Refocus Your Finances

I have long believed that we become what we think about all day. Our thoughts do not directly control our future, but they do control our actions, and our actions control our future.

As a financial broker, planner, and analyst for over 30 years, I have struggled to determine why rich people seem to get richer, and poor people seem to get poorer. There is nothing innate about wealth. I have seen fortunes amassed by people of all races, colors, creeds, and backgrounds. The best answer I could give anyone as to why some people are wealthy and others impoverished is that rich people do rich things, and poor people do poor things.

Please understand there is nothing good or bad about money. It is merely a tool to provide the things we want for our families, friends, futures, and causes we care about. If you have all the money you need to take care of all of the priorities in your life, you are already wealthy; but if money is limiting your activities, your experiences, and your giving, you are not wealthy no matter how much money you may have.

Recently, there was a study conducted called Bridges Over Poverty. In this particular study, people were surveyed among various socioeconomic groups to determine what they value in their lives and how they spend their money. The results are quite telling.

It was determined that people who are in the lower socioeconomic group value entertainment and immediate experiences. They are likely to have a great deal of their net worth invested in a large screen television, premium entertainment channels, or trips to the casino.

People in the middle socioeconomic group were focused more on long-term future financial needs. They were likely to invest in their 401K and other long-term financial strategies. People in this group were revealed to be more focused on how they would live tomorrow than how they are living today.

In the upper socioeconomic group, the survey revealed that the wealthiest among us are focused on connections, relationships, and self-improvement. This type of focus gives these people the best opportunity to enjoy today as they plan for and prepare for tomorrow.

As you look at your own financial resources you should realize that a part of each dollar you earn should be allocated in three areas. A portion of your income should go to immediate living expenses and things you want to enjoy today; a portion should go toward saving and investing so you can have a bright future; and a portion should be given away as it creates balance and perspective for your money and your life. Like most complex questions, there is no one-size-fits-all answer to handling your money, but as in most things, balance is the best approach.

As you go through your day today, enjoy your money, invest your money, and give your money away.

Today’s the day!

 

 

Jim Stovall is the president of Narrative Television Network, as well as a published author of many books including The Ultimate Gift. He is also a columnist and motivational speaker. He may be reached by email at Jim@JimStovall.com; on Facebook at www.facebook.com/jimstovallauthor; or follow Jim on Twitter @StovallAuthor.

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