I counsel a LOT of people about money. I see the same mistakes being made over and over again.
If you've made 'em, don't worry. I'm here to help you do it right THIS year! The fact is, moneymakers need a money coach, just like gymnasts need a gymnastics coach.
As your MoneySmart(tm) coach, here are the mistakes in thinking and behavior I want you to avoid:
* Don't think of your refund as free money ? or lottery winnings. It's not! That refund is your hard-earned dollars that you loaned Uncle Sam interest free ? all last year.
* Don't spend the refund ? or OVERSPEND it - when you haven't gotten the cash in your hands yet.
* Don't spend the whole refund to pay down debt.
OK. So now you're MoneySmart(tm) about what NOT to do with that refund in 2005.
Next, here are my EASY MoneySmart(tm) moves that YOU can make to best handle your in'come tax refund this year.
First, divide your refund into thirds ? 3 equal amounts.
Why 3 equal amounts? Because we want to use that refund ? however small or large ? to handle the past, the present and the future.
Use one third to handle the PAST by paying down debts. Start with your most pressing debt?either the one with the highest interest rate, or the one with the biggest consequence for not paying it down.
Use one third for something you need or want in the PRESENT. If you can, use that money to have some FUN. Do something that is NOURISHING to you ? something that makes you feel GOOD. How about a mini-vacation, or an evening of fine dining and great entertainment, or a day at the spa?
***Of course, if the brakes on the car are shot, or you have some other pressing need, you'll need to do that FIRST.***
Finally, use one third to handle some aspect of your FUTURE. Here are several MoneySmart(tm) suggestions for you to think about.
*Put money in your Anti-Emergency? Fund. (see http://www.phelps-creek.com/archives/Anti-Emergency.htm for details)
*Put money in your Rainy Day Fund (see http://www.phelps-creek.com/archives/safetynet.htm for details) or save for your retirement through your 401(k), 403(b), IRA (traditional or Roth).
*Put money into college education funds (Coverdell IRAs or 529 plans) for your kids or grandkids.
Why is this "thirds" approach such a great idea? Because you'll be taking care of a variety of wants and needs ? AND taking several easy MoneySmart(tm) steps forward towards your BIG goal of financial freedom!
THAT is how you can have MORE fun with YOUR tax refund in 2005.
As always, if you have any questions, please go to my web page www.cindymorus.com for contact information. I'm here to be YOUR coach, and make sure YOU succeed.
Cindy
PS?
Now is also a GREAT time to "check out your paycheck":
* Re-evaluate how much money you are contributing to your 401(k) or 403(b).
* If you got a whopping refund, remember you were just sticking YOUR money in Uncle Sam's pocket. No point in giving Uncle Sam an interest free loan! Adjust your deductions so that you have just enough taxes withheld from your paycheck.
PPS?
If you're paying outrageous credit card charges (and so many people are) you'll definitely want a free copy of "A Credit Expert's Secrets: You Can LOWER Your Credit Card Interest Rates". With my MoneySmart(tm) coaching, you be able to save hundreds (or maybe thousands) in credit card interest payments this year. Get a free copy of "A Credit Expert's Secrets You Can LOWER Your Credit Card Interest Rates" when you sign up for at: www.cindymorus.com/newsletter.htm
Cindy Morus (http://www.cindymorus.com) is a Certified Financial Recovery Counselor specializing in showing women and their families how to achieve financial well-being and peace of mind. She is also a Certified Credit Report Reviewer. Get a free copy of the "A Credit Expert's Secrets: You Can LOWER Your Credit Card Interest Rates" e-book when you sign up for the "MoneySmart Nuggets" newsletter.
quick home cleaning Glenview .."Ooooooh," you may say, "I could NEVER be good at... Read More
Articles on 'How to make money' come a dime-a-dozen. How... Read More
Most people work hard all their lives only to "retire"... Read More
Look at Forbes' top 10 United States wealthiest people. Notice... Read More
What is the difference between wealthy people and poor (even... Read More
Wealth Secret 1 - Decide Your Outcome Right Now.Unless you... Read More
While you need to have a lot of positive-thought and... Read More
As a woman Netpreneur, I sat down via e-mail with... Read More
For most of us, the idea of retiring simply on... Read More
A mole travels one road, according to the way nature... Read More
Uncle Sam and his band of merry-men, better known as... Read More
I have given many prosperity lectures over the years and,... Read More
When Building Wealth by Russ Whitney was released a few... Read More
An ellipsis to your success is hidden in the word... Read More
Bottom line. No exaggeration. No hype. If you want to... Read More
"It's the business of your life?and you're the CEO!" Gala... Read More
The cashflow board games, Cashflow 101, Cashflow 202, and Cashflow... Read More
Have you ever asked yourself what your highest income producing... Read More
It all begins with a simple calculation.You are home on... Read More
There is no need to use the many middleman websites... Read More
If you don't have discipline then walk away from the... Read More
Parents must give serious thought to protecting their family through... Read More
Do you like so many others feel, that even if... Read More
We talked recently about the wealth formula:Spend less than you... Read More
At any time in history, no matter what the current... Read More
scheduled maid service Winnetka ..Everyone wants to be wealthy. Only a few actually achieve... Read More
"Any fool can rich, the wise get wealthy." Chris WidenerGetting... Read More
There are many wealth creation strategies and investment techniques available... Read More
Giving and ReceivingIt seems that people generally find it easy... Read More
Early in my legal career I represented two young women... Read More
Do you ever get this in your email box: Find... Read More
Yesterday we learned that 74% of all wealth is created... Read More
You can't build a house from the roof down, and... Read More
Any successful person, or any anyone interested in self improvement... Read More
No matter what income level you are currently at, generating... Read More
Have you wondered why financial experts only tell you certain... Read More
Most people know it's important to keep and organize all... Read More
As you sit in traffic, inching along between irate drivers,... Read More
For most of us, the idea of retiring simply on... Read More
There once was a hawk, ferocious and swift. He was... Read More
As you know, we're now well and truly in theInformation... Read More
In today's unpredictable global economy, you obviously never know what... Read More
Although there are advantages to selling other people`s products and... Read More
What if I told you that reading a book would... Read More
Recently, one late winter night, my four-year old son and... Read More
Here are some thoughts about the morphing of thought and... Read More
Paper burns and large companies can go bankrupt, but if... Read More
The idle are a peculiar kind of dead that cannot... Read More
In his best selling book, "Rich Dad, Poor Dad, Robert... Read More
Do you have financial problems? Then a budget is the... Read More
Wealth Building |