My 2Cents!

A Newsletter all about Living with Abundance, Ditching Debt and Collecting Cash.

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Financial Survival Skills in Today's Economy

• Reassess Your Goals: When times become uncertain and you don't know what you should do from moment to moment, that is the time to break out your goals and look them over. Are you still on track with your 1, 5, and 10 years goals? Have you allowed the excitement of the current economy to drive you away from your primary vision? Who do you need in your life to help you? What do you want out of life that isn't happening now?

• Make the Tough Decisions: Time to look at your pet projects, business plans, properties, or assets and see if they are more of a drain on your time and money then they should be. This is the point where if an asset or idea is not pulling it's financial weight, it is time to drop it, sell it and purge it from your life. This includes people in your life. Are there partners, consultants, employees, or so-called-friends who are not helping you get where you need to go? This may sound overly harsh, but when you look with a critical eye at your current financial situation, you may want to evaluate the contributions these people are making. They may be dead weights that keep the rest of the team from rising to their full potential.

• Get Financially Fit: Make the necessary changes in habits and lifestyle to model the new "you." Now is the perfect time to become the person you wish you could be. You know the steps you need to take, so take them. Such as, figuring out your exact debt load, starting that savings account for a new car and getting that IRA donation up to the full, allowable amount!

• Back to the Basics with Your Personal Budget: Mark calls this budgeting, I call this "Tracking your expenses." We're both saying the same thing here and that is, know where your money is going. Impose spending limits if you have to and keep good records of money entering and exiting your life. Don't get discouraged by this. Knowledge is power and when you give yourself this kind of data, you can then make informed decisions on the way your money is being managed.

• Start a Small Business or Venture on the Side: Whatever you do, don't quit your day job, just yet! What you are looking to do here is have a revenue stream that you can fall back on. It is also very advantageous tax wise to have your own business. This is where Mark's expertise really shines. Oh, did I tell you, not only is he an attorney, he is also a CPA!

• Re-evaluate Your Business Model: If the market changes, so should your business. This is true whether you are self-employed or work for someone else. Add valued to your position, product or service. This is when you take a cold, hard look at the quality of your service and product that you are selling and then make the necessary changes to upgrade.

• Re-evaluate your portfolio: Where are your assets invested? Are they in the best structure? How are ALL of your assets performing? No more hands off approach.

• Consolidate and Eliminate Debt and Improve Your Credit: If you can't do this yourself any longer, then now is the time for you to call a credit counseling center in your city and get some professional help consolidating your bad credit cards. Take responsibility for the financial situation you find yourself in and go out and get help. It is there. You just have to ask.

• Get Additional Education: Obtaining new ideas and learning new ways of doing things always benefits you. It doesn't matter if some folks have learned these ideas 20 years ago, the fact that you now have it in your brain means that you own it. And that, my friends, is true power.

• Pay It Forward: If you are stressed because you lost your job, this is the time to volunteer. If you are freaking out because you don't have any money, now is the time to give $5 away to someone you don't know. By putting your faith in others through the use of philanthropy and service, what you need will come back to you in marvelous ways. It is an ancient principle and it still works even in these so-called modern times!

SmartCents, Inc. is a company dedicated to bringing the systems of debt-free living to as many people as possible. We wish our students to go out and make their communities stronger by building financial security within their personal lives first and then demonstrating the conserver lifestyle to others.

To schedule a seminar or consultation, send your e-mail to janine@smartcentsinc.com with the subject line "Financial Services Info." You can also visit our Web site at www.smartcentsinc.com.

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