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Finding Fulfillment Through Finance and Family

Leaving Children an Inheritance

Imagine if there were a way to increase your chances of living your life in a way that makes you feel more fulfilled, more aligned with who you are and what your values are, and more at ease about your future. Imagine you had the ability to teach this way of life to your children so they grow up with these same principles that they can pass on to their children and their children's children.  Sounds great, right?

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Simply Complicated - Health and Wealth

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Finance is a complicated subject. It can, and has, made my head spin at times.

Building wealth, on the other hand, is very straightforward. No messy formulas to memorize or tricky equations to solve. Some may overcomplicate what it takes to build wealth by combining financial success with other topics such as investments or tax which can be complex.

Financial health is no different than other areas of our health. You do not need to fully understand cholesterol, body mass index, or high intensity interval training to know that if you eat junk food day after day and never exercise you will be unhealthy.

You do not need to fully understand income taxes, investment performance, or estate planning to become wealthy. Prosperity is achieved by spending less money than you make. Period.

Not just for one day or for one month, but putting the effort in to spend less than you make over and over again - this is what builds wealth. Wealth to allow you to extend your current lifestyle after you no longer have a paycheck. Wealth to perhaps help your children pay for a portion of college. Wealth to start a new hobby someday without financial worry.

Sure, investing, planning, and proper tax strategies can help magnify financial success, but only if you have spending under control or have ways to bring in more income.

I wish saving money was more complicated than this so I would have something to point to other than my behavior when I am falling short with my financial goals.

Building wealth requires resources, but it also includes sacrifice, understanding our attitudes and tendencies regarding financial matters, our sense of entitlement and personal expectations, even our history with money and personal stories play a part. None of us enjoy feeling pain or discomfort and making financial changes in our lives can sometimes involve some of these uncomfortable feelings.

Building wealth is simple. Look around though. It may be easy to understand, but it is hard to implement, practice, and maintain. If building wealth was a simple equation of spending less than we earn, most of us would do the math and be on our way.

I have enjoyed sugary foods most of my life. Breaking this habit is much harder than I ever imagined. It is now a day to day effort for me to eat healthy. I try to stay mindful of nutrition because ultimately a healthy lifestyle brings me happiness. The life I want for myself and my family is slowly becoming more important to me than my hunger for sugar in the moment. 

I am human though and I am not expecting perfection. Sometimes, sugar wins. It's ok. I have built that into my plan. No shame. No should be...

I just eat some chocolate and try my best to fully enjoy it.

Why should our financial health be any different? Perfection should not be expected in our journey toward building wealth.  We need to be honest with ourselves. We can assess our limitations, develop a plan, and have discipline. For some of us, this means disciplined health plans with some wiggle room. 

 

 

(photo by SalFalko) 

Guest post - When Your Personal Debt is Overwhelming

This guest post was written by Alanna Ritchie, a personal finance writer for Debt.org, a financial help website. 

 

Managing Your Personal Debt

While money doesn’t buy happiness, it can send you careening full-speed into debt. Before long, bills start to pile up, the hole becomes deeper and you wonder how you are ever going to get your feet back on the ground. 

Millions of Americans are suffering from what’s not in their wallets and how to pay the bills. It’s no wonder the stress seems downright unbearable:

The mounting pressure to get out of debt directly affects how we feel and it doesn’t discriminate. While there comes a time to honestly face the issues, the stress from the circumstances of financial difficulty often weighs heavily on us, causing us to put off searching for a solution. When you think about it, your next step is choosing how to eliminate your debt by developing a plan of action. Then as you dig out of the money pit, you may instantly notice some of those obstacles begin to fade away.

The Upsides of Debt Settlement

One of the best options for the young and cash-strapped is to settle the debt. Typical settlements can erase between 25 percent and 50 percent of the outstanding balance owed. This is rapidly becoming a popular solution for consumers with overwhelming financial hardships.

Debt Management: Overcoming the Attitude Obstacle

Awareness is the first step in changing your future. Before you become financially free, you’ll need to realistically address the debt-inducing habits you’ve acquired. Create a new thought process that keeps you on track and think twice before committing to monetary transactions.

Denial and an unstructured comfort zone can keep you stuck in a rut and dissatisfied with your money situation. Many people put off taking action to get out of various financial dilemmas. We think about our problems and constantly worry about them every day. However, most of the time, nothing positive or constructive gets accomplished.

There are no quick fixes, and we all wish there were, but if you stand a chance of realizing real financial freedom, you will need to cut expenses and start living well below your means. You do not need to take a vow of poverty, but living below your means requires unyielding restraint.

Remember that while you can get out of debt, it will take time. Keep pressing on even if there are hiccups here and there, and stay focused on the end goal, a debt-free future.

Alanna Ritchie is a content writer for Debt.org, where she writes about personal finance and little smart ways to spend (and save) money. Alanna has an English degree from Rollins College.