Can you believe it? It is 2021 and I am very excited to be with you.
I do not know about you, but I have some New Year Review goals in three major areas. They are as follows Personal, Professional, & Physical. As an accountant, financial advisor, and affiliate marketer my time can be very full, so time management above all else is paramount.
Model Day Review
Lets talk about a model day. I personally get up at 5:00 am each morning so that I can listen to one of my favorite blogs of pod casts. To day as I am writing my blog, I am learning about my awesome life number from one of my favorite people Jeff Lerner and T Harv Ecker. Each is helping me build a new mind set.
Lets say my first goal of the year is revamping my flexible spending plan. Jeff indicates to figure out my magic life # or awesome life is to figure out a target. Right now my family needs about $5000 a month since we have son in college. (Good thing we only have 1 1/2 years to go before he graduates). But I digress.
Reviewing My Financial Plan
Step 1 Financial review
Step 1 Evaluate all monthly expenses: What are our true needs? Do I really need that Starbucks Coffee or can I buy a thermos to work and drink my own. Literally go through every item you spend money on and decide if it stays or goes. The fact is my wife and I do this each Year. This process keeps us financially grounded.
Step 2 Financial review
Step 2 Once the monthly spending is evaluated decide on what is going to look like this year. Looking at the 30,000 foot frame work work our goal is the following live on 20% of what we bring in each month, pay 40% in taxes, and invest the other 40% percent to create residual or passive income. So if we were to use $5000 as our 20% number the rest would pan out as follows: 40% to taxes or $10,000, an 40% to investment or $10,000. Do not get caught up in whether the number is big or small. the percentages are what matter.
Step 3 Financial review
Step 3 Unless a goal is committed to paper it is not a goal, so grab a small note book. We use a Composition College ruled notebook that my son had left over from the last college semester. Our segments, in a more specific frame, are as follows 1)10% to Financial Freedom Jar (Think loose change & dollars left at end of month) 2)10% to long term savings for spending (House projects) 3)10% to education 4)50% to necessities 5) 10% to give and finally 6)10% to spend on what you want (we affectionately call this the “blow money”).
Resources for Success
Budget: https://www.omnicalculator.com/finance/budget
Awesome life Resources: Awesome Life Resource
T Harv Ecker Secrets of the Millionaire Mind: https://amzn.to/3rUVsgG