Sew Up the Hole in Your Pocket

Do you wonder why you are always broke? Are you barely making it? Are you always asking for money for basic necessities?

There are inevitable bills that you have to pay each month, so why are you still hurting financially? If you answered yes to any of the first three questions then there is something you are ignoring that you must take care of. You must recognize where the financial bleeding is coming from. I’ll give you a hint: It comes from your pocket and it leaks out money. It’s called consumer debt, and you will be cursed with this burden until you decided to do something about it.

Have you seen the I Love Lucy episode where Lucy and Ethel are hired to wrap individual chocolates for their new jobs? The chocolate drops go one by one down a conveyor belt, and they wrap the chocolate in foil before it goes through to the other side. The girls do well until the manager speeds up the belt to the point where Lucy and Ethel cannot keep up. They end up dropping chocolate, allowing chocolate to pass through the belt without it being wrapped, and devouring them to avoid being fired.

Imagine you and your spouse are Lucy and Ethel. You have two sources of income, yourselves. Your own man power is what allows you to wrap the chocolate (pay the bills). Once you buy your dream car, send your kids to school, dine at the best places in town, and take vacations, the belt (expenses) moves at a faster rate. Are you sure you can keep up the pace? If you are already struggling then you’ll have to work overtime hours. You’re going to stress yourself to death. So what should you do?

Budget. Make a list of all assets and expenses for each week, month, and year. Be generous when evaluating expenses. If you know it’ll cost you $100.00 a week for groceries, write down $120.00 as a cushion. Even if you don’t spend that much you want to create an allowance for emergency, and it will feel better when you actually see some money left over.

Buy the alternative. Do you buy filet magnon? Consider rib-eye. Better yet, order a grilled chicken salad. It will fill you up the same way, it’s a lot healthier, and a whole lot cheaper. Go out on “cheap dates”. Take walks on the beach, have a picnic at a park, go to a museum, etc. If you don’t have to buy something, don’t. At the grocery store, buy the store-brand mouthwash rather than Scope or Listerine. Buying things at a fraction of the cost add up. As I’ve said before: Little things add up to big things!

Make more money. Don’t think that it’s not possible. Invest in stocks, mutual funds, or whatever will allow you to earn capital. Start your own business. Invest in real estate. The list goes on and on. If you take a look at the rich, they never use their own man power. They probably have a conveyor belt going three times faster than yours. They can keep up with the belt and still have a surplus because they have 10 machines on the assembly line instead of themselves. What kind of machines you ask? Stocks, real estate investments, businesses, and other streams of income. Their money works hard for them so they don’t have to. Don’t pay a visit to a local casino or play the lottery to solve your long term needs.

Try these methods and I guarantee that you’ll see more money left in your wallet at the end of the month, and you’ll live much happier.  

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