use the "Transactions/Bookkeeping" sheet for this.
Why do I need bookkeeping? Good question.
Here's 1 great reason:
If you keep track of where you spend your money on, you'll be able to FILTER all your expenses based on the type of expenses, per month or per year, so you can see if that is really too much and should be dialed down or if it's still acceptable.
Say, you are a smoker and your spouse says: "You spend a whole lot of money on ciggies". If you could show her/him an instant calculated amount of how much you ACTUALLY spent on cigarettes, you can draw your conclusions and know what to do.
The opposite is to be left in the unknown.
Boy, you can draw so many factual conclusions from the unknown, innit?
Right, didn't think so.
I hope that you can now see the importance of bookkeeping.
Secondly, businesses are looking for growth.
If bookkeeping is so important for businesses, why wouldn't it be important for you?
No time, you say??
Okay. Got it! Then it's clear.
If you don't want to put in the work, that's okay.
It simply means that this is absolutely not for you.
So if you do want to get rid of your financial stress but you are afraid of managing your money, afraid you will spent too much time on it, or become annoyed even thinking of it, you're gonna need a personal finance coach. Someone who holds you accountable, gives you a proven strategy with a system and supports you on demand in your journey so that you start "loving managing your money".
Those amongst us who want to be part of the financially free or even the rich, understand that the key is "applied" knowledge, and not just collecting knowledge and information to sit there FOREVER.
7 great reasons why you need to manage your money
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- to reduce your financial stress
- to reduce your debt if you have any
- to have more money left after you've managed it
- to keep track of your net worth progress, visually
- to know where it has all gone, visually
- to know what expenses are coming up
- to be able to make well-considered decisions based in logic not emotion
"Start managing your money and you will have more money left."
"Don't manage your money and you will never have any money left."
If you aren't ready yet to book my Course and receive the Fundamentals Money Management System, here's a link that shows you what you'll get:
bit.ly/FreeMMS101iN
Try it, before you buy it!
Chapters
00:00 How to pay with one of your accounts
00:16 Any outgoing payment
00:34 A simple example
01:15 Avoid cash payments
01:23 Cash expense iPhone shortcut
01:31 Outro
Find more Courses on 5starteachers.net/courses
Be well and speak soon,
Davido - CEO of 5StarTeachers.net
@5StarTeachers
5starteachers.net
In: 5starteachers.net/dvhaute
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Credit where credit's due:
Thank you T. Harv Eker for being an inspiration to many and for your amazing book "Secrets of the Millionaire Mind"
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