FAQ: Money Management System - Step 5b: Update Your Liabilities - by Davido @5StarTeachers

#money #moneymanagement #liabilities #finance #financialstress #financialfreedom #coaching #moneymanagementsystem #financialplanning Liabilities take money out of your pocket. They are credit card debts, loans, mortgages, etc. Update your "Liabilities Basic" sheet monthly so you can visually see your track record. If you want to be financially free, you must start managing your money properly.
"Money Management 101" (Single-session Course)
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"Money Management 101 Exploration" (Single-session Course)
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This step is part of a larger step which is to create your net worth tracker table.
It will show you your visual progress with graphs and donut charts.
If you can visually see your progress, how you're doing month after month, you'll gain confidence and feel better about yourself because YOU are indeed able to pull off becoming financially free and even rich.
Remember:
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The poor don't manage their money.
At best, they look at their bank account a couple of times per month.
They reason: "How can I manage money I don't have?"
Remember:
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The rich manage their money on a daily basis.
They are constantly looking at distributing their income, reviewing their expenses and moving money around so that more of their money works for them, even whilst they sleep.
They reason: "Every dollar I manage is one more working hard to help me make more money."
THE FOCUS DIFFERENCE
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The rich focus on making more, whilst doing less.
The poor focus on complaining, blaming and justifying, whilst not doing anything to fix the problem.
"If you say that something is IMPOSSIBLE, YOU have just made it impossible."
Let me explain this loud and clear:
People who say that something is impossible, do NOT look for solutions to the problem.
They have given up looking for any solutions.
The solution for these people is to change their language.
Instead of saying "it's impossible"", they should ask themselves:
HOW is it possible?
HOW can I do it?
HOW can I MAKE it possible?
A hundred times over each day, if necessary.
These questions will open up a whole new world of SOLUTIONS for them.
Yeah, but if I don't have any money, HOW can I manage my money if I don't have any?
Well, first stop lying to yourself.
Me, lying to myself?
Yes. Unless you have zero income, you either live in the forest or you are homeless, 99% of the people in our society have some form of income (money). So this means that you DO have money. What you do with that money is called "Money Management". And either you are managing your money poorly or properly or anything in between. So, your statement that you don't have money to manage, is not correct. Money management starts by distributing your income into different accounts. So start by distributing only 1 dollar of your income each month into each of these accounts: your TAX account, FFA account, LTSS account, GIVE account, PLAY account and EDU account. I think you should have at least that.
And that's going to help me???
Yup. You must first create the habit. Remember "The Karate Kid"? "Wax on, wax off."?
Bit by bit you will be able to distribute more, save more, look for more or higher income solutions, get out of debt and finally become financially free.
IT IS ALL POSSIBLE.
"Start managing your money and you will have more money left."
"Don't manage your money and you will never have any money left."
And if you aren't yet ready to book my Course and receive the Fundamentals Money Management System, here's the link to see what you'll get:
bit.ly/FreeMMS...
Try it, before you buy it!
Chapters
00:00 Update Your Liabilities
00:14 Current Liabilities table
00:28 Liabilities by kind table
00:52 Outstanding or repaid?
01:18 Total liability
01:26 NEC CC surplus
01:38 Add a new record
01:55 Update your "Net Worth Tracker"
02:10 Update your "Update Tracker"
02:15 Outro
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Be well and speak soon,
Davido - CEO of 5StarTeachers.net
@5StarTeachers
5starteachers.net
In: 5starteachers....
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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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