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03.5 Part 2 of Money management - Coggle Diagram
03.5 Part 2 of Money management
Managing money as a couple, when both are earning
2 ways
Understand what is paid by how
This is how we do it.
We have a joint account and give salary to our home every month.
Irrespective of our personal incomes we give equal amounts. This creates equality
You cannot ask your partner what they do with their personal PLAY or any other account
This has really helped us
Earlier I use to think I buy all the big ticket items and she use to think that she is spending all her money at home buying daily groceries etc.
But now are are both free. Both feel confident
We even have LTSS accounts for home through which we buy
Combined Health insurance
Home maintenance
Anniversary
Car service and insurance
House Tax
Big purchase
Managing money as a business owner
Take a salary from the biz
create your personal account
Do not spend directly from the biz account
What is you don't have any money to manager right now
Take the gym analogy
can you first loose the fat and then start going to gym or only after loosing fat can you start dieting
We will increase your salary in 3 month if you join today. OK I will join after 3 months then.
Until you can manage what you have, you will not get any more
Story of a child who drops 3 scoops of ice cream - will you get this child another 3 scoops. will you set them up to fail once again.
Self testimonial - story how this system has helped me gain inner confidence, always have money, there is a small smile on my face when it come to feeling secure about expenses and my financial future
Rich and poor people work for different reasons
Poor
To pay for the current lifestyle
Rich
To make money to invest
Stage 1:
JOB or Biz income
Expenses
Stage 2
Job / Biz
Expenses + Some investments generally for retirement at old age
Stage 3
job / Biz
Investment
Passive income from Investment
Expenses
Unfortunately, by no fault of your own, you are stage 1 person and you should become stage 3
Declaration
Habit of managing money is more important than the amount
Remember Clarity = Power
What amount of money on annual basis will make you free
No negativity
Always applaud the people who are rich and have achieved financial freedom
Celebrate that FF is reachable and people are reaching there
Celebrate your friends and other people achieving great heights.
celebrating will tell the universe that you want it and your will have it.
This is one of the big mental blocks that I also had for a long time. But once I understood and started celebrating the rich. I became open. I was able to talk to other rich people and build my network, Ideas and opportunities poured in and I also became rich. The journey to ultimate abundance became so much smoother.
Your New Part time business
30 min a day
Learn About Investing
Invest
Start or Purchase a passive income producing business
Declaration: I hereby proclaim myself to be in a part-time business of managing money, creating and purchasing passive income-generating business