I know…this is going to be very shocking – so prepare yourself.  But today, I’m going to share a secret and hopefully change a few minds about achieving financial success.  Are you ready?  Ok, here it is…

Winning at money is 80% behavior and 20% head knowledge.”  -Dave Ramsey

Yep, that’s right.  Knowing what to do is one thing (head knowledge), but actually doing it is another (behavior).  I think we all have a common sense knowledge of what we need to do.  Stop spending so much.  Downsize.  Get rid of some things.  Save. 

It’s the behavior that gets us in trouble.  We are either stuck in non-action OR procrastination.  Neither of which involves movement.  We must take the time to do the right things.

No, you don’t have to know how inflation is measured, how to track the gross domestic product or how to trade the stock market.  All of that stuff is irrelevant.  Achieving financial success is your personal journey involving your income, your expenses and your plan.

Failing to plan is planning to fail.  -Alan Lakein

Achieving financial success boils down to just a few key concepts.

1. Creating goals and plans.  Have you ever noticed that when you get in your car to drive that you always arrive at your appointed destination?  The reason is that you know exactly where you are going.  Even if you are venturing into unknown territory, you can find a map to help you arrive to your destination safely.  This same concept applies to your finances.
2. Eliminating Excuses.  The excuses can include but are not limited to procrastination and a lack of discipline.  So much time is lost waiting for that perfect moment to ________.  Only to realize that there is no perfect time.  Just start.  Somewhere.  Create the fire of desire within yourself.
3. Minimize or Avoid Borrowing Money.  If you’ve made a decision to get control of your finances, continually borrowing money will keep you in the cycle of always owing “someone”.  Exercise a temperament of patience.  For smaller purchases, consider saving the cash to purchase products instead of using credit.
4. Eliminate Debt As Quickly As Possible.  Have you ever considered how much money is paid in interest each month to creditors?  A LOT!  These creditors are making a killing on the back of your hard earned money.  Like, it took you 40+ hours last week to earn this money. 
5. Be Willing to Save More than You Spend.  I know this sounds fairly easy, but millions of people spend more than they make monthly.  I think it comes from a false security that every two weeks a paycheck is going to be received.  But, what if?

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These concepts seems so simple, but still many of us battle with our finances.  The thought is that more money will be made later to cover any current financial mishaps.  What normally happens is that “later” never comes and the struggle is a constant and ongoing practice.  Until we take full responsibility for our financial situation as it is…now.  But that takes a change of behavior.  Which is the hard part.

To Your Success,

Patrenia

Now Over To You. What do you want to scale up in your financial future?  What are some changes you can make or have made?

Feel free to share your thoughts in the comments.  I can’t wait to hear them.  If you’re reading this article by Email or RSS, click here to come on over and join the conversation.

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Financial Contentment.  I’ve thought a lot about this concept over the last few years.  What does it really mean? And how does it relate to our lives? 

Contentment is defined as satisfaction or ease of mind.  So, we can say that Financial Contentment is being satisfied or having an ease of mind about our current financial status. 

There are many thoughts that have been shared in reference to the concept of contentment.

Health is the greatest gift, contentment the greatest wealth, faithfulness the best relationship. – Buddha

There is no end of craving.  Hence contentment alone is the best way to happiness.  Therefore, acquire contentment. – Sivananda

Be content with your lot; one cannot be first in everything. – Aesop

Keeping in line with these ideas is where I think most people get stuck.  Don’t get me wrong, I love these quotes and I think that they inspire us by helping to maintain peace in our lives.  But I’m working towards a key point here, so stay with me.

There is another word that can be used as a synonym for content.  It is called complacent.  The definition of complacent is pleased or satisfied.  So, if they have the same definitions then they must have the same literal meanings right?  Wrong.   These two concepts are really not one in the same.  You can have contentment without being complacent.  When you mix the two, you get caught in what I’ll call non-action. 

Let me give a few of examples:

1. Jill is a college graduate and a receptionist for a local contracting company.  Her current annual salary is $25,000 per year.  She receives annual raises of about 2-3%, but the maximum she will ever earn in this position is roughly $30,000.  She has no debt and has managed to save over $50,000 within a 15 year time frame.  Should Jill think of or find ways to make better use of her educational resources to increase her income?
2. Patricia, an 18 year old, has not had the best start in life.  As a child, she was teased in school because she didn’t have the best of attire and the latest gear.  Her parents don’t have the best education which means that money is always a scarce commodity.  Should Patricia have the attitude that this is how it is and this is how it will always be?
3. The Carter’s, a nice suburban family with a house, two kids and a dog.  Both are educated people and have great incomes, but over the course of their lives have managed to build up a load of debt and are basically living paycheck to paycheck.  They sometimes wonder what life could be like if they didn’t have the debt, but that’s all – wonder.  Are they living to their maximum potential?

If you answered the questions above, you probably quickly said yes, no and no.  Now, step outside of your own life…tell your story.  Do you recognize any financial contentment AND financial complacency in your life?

Push the Envelope

What I think financial contentment really means is to be grateful for what we have and where we are in our journey, BUT always having dreams and goals of something better.  Setting goals.  Taking action.  There’s no harm in that.  Just don’t be caught in the next 5 years moaning and groaning about the same issues you have today.  Start now to create the financial changes you want to see.  Paying off debt. Giving to others.  Starting a business.  Building wealth.  Each day remember…one step in front of the other.  Eventually you will reach your destination. 

I have a few goals I’m currently working towards and one of the most important is to be able to give more of my money and my time helping others.    I can’t make this happen if I’m lost in contentment and complacency.  Neither can you.

It’s o.k. if you’ve set financial goals and have gotten off course, just realize that you don’t have to stay there!

How do you view this concept?  What has been your story?  Start or join the conversation in the comments.

Happy Monday!

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2010 is here!  WOW!  We are now in full swing and on our 5th day into the new year.  Over the last week or so, I’ve seen a lot of talk on Facebook and Twitter in reference to New Year’s Resolutions.  And I’ve been in thought mode for the last couple of weeks about my own goals for 2010.  I’ll be discussing a few of those here today, but first let me take a step back and talk about the results 2009.

In Reflection…

“Whatever the mind can conceive and believe, it can achieve”  - W. Clement Stone

At the start of 2009, I set a major goal for myself.  That goal was to start this website:  www.personalfinancenotebook.com.  Shortly into the year, I purchased the domain name, found a designer and was well on my way to reaching that goal.  What I didn’t realize was that the learning curve for this process would be soooooo steep and I still have the normal daily challenges of managing home and family.  But I know that with God all things are possible.  I just have to keep moving forward.  I’m always up for a good challenge anyway.

“Anything worth having is worth working for.”  - Unknown

Now, we are a few days into 2010, the site is up  and I couldn’t be more excited!  This has been such a rewarding experience.  I have learned so much and have met so many wonderful people.  It’s amazing. 

2010 Goals

I have many things planned for 2010.  I’m going to stick my neck out on a limb and put a few of my goals here.  It scares me to death because now I have to be accountable.  It’s different when you make goals and no one knows about them but you, right.

Here are a few of the plans I have for this year:

1. Release a special report.  This report is something that I have been working on for the past month.  It’s one that I hope will provide you with great value over the course of this year.  Look for it within the next couple of weeks.
2. Mix things up a bit.  I plan within the next few weeks/months to implement video and audio to the site.  I’ll admit now that I have a HUGE fear of this, but…I must “feel the fear and do it anyway.”
3. Implement contests and products.  Everyone loves free, right.  Well, this year is going to be your chance to win products via www.personalfinancenotebook.com.  So, be on the look out and don’t forget to spread the word.  I also hope to release products that will be beneficial to you and your financial success.
4. Expand the topic base.  There is so much to be discussed in reference to personal finance.  Up until now, I’ve focused mainly on money and debt, but I’ll venture into other topics areas and I hope you will enjoy.
5. Become certified as a Financial Counselor.  This has been a goal I’ve been working on for a while.  I was blessed to pass my first course back in October and am now preparing for the next test.  I hope to have this task completed by February 2010.  Wish me luck!
6. Increase the reader base for this site.  I’m not ashamed to say that I need your help with this.  Please help me to spread the word about this site to others.  Ways you can help: 1) Share each article via email, facebook, twitter, or your favorite social media venue.  There is an icon at the end of every article (on the site) to help make it easy for you.  2) Talk about this site to your friends and encourage them to engage in the conversation here.  I’ve realized that education and knowledge in reference to how we handle our money is powerful and I’m passionate about paying the education forward.  It is much needed!
7. Last, but not least…YOU.  HOW CAN I HELP YOU THIS YEAR? and HOW CAN WE HELP EACH OTHER as a community of people?  I put this in all caps because I really would like to know.  I started this site on the basis of helping others and I want to do just that.  What would you like to know?  What financial difficulties have you had?  What financial successes have you had?  What would you like me to research?  How can I help you get to freedom?  Feel free to ask questions.  I don’t know ALL the answers but,  I will do my best to find them for you.  I look forward to helping you in 2010.

So, now that I’ve put a few of my plans out there, the ball is in your court.  What about you?  What are your 2010 New Year’s Resolutions?  Do you have any specific financial plans for the year?  Share them in the comments section.  Also, share this article with your friends and ask them to be accountable here, too!

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If you have a question you would like answered in our “Ask Personal Finance Notebook…” Series, please feel free to do so by clicking on this link: “Ask A Question”.  Don’t forget to subscribe via RSS or Email to receive updates from this site!  If you’ve already subscribed, I want to say thank you.  This website is becoming a success because of you and your support.  I send you much love!

“One critical day is all you need to turn any “what if” in your life to “what is”.” – Jim Rohn

Have you ever had a day in your life when everything changed?  A day when you realized that life could no longer continue on the same path? 

My husband and I had a day such as that one.  It was a day that resulted in turning our financial future from one of burden to one of relief.  We didn’t realize at the time how life changing that day was.  Let me tell you about it.

Our Story…

For seven years, my husband and I slowly walked down a road destined for continuous struggle.  We married with high hopes and big dreams.  Dreams of financial security which included great careers and a stable family unit.

We didn’t realize it, but from day one, we were in debt.  Small debt, but debt nonetheless.  It included one auto loan and a small amount on a credit card.  We didn’t think much about it because everyone we knew had these same “normal” debt payments.

Slowly over the next few years, after two children and purchasing a home, we started to feel as though we were running in place.  Both of us were working the normal 40 hours per week and paying the bills, but not being able to really see the fruits of our labor.

Sure, we learned to save for a rainy day.  The problem was…it always seemed to rain.  Every time the savings would build, something would happen and we would have to use some of it.  It didn’t seem that we could ever continually build our savings and live comfortably.

Needless to say, this was very frustrating.  We kept asking ourselves the same question, “What – are – we – doing – wrong?  Life is not supposed to be lived this way!”

In principle, I believed in my Christian roots which were based on the promises of God (peace, prosperity and freedom).  But our reality was much different.

We were by no means poor and destitute.  We were both blessed to be college educated and earned great middle class salaries.  But we were missing a piece of the financial puzzle. 

The Wake-Up Call…

In late 2004, my husband and I reached a point where we felt like robots.  We were working just to have more of our money going to bills than savings.  That just didn’t feel right to me.

My mom was our saving grace.  In late 2004, she purchase the book, Total Money Makeover by Dave Ramsey and a cd accompaniment.  I listened to the cd’s first and was totally blown away by what this man was saying.  He made it sound so simple.  I finally had a clear vision of how to control our family’s finances.  But, I knew that in order for us to become debt free I was going to have to get my husband on board.  I gave the cd’s to him and to my surprise, he had the same reaction.  It took us a couple of weeks to read the book and create our plan, but…

We finally got it! 

We immediately…

• cashed in our savings bonds that were worth about $7,000 to start paying off the debt.
• created a budget and the debt snowball to determine how we were going to spend our money monthly and pay extra towards the debt.
• stopped using all forms of credit and used cash only.
• became more focused and invested time into learning about different ways to spend less money on daily expenditures.
• made time to do daily/weekly check-ups on spending.
• found numerous ways to stop wasting money.

That day began the process for us to tell our money what to do instead of wondering where it went.  The impact of this entire process has been life changing.  Not only financially, but mentally and physically as well.  And we have not looked back.  We always thought that if we could make more money, we’d be able to live life as we dreamed.   The truth was…

We didn’t need more income – we needed a plan.

Have you had “A Day That Turned Your Financial Life Around.”  What was that day like for you?  Tell us your story.  We’d love to read about it.  If you’re reading this article by Email or RSS, click here to come on over and share with us in the comments.

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If you have a question you would like answered in our “Ask Personal Finance Notebook” Series, please feel free to do so by clicking on this link: “Ask A Question”.  Don’t forget to subscribe via RSS or E-mail to receive updates from this site!  If you’ve already subscribed, I want to say thank you and please feel free to pass this on to your friends.  This website is becoming a success because of you and your support.  I send you much love!

Today is the “Official” launch day of Personal Finance Notebook.  I’ve decided to dedicate this day to you and say thank you for stopping by!  I truly appreciate it.  Please say hello in the comments for any post you see here OR on my contact form (if you haven’t done so already).

The construction of the site is nearly complete.  Over the next week or so, I’ll be tying up some loose ends behind the scenes of the site.  We’ve got a long ways ahead of us and I’m really glad you are joining in.

Our Goals

When I say “our” goals, I don’t mean just this site.  I’m speaking in reference to us (me, you and the other readers).  I would like to see all of us achieve our goals together and this will be a place where we can discuss them.

All successful men and women are big dreamers.  They imagine what their future could be, ideal in every respect, and then they work everyday toward their distant vision, that goal or purpose.”  -Brian Tracy

I have discussed a few of the goals here in reference to the site.  Take a look and let me know what you think.   Although this site is dedicated to discussing personal finance,  my plans are to discuss many different areas which include personal development, careers, relationships, credit, insurance, etc.  If you have any suggestions, please let me know.

Important Point

To enhance the community here, we must initially focus on developing a quality readership that will participate in the conversation.  I know that there are others that will be interested in the topics discussed, so I need your help to get the message out.

Below are a few ways you can help:

1. Social Networks – For those of you who are members of Facebook, Twitter, StumbleUpon, Digg, etc. please submit and share the articles you feel are worthy of attention.  There is an icon for each network located at the end of every post.  If you are not into social networks, there is also an icon to share the content by e-mail.
2. Links – If you have a website, please feel free to link to me and share information with your readers. 
3. Commenting – New posts will arrive every Monday and Thursday.  At the bottom of each post, there is a comment section designated for you, the reader.  You may share your own experience by making a statement, asking a question, agreeing, disagreeing, or by agreeing to disagree.  We will all grow and learn through sharing.

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Thanks so much again for visiting today and I look forward to my interaction with you!!!  Let’s build a wonderful network and community of success…

Until we meet again,

Feel free to subscribe to the latest information via RSS or E-mail!

Today, I’ve created for myself the task of really thinking about what the purpose, goals, dreams and aspirations of this site are.  At the time of writing this, I haven’t yet launched the site, but I’ve really been thinking about who the target audience should be.  Who will be most touched by the content and take action to create an improved or enhanced financial life?

I can’t predict the future so I don’t know that answer.  But what I can and will do (with your help) is create valuable content that will enlighten  as well as inspire.  Since this is a new site, I have started with the basics, but I will advance to topics that dig deeper into personal finance as well as personal development.   

I hope to meet you on at least one of the three following different levels:

1. As introduction of  information educationally, if you don’t understand how to manage money.
2. As growth, if you understand personal finance, but want to enhance your knowledge by participating is this community.
3. As I learn from you.  I’ll admit it, I don’t know everything.  So, it would be a gift to me and others if you would come and be a part of the conversation. 

The tagline I’ve chosen for this blog is – ideas, education and motivation to create a personal finance portfolio to be proud of.  The goal is that we all learn, develop and grow.  No matter the level of our current knowledge we should do what we can to pass on this message.  Not only to our children, but to our family members and friends so that they may grow along with us.

How Did I Get Here…

When I was a part of the mortgage industry (a few years ago), I helped clients either achieve the goal of homeownership OR payoff debt by way of debt consolidation.  The most common thread amongst many clients was that old habits didn’t die.  I noticed it not only in the lives of my clients, but in the lives of many that were around me.  There was/is a common ignorance about successful money management. 

This experience has prompted me to make a transition into the personal finance area to help raise the level of financial awareness.  I hope that you will help me to spread this message and to transform the lives of many. 

What We Will Talk About…

My husband and I have managed to pay off a substantial amount of debt.  From time to time, I may decide to discuss that journey along with the struggles and the triumphs that we experienced.  But mostly, the information will be less about me and more about empowering your life of financial success.

Join me!!!!

Stay tuned and feel free to subscribe via RSS or E-mail!