There’s nothing I can do about yesterday, but I have the right to choose what I think and say today.

The problem is that you want financial peace,  but with the current state of your own personal economy it’s become an attribute that feels rather illusive.

You look at who you are, where you are, what you have, how far you have to go and you wonder if you life will ever be any different.   Your heart tells you, “Yes, things will get better!” But with the state of your current affairs it’s a bit challenging for your mind to be in total agreeance.

You want your life to change.  It could be a drastic change or just some minor tweaks, but it’s a change nonetheless.

So what can you do?  I have a couple of simple suggestions that may help…

1. Forget what your mind says and make your mouth agree with your heart.

If you’re like the rest of us, you deal with most of your problems by complaining.  You blame all kinds of outside circumstances as to why you can’t achieve your financial goals.

You even look a bit side eyed at those that appear to have it all together.  I know all about it.

This is definitely not the right approach though. It’s time to pump the brakes on the complaining and start the positive talk. Will you be able to see the positive results immediately? Maybe yes, maybe no, but if you keep speaking it, change will come.  It has too!  I’ll share a personal story about this concept soon…until then, on to the next suggestion.

2.  Do what you can with what you’ve have.

If you don’t have what you want, take what you’ve got and make what you need out of it.  Start by asking yourself the following question: What do I have to offer? Ex. skills, experience, qualities.  Who says you can’t flip the script? If it’s a new job you need/want, start applying. If it’s a business you want to start, do your research and get the ball rolling.  Decide…then take the leap.

There has to be some rightful action in the opposite direction of your present course. Small meaningful steps can lead to huge results.  Time is steadily passing while you’re sitting still or maybe even walking backwards.

***

So if you find yourself in this predicament, decide… “This is it! It is what it is…And today, no matter what my situation looks like, I have to move forward!”  No, the situation won’t change on it’s own, but resisting and/or  ignoring it will not make it go away.  It’s time to face the music.

Accept where you are right now and move.  No more relishing over your past successes or failures.  Only use both as the inspiration you need to push yourself into greater.

Is this easy? By all means…no! It’s harrrrrrrrrrd. Wait! I don’t like using the word hard, so let me rephrase that. I’ll say this…it’s challenging, but drawing the line is a very important step.

What action will you take today?  Feel free to share in the comments below.

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Image by Kelsey_lovefusionphoto

I was laid off.  We’d been hearing rumors in the preceding weeks…all of us were hoping for the best, but expecting the worst.

When the worst finally came, we were relieved that the suspicion was over.  Within two weeks, we’d all be unemployed.  Our thoughts then shifted to – “What are we going to do?!”

As others were using their time wisely to job hunt within the last few days of employment, I decided to do the same.  Visiting site after site.  Completing application after application.  It honestly felt like a few full days of real work.

Was I scared? Not at that moment.  I’d been thinking a lot about this statement…all things happen for a reason.  Leaning on the fact that something better had to be in store, I just needed to be in a mental place to receive.

During those final moments with that employer, I held onto a great attitude knowing that my next opportunity would soon be revealed.  All I had to do was take action in the right direction.

I distinctly remember filling out an application for a job I really wasn’t interested in…thinking – do what you can, with what you have, and with where you are at this time.  Because the layoff was so unexpected, the goal was to find a way to continue the flow of income until I could find something better.

Two weeks into my joblessness, I received a call to interview and take a test for one of those many positions I applied for.  Not one of the more favorable one’s either.  Inside, I felt as if accepting this interview was a career step in the wrong direction, but the consolation was that it would only be temporary.  Continuous flow of income, remember?

I arrived at the interview with the great hope of doing my best.  I was a little concerned about this assessment test I’d have to take, but didn’t let it get the best of me.  I rested on this statement…What’s for me, IS for me.

I completed the test as fast and as accurately as I could.  When the interviewer finally called me in to discuss my results and complete the interview process, instinctively I just knew it wasn’t going to be good.  So again, I hoped for the best, but prepared for the worst.

“Well, unfortunately Mrs. Spears, you did not pass the assessment for that position,” she said as my heart sank. “BUT” as she continued, “I do have another position that I feel you would be better qualified for.”  She then named the position.

At that point, I knew why I failed the assessment.  The position she was going to offer me had not yet been advertised, it was a better fit for my background AND it paid a lot more.

So, I smiled and became very thankful for being in the right place at the right time.

***

The Lesson:

Change is difficult.  But being stuck (angry, bitter, etc) is worse.  It closes your life off to all of the possibilities that are available.  I recently read the following quote by Mike Dooley…“It’s time to stop hating your current situation.  Accept what is – or better yet, love what is – so you can become a vibrational match to everything you desire.”

I often wonder what would have happened if I’d turned down the interview because the initial position wasn’t all that appealing.  I do believe another door would have opened somewhere else, but it would have probably taken a bit longer and I would have missed experiencing that beautiful miracle.

In my life, this occurrence sits as a constant reminder to always take the time to appreciate wherever I am…to not let it pass me by without being aware of life’s magic.

Do you take the time to appreciate where you are?*

*Shhhh! I’m giving away a $25 Amazon gift card to one lucky person in the PFN Community.  All they would have to do is share their answer to the question with other readers below in the comments to be considered.  Will it be you?

Answers must be posted by Saturday, November 10th, 2012, 5 p.m. central

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Image by: Luke Hayfield Photography

There is nothing more awkward than going to apply for a loan, insurance, job, etc. only to realize that you may not qualify because you’ve been a little neglectful in this one area of your life.

It’s that moment of fear that rises, waiting for the credit to be pulled and for the decision to be revealed.  If you’ve ever experienced this, you know that you’ll have one of following two responses: a feeling of disappointment or a sigh of relief.

To avoid this fear and live in Credit Report Confidence, here are  a few suggestions…

Take advantage of the free credit report you’re entitled to each year from each of the three major reporting agencies.   Taking a proactive approach to reviewing your credit will help you determine where you stand credit wise.  It really may not be as bad as you think.  After a few simple corrections, you could be well on your way to a better credit history.

Note:  The three major credit reporting agencies here in the U.S. are Equifax, TransUnion and Experian.  They are available for free without a score at www.annualcreditreport.com.

Dispute any incomplete or inaccurate information.  With all three bureaus you have the right of dispute.  The process is a follows: you make the dispute, the credit reporting agency investigates and must report findings with 30 days.  If the creditor does not respond to the credit agency’s request, the information is removed from your file.

Understand how your credit scores are determined.  There is really no need to try and figure out the mathematical logistics of calculating the scores.  The point is to focus on a few key areas.

• Paying bills on time.
• The amount of debt you owe in comparison to your credit limits.  If the amount you owe, is close to your credit limit, your credit score will be affected negatively.
• The length of credit history you have.
• The application of too much new credit within a short length of time is a negative sign and impact is reflected in the report.
• The type of credit accounts you have.  A good mixture of revolving and installment loans could help improve your score.

Settle outstanding negative debts one at a time.  If you have accounts that are valid and have been either charged off or placed for collection, contact them one by one to settle the debt after you’ve saved enough money to offer for settlement.  If an agreement is made, have it sent to  you in writing prior to making the settled payment and be sure to keep copies for your records.

***

Remember, the goal here is to increase your Credit Report Confidence.  It won’t happen all at once, but taking actionable steps over time will make you part of the population who has no credit report fear.

**FREE HELP!  Ask Your Question Below**

Through this Friday, November 2, 2012, I’ll answer any credit report question that comes from a comment on this essay.  Whatever you don’t understand about credit, enter it as a comment below and you’ll get a reply directly from me…no questions will be left behind.  So ask away!

Meanwhile, I’ll continue working on some key components of The Tower Project, an upcoming 16-week interactive course which was announced to the community not long ago.  The purpose of this project is to help people build their own financial tower.  It’ll be intensive….but also worth it.  Stay tuned for more info within the next few weeks.

Image by: jumpinjimmyjava

UPDATE: Friday, November 2, 2012 – Comments now closed.  Thank You!

The Spending Plan Webinar

A few weeks ago, I hosted the very first webinar for PFN which focused on The Spending Plan…the benefits, how to create it, and some of the most important areas of the plan.

Many thanks to those that were able to attend.  If you missed it, no worries…I’ll do another one soon.

If you are working on creating your spending plan and having trouble with where or when to start?  I think this advice from Lewis Carroll is awesome:

If you don’t know where you are going, any road will get you there.

Creating a spending plan that works only happens when you decide to take a road.  To start where you are and work with what you have.  Start and learn.  Don’t let perfection become procrastination.

See your situation like this:  You’re driving along in your car with the directions to your destination, you reach a roadblock.  Instead of turning around and going back home (to the way things used to be), decide to find a new pathway which will allow you to still move forward.  Will that pathway be the perfect one?  Maybe yes…maybe no, but as you work through your experiences, you’re learning from both your successes and your failures.

Here’s how I see it:

1. Where your attention goes, energy flows.
2. Your plan is your freedom.
3. Being a math genius is not a prerequisite.

Just get on the path and GO!

***

PFN’s First Survey and The Ebony Feature

Hearing from many of you via the survey presented back in July and from Ebony Feature in August has been VERY encouraging.  If I haven’t mentioned it before, please know that I read all of your introductions, emails and comments to me.  I think I’ve responded to everyone, if I haven’t let me know.  Your responses and interactions have caused me to realize that I have created something very good here and I need to be extremely devoted to continue improving it.

I’d like to share a few of the responses from the survey…

Why do you read the PFN site/newsletter?

I relate to the advice given.

I enjoy reading it.

I trust it.  I want to improve my way of thinking about my finances.

What is your most important financial goal?

Pay off student loans.

Pay off our home.

Be financially independent.

To be completely debt free (Is that even possible?)

Great question Dear Reader…Yes, debt freedom is possible.  The how and the motivation to do so is where most get stuck.  This is where I hope to share information that will help to bridge that gap.  It’s also important to not feel alone and to know that your fears, your goals and your dreams are being noticed.  Are you guys with me? Let me know in the comments below…

Thank you all so much and I’m so glad that you all are reading!  There’s definitely more to come…

Stay tuned because this Thursday (if you’re a part of the community), I’ll be introducing the next phase of PFN called The Tower Project.

See you then!

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Have you ever made a purchase, signed a contract or made a major decision only to realize later that it may not have been in your best interest?

*Raised Hand* I have.  I can remember one decision last year in particular.  I was working in the mortgage industry and one day noticed the rates being offered to new applicants for mortgage loans.

Normally, I didn’t pay attention, but this particular day every file I looked at had rates that were in the mid 3% and low 4% range.  At that moment, I made a mental note to call my mortgage company to see what type of rate my husband and I would qualify for.

Well, I made the call only to find out that I’d missed the boat by a couple of weeks.  The rates I was seeing at work were about 2-3 weeks old, but had been locked for the borrower by the loan officer.  Our mortgage rate at that time was about 5.75%, but we were being offered (that day) about 4.75% for a refinance.  Not too shabby, BUT I was mad at myself for not paying attention sooner.

I talked it over with my husband and we decided to move forward. Within the next several days, I completed the application over the phone with the loan officer.  But for some reason the decision didn’t rest well with my husband or myself.  I had this nagging feeling of blah that I just couldn’t get rid of the rest of that day nor could I sleep that night.

The next morning, I called the loan officer and decided to withdraw our application.  Of course, he was upset because he’d spent so much time collecting all of our information.  I really felt bad, but decided that it didn’t matter how he felt…making the best decision for our family was most important.

Fast forward six months, rates dropped again.  But this time, I was paying attention.  We were able to refinance at 3.875% for 15 years which left our mortgage payment the same, but reduced our term by 4.5 years.

Was that a great decision?  Yes it was!  Did I have second thoughts? Not at all!  I’m very grateful that I don’t have to look back with the pain of regret.

This decision has reinforced three valuable lessons for me:

1. Pay attention to my gut or my intuition.
2. Be ok with changing my mind.
3. Allow 24 hours before finalizing a decision.

***

The Conclusion:

So, this was only one example of enforcing at least one of the lessons above, but I’ve had many instances where the decision didn’t work out so well. But as I grow and pay more attention to the results of my decisions, I’m becoming a better decision maker. Not perfect, but better.

The point is that we all learn from one another every day.  I think it was Eleanor Roosevelt that said, “Learn from the mistakes of others.  You can’t live long enough to make them all yourself.”

In most aspects, I think she’s right.  Here’s where I differ: The experience for one person may not be the same experience for another.  BUT it’s always good to know many of the pros and cons before jumping in feet first.  WARNING: Beware of impulsive decisions.

Question: Do you recall making a decision that you later regretted?  Were you able to change your mind or was it too late? Feel free to share your answer with other readers below.

Image by: 2thin2swim

A successful man is one who can lay a firm foundation with the bricks others have thrown at him. ~David Brinkley

If you want to reach a goal, find success and ultimately change your life, you need to be able to keep going.  Even though where you are currently looks nothing like what you envision your future to be.

I recently heard the statement, “In order to go to, you’ve got to go through!”  Sadly, I know all too well that the hardest part is through.  You’re focused on the positive…you’re taking right actions, but your situation doesn’t appear to be changing fast enough.  It can be really rough holding on trying to keep the faith that all will be well.

But although you can’t see it, your circumstance is changing…little by little.  You just have to keep going.  But how?

Unfortunately, there is no one answer to that question.  What I can offer though are a few suggestions that may help you while you’re within your journey through.

You Can…

Find your own source of inspiration.  Keep your end goal visual.  Post signs around your home.  Type a personal message on your phone and save it as your wallpaper.  With a dry erase marker, write messages to yourself in your bathroom mirror.  The point is to discover what inspires you the most and use it to keep you motivated.

Surround yourself with friends that will motivate you.  I have my good days and my not so good days.  The good thing is that I have friends that will hear me out, but will not allow me to remain in that space.  Before our conversation ends, I feel much better and I know they’ve given me some good advice.  Thankfully, our relationships are a two way street because when it’s their turn to have a bad day, I’m able to offer them the same encouragement.

Be ok with making mistakes.  Your journey is not going to be perfect and you must be ok with that.  Consider your setbacks as lessons.  Each step you take is a learning process of what works and what doesn’t.  Stop doing what doesn’t work and keep it moving.

***

Lesson:  See each day as a new day so don’t get stuck in yesterday.  Being stuck wastes valuable time.  So get up and proceed…

Question: Is there anything that has/had you stuck? Any advice you would add to the list?  Feel free to add your  answers in the comments below.

Image by dalbyspook

I did then what I knew how to do.  Now that I know better, I do better. ~Maya Angelou

The Spending Plan In Action

“Ma’am, would you like your receipt in the bag?”  The salesperson asked.  “No, I’ll take it.” I replied and politely placed it with the others from the days’ shopping spree.  I needed them all together because I knew I had an end of day task to perform (reducing the amount expended for the day from the amount allotted for school shopping).  As I’m sure many of you know, this back to school shopping extravaganza can be quite expensive and I must be sure that I’m keeping track of what I’m spending.  It can be disastrous to run out of money with more items required left on the list.

***

The Spending Plan Webinar

I’m excited to announce the first webinar for PFN on next Thursday.  Last week, I talked about how to create your own spending plan and posted skeleton versions of templates that could be used to get started.  Lesson: If you want to win financially, you must pay attention where your money is going.

This project (PFN) is all about helping people to improve their financial lives…being empowered to live up to their fullest potential of financial independence.  For those who need help implementing the spending plan, this webinar will help.

If you haven’t already, download your own version…either the excel or the pen and paper version.  Do your best to create your own spending plan, but if you’ve gotten stuck…no worries, email your questions to me at patrenia [@] personalfinancenotebook [.] com (without the brackets or spaces) and I’ll do my best to answer them on the webinar.

This event does not have a cost associated with it, but that doesn’t mean it won’t be a valuable experience.  I hope to provide as much information as I can within the time allotted.  And if you attend, you’ll be a part of making it awesome.

Will you save the date of August 23, 2012 and set aside the time of 8pm Central?  I hope you can make it.  I’ll be sending out another email within the next day or so with an invitation to sign-up.

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Image by Vera Devera

In 2005, I started planning my spending monthly.  It’s been the best decision I’ve ever made.  Purposefully taking about an hour of my time at the end of the  month to plan financially for the next one.

The idea was to create somewhat of a spending guide.  Something where I didn’t have to wonder if I’d have enough money to make it through until the end of the month.

The first plan took a bit of time because it was a little tedious to gather all of the required information, put it all in a spreadsheet format and use it in a manner that worked best for me and my family.

In this essay, I’ll take you step-by-step through what I did to create my plan which, in the end, only becomes a matter of copying, pasting, rinsing and repeating.  I’ll also include a .pdf and excel spreadsheet template that you may use to start your own.  You’re more than welcome to scour the internet or books to find something that may work better for you, but the key is to start.

I didn’t create my plan to be some type of rigid system that could not be altered to fit the ever changing daily needs of my family.  It’s  just a guide that I use to help keep me on track towards the financial goals I’ve set for myself.

Now, time devotion to this process is mandatory due to 1)  the sensitive nature of bills that don’t stop arriving with specific due dates 2) your impending success.  When done well, you can own a sense of pride because you’re winning vs. a sense of dread because you don’t know what each day ahead holds for you.  If you’re like me…you’d prefer winning.

Please be aware, this is not a perfect process from the start.  As with all new things learned, you stumble initially, but stick with it.  You’ll get better as the months progress.

The Spending Plan

Here you can download a template based on what I use for this task monthly in either the pencil and paper or excel spreadsheet version.  I’m an excel spreadsheet user, so my spending plan since inception has evolved within that format.  For those of you who prefer to use pencil and paper, you may save the .pdf version of the spending plan document and use it as you please.  You’re also welcome to modify the plan or create something else that works better for you.  The point again is to create it and get started.

• PFN Monthly Spending Plan (pencil and paper version)
• PFN Monthly Spending (excel version)

One piece of advice though, whatever version you decide to use, please save your spending plan each month.  Within my excel spreadsheet, I just copy the tab and make a new sheet within the document, rename it for the current month and make the new adjustments.  The pen and paper versions should also be kept by using some type of home filing system.

Saving the monthly plans give you a chance, sometime in the future, to look back and see how much progress you’ve made within your journey.  Believe me…this is an important tool that can be used for motivation to continue on the path as time passes.

Getting Started

To begin the process, it’s best to…

1.  Determine your net monthly income.

2.  Gather all of the bills that you currently owe and enter them into the correct categories within the plan as well as the flexible categories  such as food, grocery, gas, etc.

3.  Subtract as needed until you get to the bottom.  The balance at the end must be zero.  If the balance is not zero, you’ve either over or underspent and must make some necessary adjustments.

Each week it’s probably wise to take a few minutes to sit down and review…what’s going well, what’s not going well and what can be done differently to stay on task for the month.  At the end of the month, do the same review and create a new plan for the next month.

“I don’t have time to do this…”

“I’m not good with math…”

“It’s too complicated…”

The most common objections that can be heard when this task is being considered.  Yes, I know this takes a bit of time to implement and maintain, but it’s definitely well worth it and actually creates freedom.  It’s designed to be a roadmap…not a straight jacket.  It’s normal for life to come along and may cause for some changes to be made, but that doesn’t happen often.  Just adjust for the changes and keep your eye on your goals.  You’ll thank yourself later.

So that’s it…Are you ready?  Share your thoughts in the comments below.  If you hadn’t discovered it already, this could be the start of a great second half of 2012.

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Image by:  Cea

Note to self:

Basing my life on fear is the vibration that I will attract to myself (more fear). Being authentic in everything I do is my goal. Being consistent in all things is my goal. I must stop working and wondering when I’ll get there. I must know and believe that I’m already there and know that today…I’m fine. I. Am. Fine. The path that I must follow will unfold, but I must take the first step of faith and move. To take some sort of action towards what I really want. And when I’m unsure of what I must do, I will ask and the answer will be given. Starting today, I will be the vibrational energy of what I’m wanting and keep moving towards _____________ (fill in the blank)…peacefully!

***

Fear and Anxiety. The enemy of dreams and goals. They are the thoughts and feelings that arise when thinking about the future.

• Keeping up with current financial obligations?
• Longing to live without debt?
• Starting a new job?
• Losing a job?
• Getting married?
• Having a child?
• Starting a new relationship?
• Dissolving a relationship?
• Nearing Retirement?

All valid concerns, but honestly, once we do all that we can within our own finite strength, everything else is beyond our control. To accept that as fact will help us emotionally as we move forward.

Eckhart Tolle says that acceptance of what is and living in each moment as they come is a great step towards living without fear. When we hold on and cling to our interpretation of what our life should look like causes us the greatest amount of suffering.

What can be done about fear?

I think the best answer is to connect to the vibrational energy of internal peace and understanding that life is a constant flow of energy. Otherwise, you’ll spend lots of wasted time having wilderness moments about situations that are far beyond your control.

Just know that feelings and emotions come in waves and it’s ok to take a few minutes, have your moment, then let it go realizing that this too shall pass. Change MUST happen.

When fear is put in it’s place, your life is then opened for greater.

Whatever greater is for you.

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Image by: WiseWellWoman

I was recently asked the following question:

What brought you to the point where you knew that life could be better financially and you were convinced that you could change it?

I’m not sure I realized it back then, but the groundwork was being laid well before I got to the point of change. My mind space was slowly, but surely opening to receive the answer.

When the student is ready, the teacher will appear. ~Buddhist Proverb

For several years, I’d been listening to business teacher and motivational speaker, the late Jim Rohn. I think I had about four of his seminars on audio that I’d listen to over and over. Even today I can recite portions of the seminars by heart (mimicking his voice fluctuations and all). Don’t judge me…LOL!

Isn’t once enough time to listen, you say? No…not when you’re trying to change old habits and create new ones. It’s like medicine…you take it every day! The motivation creates the “why” change is needed and prepares for the “how” to be revealed.

Anyways, the seminars are old…I think they were recorded sometime in the 90s, but I tell you that he shares nothing but pure wisdom. Some of his famous quotes are:

Success is nothing more than a few simple disciplines, practiced every day; while failure is simply a few errors in judgment repeated everyday. It is the accumulative weight of our disciplines and our judgments that leads us to either fortune or failure.

There is no better opportunity to receive more than to be thankful for what you already have. Thanksgiving opens the windows of opportunity for ideas to flow your way.

Let others lead small lives, but not you. Let others argue over small things, but not you. let others cry over small huts, but not you. Let others leave their future in someone else’s hands, but not you.

I used to say, “I sure hope things will change.” Then I learned that the only way things are going to change for me is when I change.

You must get good at one of two things: sowing in the spring or begging in the fall.

Start from where you are with what you’ve got.

The man says, “If I had a fortune, I’d take good care of it. But I only have a paycheck and I don’t know where it all goes.” Wouldn’t you love to have him running your company?

Don’t wish it was easier; wish you were better. Don’t wish for less problems; wish for more skills. don’t wish for less challenges; wish for more wisdom.

At the end of each day, you should play back the tapes of your performance. The result should either applaud you or prod you.

Life asks us to make measurable progress in reasonable time.

I find it fascinating that most people plan their vacations with better care than they plan their lives. Perhaps that is because escape is better than change.

If you don’t design your own life plan, chances are you’ll fall into someone else’s plan. And guess what they may have planned for you? Not much.

The reason why most people face the future with apprehension instead of anticipation is because they don’t have it well designed.

The best place to solve a problem is on paper.

Don’t become a victim of yourself. Forget about the thief waiting in the alley; what about the thief in your mind?

Learn how to be happy with what you have while you pursue all that you want.

When you’re faithful over a few things, I’ll make you ruler over many. ~via The Bible

***

How about you – have you experienced the shift or are you still simmering?

Image by 50 Watts