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Are You Winning?

5 April 2010 2 Comments

When it comes to your financial progress, you’re either winning or losing.  In your financial life, are you winning right now?  If not, why not?  What are the obstacles holding you back?  What are the challenges you’re struggling to overcome.  I encourage you to talk to someone, or leave a comment here and get some feedback and encouragement.

Unfortunately, with the very tough economic climate, I fear that most people out there are not winning right now.  The problem is that during the good times, when more money was coming in, people weren’t winning then, which meant today is even harder.  Winning during the good times would have meant making smart financial decisions.  This would have meant stashing money away for a rainy day, because a rainy day will always come… eventually.

Combine the poor money management during the good times with the tough economic climate today and you don’t have a winning equation in many cases. So, what should you do?

First, don’t get discouraged.  Realize that financial progress or turning your finances around doesn’t happen overnight (I’m going to talk more on this in a subsequent post).  Be realistic about your situation.  If you honestly can’t cut your expenses anymore (you probably can), then it looks like you might have an income problem.  Perhaps, you need to pick up a second job.  Yes, that sucks, but winning requires sacrifice.

Regardless of your situation, I’d encourage you to work on a second income.  This will help your finances now and later.  What more do you want?

For me personally, I’d say just in the last few months we’ve started getting on the winning side of the equation.  I’ll be honest, since going to one income after having a child, it was tough making the necessary adjustments.  We knew what needed to happen, but it was very hard making a reality.  We’re getting close to making it a reality today.  I’m actually encouraged.  I’ve figured out how to create  a realistic budget for us and keep to it.  I’ve gotten better at budgeting for the expected unexpected things like auto maintenance (something most people fail to budget for and are surprised when it happens, although everyone knows it will eventually be an expense).

Winning feels good.  It means you’re making the right moves and are building a bright future.

So, where do you stand?  If you’re not winning, why aren’t you winning?  Share your comments below.

2 Comments »

  • Ken said:

    we are winning ..sort of…I've got a good size pay cut coming in Sept 2010…but I just started a 2nd job this week that will help account for most of the loss….glad to have extra income coming in…it's going to savings.

  • Hope to Prosper said:

    I am very fortunate to be winning right now. I worked hard, saved money, kept my expenses down and had some good luck. A lot of the people I know haven't been so fortunate. I watched a number of friends lose their jobs or their houses.

    The real key, which you covered very well in your post, is to prepare for the rainy days that will certainly come. It's like the story of the Ant and the Grasshopper. It's as predictable as Winter. It's so easy to avoid. I'm just not sure why most people never figure this out.