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Is Money Your God Round Up?

January 7, 2011

Posted by Roshawn Watson under Uncategorized

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By: Roshawn Watson

Is money your God? Before you answer, let’s rephrase it a little to a less inflammatory question “are your decisions being controlled by money?” If you have a decent income and reasonable expenses, don’t allow the economy to be your excuse to linger in financial mediocrity. Instead of focusing on the macro headlines, we need to determine how our economies are doing. No lame excuses! If we haven’t already, let’s get busy making futures for ourselves.

How do you get a handle on your money though? You may not like my answer, but one of the three paths to great wealth is having great money management skills, and fundamental to those skills is following a budget.

Even the word budget triggers negativity because we associate it with restrictions. However, I want to make the case that a budget could be your tool for financial freedom! Did you know that the vast majority millionaires are self made, and that most of them follow budgets? It is true. In fact, following a budget is one of the reasons they got wealthy in the first place. Don’t fret, you may end up liking it (once you get used to it). Here’s why, often when you follow a budget, you feel like you just got a raise. The reason why is because you are finally telling your money to behave. It is hard to plug a hole when you cannot identify its location. Budgeting shows you the problem by allowing you to see your real expenses… not what you think they are.You see no matter whether you make $40,000 or $400,000 a year you can still be broke.

Penny Wise But Pound Foolish (Thought Questions)

More importantly, budgeting is not about being penny-wise but pound foolish. Don’t just think of cutting things out. Here are some key points about expanding your budget.

What is your R and D (research and development) budget for 2011? That’s right, it’s good to budget money for improving yourself. For as little as $10 in investment, you could soak your brain with the observations of a world-renowned thought leader.What ideas in 2011 do you want to develop? What experiences will contribute to your family’s enrichment?
What contributions will you make to your financial freedom this year? Plan out your investments in advance.
Lastly, consider spending a little more to save yourself time. Time is such a precious gift. Money can be replaced; don’t undervalue your time

If you have neglected adding this powerful weapon to your financial arsenal, consider doing so. This isn’t such a matter of right or wrong for many of you as it is a issue of being sloppy or more effective.

Check out my thoughts on Setting The Course for The Impossible in 2011!

Now, it’s time to do the weekly Uncommon Money News and Yakezie Round Up.

Uncommon Money News and Round Up
In preparing to write my posts, I often come across noteworthy and sometimes bizarre financial and business news. Below are links to some of these sites. Enjoy!

To my readers: I am so honored by your support. Together, we are telling thousands of the importance of financial literacy. I absolutely could not do it without you: you are vital! Thank you sincerely.

Personal Finance (Yakezie and other PF bloggers)
Trade In The Drudgery of New Years Resolutions For The Excitement of Following Your Dreams at Personal Finance By The Book – Joe tells us why New Years resolutions are not as good as following dreams

Personal Finance Keys to Success May Not Always Apply Everyday Tips and Thoughts – If you have a low income, Kris argues you need a different set of personal finance resources.

Coffee Talk – Gaining Time + Income at First Generation American – Sandy is uniting bloggers with her S resolutions challenge. Several great points including her thoughts on multi-tasking.

Career Tip #1 – Why You Need to Answer Your Voicemail at 101 Centavos – Andrew wrote this very interesting article about how Answering Voicemail could be a career tip .It’s unorthodox but true nonetheless

Does Money Have Any Value? at Money Reasons – Don wrote this philosophical and interesting post that really gets you thinking. Look no further than the comments to get a ton of opinions.

New Year’s Blogging Resolutions at Invest It Wisely – Kevin wrote about his blogging resolutions. One resolution of particular interest is his income goal for 2011

5 Ways To Reduce Your Debt at Prarrie Eco Thrifter – Miss T share her tips to eliminate your debt, which is one of the best goals I can think of.

My Secrets to Successful New Year’s Resolutions at Krant Cents – This article has such an incredible quote – “impossible is just an opinion”

The Importance of Sleep for Wealth Creation at Squirrelers – Ray wrote this very interesting piece on taking care of yourself, and its role in wealth creation.

Investment Fundamental #8 – Real Estate at Retire By 40 – RT40 share his real estate investment plan and how this form of passive income fits in his portfolio.

Business
Goldman Offering Clients a Chance to Invest in Facebook – $50 Billion Valuation

Why Is BOA Happy to Pay $3 Billion in Penalties?

The End of Free Checking – Debit Cards With Fees (No!!!!!!)

Madoff victims getting $7.2B back from billionaire’s estate

Entertainment Money News

Does Teen Mom‘s Amber Portwood Really Earn Six Figures?!

Kanye, Diddy, Lil Wayne, Pharrell’s Multi-Million-Dollar Homes

Ludacris — $100,000 for Millionaire’s Xmas Party

IRS: Val Kilmer owes $500K in back taxes

Eclipse Eclipsed Harry Potter—and Four Other Shockers From the Year in Movies!

Carnivals that I’ve participated in:

Carnival of Financial Planning #168 at Laid Off Dad – Economists Blame ME for the Slow Recovery and Why Is Debt Really Decreasing?

Round ups that linked to posts from this site

Andrew at 101 Centavos – Roundup Links and Random Observations
Kevin at Invest It Wisely – Weekend Reading: Winter Solstice Edition and Midweek Reading: Tis’ The Season
Don at Money Reasons – MR Cache 2010, Dec 18 – Perfect Christmas Lights
Kris at Everyday Tips and Thoughts – Musings and Links
Political Calculations – On the Moneyed Midways (Best Posts of 2010)

12 Responses to Is Money Your God Round Up?

Miss TJanuary 7, 2011 at 2:09 pm

Thanks so much for including my post in your round up. I really like your point about R& D for ourselves. I don't think anyone has really thought about it that way before; at least I haven't. I do believe strongly that we need to invest in ourselves and allow ourselves to grow. This is the only way we ever maximize our opportunity and find true happiness in life, including financially.
My recent post PEP for Week of January 3-January 7-11- Headed Overseas Edition
Joe PlemonJanuary 7, 2011 at 3:52 pm

Shawn,
Very well written and inspiring post…just what budgeters need! I love your three thought questions — you challenge us to think of the budget as more than balancing our dollars; it is a tool to improve our lives. Good stuff.
My recent post Can Rich People Get to Heaven
krantcentsJanuary 7, 2011 at 5:42 pm

I like reading biographies of successful people to learn what they did to succeed. It is important to know that budgets were part of their success.
My recent post My 2011 New Year’s Resolutions
watsonincJanuary 9, 2011 at 12:49 am

Hey Joe,
I'm so happy that you got enjoyed the thought questions. That was my attempt to elevate beyond beyond the immediately "obvious." Cheers Joe!
My recent post Is Money Your God Round Up
watsonincJanuary 9, 2011 at 12:51 am

I appreciate the value that biographies give you: a glimpse into the eyes of greatness. I typically like to get the "cliff notes" version of their lives. I know it sounds horrible, but I will gladly pay to hear/read the salient aspects of their insights.

Cheers!
My recent post Is Money Your God Round Up
retirebyfortyJanuary 10, 2011 at 8:31 pm
DeidreJanuary 11, 2011 at 2:46 am

I loved your R&D example…so true! We must strive to better ourselves and by budgeting it into the mix, we not only accomplish this but can appreciate the value more. As time goes on it would be interesting to note how this budged area grows and other less important areas shrink – ie eating out.

I will be reading more of your posts!
Deidre
My recent post What Is The HCG Diet And Are There Any Side Effects
101 CentavosJanuary 11, 2011 at 12:18 pm

Hey Shawn, thanks for the linky. I very much like your comment about R&D. If your body is the machine tool that you employ to generate income, it makes sense to improve and upgrade.
My recent post Winter Driving- Part 2
watsonincJanuary 11, 2011 at 3:57 pm

Thanks, and you are welcome!
watsonincJanuary 11, 2011 at 3:58 pm

Thanks so much Deidre! I love how you expanded on this example (appreciation and atrophy). I look forward to your comments and reading your blog as well.

Cheers,

Shawn
My recent post Is Money Your God Round Up
watsonincJanuary 11, 2011 at 3:59 pm
watsonincJanuary 11, 2011 at 3:59 pm

Andrew, you are welcome! Thanks, that's exactly write. Don't undervalue your body… they're not easy to replace 🙂
My recent post Is Money Your God Round Up

Watson Inc

Is Money Your God Round Up?

12 Responses to Is Money Your God Round Up?

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