Tag Archives: money skills

Why you won’t succeed with money

Apparently, knowing how to handle money and make wise long-term decisions is not the key to winning with money.

Even after three years in banking and completing financial planning study, I still find myself struggling to use the basic money skills I’ve learned. This is weird, considering the amount of money knowledge that rolling around in my head. I know what to do!

What I’m slowly learning is that winning with money is more about changing behavior than learning financial strategies. This is good news, because it means the average Joe or Jane can do it without reading 5 books on finance. It’s also bad news though, because changing behavior patterns can be really, really difficult.

Each Sunday night I try to sit down and write a plan for my week. Recently, I’ve decided to add something new. Every week that I get paid, I go through a short “money checklist”. My list looks a bit like this:

  • Pay all bills
  • Write next fortnight’s budget now
  • Withdraw cash pocket-money
  • Review latest bank statement

So far, so good. It helps me modify my behavior so that I’ll win with money. The trick is developing a system that works for me, because even though I know the right things to do, it won’t matter unless I actually do them.

It’s easy to pick up basic money skills that will cause you to succeed. You may already know them. The question is, if you’re not doing them now, what’s stopping you?


Your Flocks and Herds

This brilliant video must have been created by some very creative, tech-savvy, and BORED modern shepherds! It’s pretty funny and shows how well they know what their sheepdogs and sheep are capable of.

Yesterday, I came across this ancient Hebrew proverb:

Be diligent to know the state of your flocks,
And attend to your herds;
For riches are not forever,
Nor does a crown endure to all generations.
Proverbs 27:23-24

Thankfully, this doesn’t involve actually running out to the pasture and checking up on my sheep… it’s more like logging on to my internet banking and checking up on my budget!

This proverb was a pretty stern reminder for me to keep an eye on my household finances. My tendency is to get lazy, and for that I’ve been rewarded form of a late payment fee or other charge. It’s pretty easy to miss that kind of stuff. It’s also easy to spend a little extra here and there, and then suddenly you realize you’ve got about 20 less sheep than you thought you did. Oops! As mentioned in my free eBook, paying attention is huge factor in whether or not you will win with your money. Just today, I spoke with a self-made millionaire, and he can tell you exactly the state of his flocks on any given day. Riches are definitely not forever, but they do last longer if you’re diligent and pay attention to what you’re doing with them.

If it’s been a while since you’ve had a good look at your flocks and herds, go visit them. Pat them on the head, count them lovingly, etc, etc. ¬†Ok– I’m off to check on my banking online and look over the budget!

New eBook released today!

I’ve done it. Introducing my new eBook, Making the Most of Your Paycheck: Principles that Cause You to Win with Your Money. Cruise to the “Stuff” page (above) and download your free copy!

If your symptoms include:

  • wondering where your paycheck went
  • getting overdraft charge notices in the mail regularly
  • having “more month left at the end of your money”
  • not knowing when your credit card will finally be paid off
  • feeling sick of living paycheck-to-paycheck

then this little book is your prescription. Download for free, read, and pass it along.