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So, how boring are your finances? That might seem like an odd question to ask, but have you asked yourself that question lately? The reason I ask is because there is a belief that the wealthy in American today have all these secret and complicated systems dealing with their finances. However, quite the opposite is true in that the wealthy usually having simple, some may even say boring finances.
A lot of us, however, have anything but boring finances. Each and every month there is pressure to scrape up enough to pay the payments on our student loan, car, credit cards, and mortgage, let alone have enough left over to enjoy life. We tend to have more month then money most months and it seems like an endless cycle that we will never break. In addition we have so much debt that we can not save money and therefore have no emergency funds. So when we have financial emergencies (and doesn’t it seem like we have more financial emergencies when we do not have an emergency fund?) we panic and go further into debt and our lives are more stressed. To complicate matters we do not have a budget and therefore have no hope of ever getting out of the situation.
The key to making your finances boring is to keep it simple. Work on developing a budget that your family is comfortable with. Warning: it will take a while for you to get comfortable with a budget, but keep working on it and eventually your monthly budget meeting will take no time at all if you are on the same page. After having a budget ,you will be able to attack your debt and become debt-free! Not having debt will simplify your life by reducing risk and will free up more money to save for emergencies and investing. By consistently saving for retirement in good funds that have a long-term record of growth you will slowly watch your portfolio grow through the years.
So have you decided that you are ready for your finances to become boring? Boring finances will result from keeping them simple, rather than complicated. Not only will boring finances lead to less stress, but it will also allow you to spend more time and emotional energy on your family, career, and spiritual areas of your life.
If you are ready to start the journey toward boring finances, let us know today and we would be more than glad to help you start that journey.