If you want to increase your wealth and have more options, action needs to be taken by you otherwise you could end up like most people further down the track, totally dependent on a pension.
Karen's Story: Karen is the Marketing Manager for a well-known organization. She's 39 yrs old, single and earns over $80k a year.
She is paying off a mortgage and that's all the debt she has. Karen buys whatever she likes and says she has more than enough money for her lifestyle, or so she thought. And that's a very important point - Karen 'thought' she had plenty of money to splash around yet she had no real idea of where it went.
She was at the stage where she wanted to achieve more in her life including taking charge of her financial future.
One of the exercises I gave her to do was to sort all her financial statements - visa card, bank accounts and any cash receipts and list her income and expenditure under specific headings, ie: loans, clothing, utilities, food etc. Karen recorded everything that occurred for the past 6 months.
She nearly fainted when she saw how much money she had wasted and how much she was overspending! She was going backwards fast and only realized it by doing this simple exercise. In the past Karen hadn't put a high priority on her financial well-being as it was just too hard.
Being a marketing manager, her life was busy at work and she had a hectic social life. She didn't want to bother doing something that wasn't exciting like working on her financial future.
After all, she had a well-paid job, didn't she? Karen has now come to her senses and knows her true financial situation. If she lost her job, financially she couldn't afford to be off work for more than a month.
She realizes that she is responsible for her future. The area of wealth creation hadn't been of great interest to Karen in the past. Now that she was undertaking coaching, she was serious to making a change. Prior to writing down where her money was going, Karen was completely closed to any suggestion to read more about how she can accelerate her wealth (or lack of it), so I didn't pursue this with her.
Her attitude had now changed so she was ready and willing to move to the next step.
The next move I referred Karen to an organization who would look at her total financial picture and be able to recommend what she could do. The reason I chose these people is because they take a holistic approach to wealth creation. They look at every aspect and provide an on-going education as we could all benefit from.Everything is installed and configured for me to generate multiple streams of income from Worldwide Income Sources.
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