06-28-2016, 04:51 AM
(06-27-2016, 08:46 PM)heavysm Wrote: Just because I see mismanagement of funds in a lot of my friends, family and business associates I think this is seriously needed.
I'm not strictly talking about a "money magnet", mind you. I'm talking about being more aware of one's finances and eager to want to learn more, thereby improving their financial knowledge and responsibility / relationship with money overall.
This doesn't even have to be a complex sub either. Just instill the following basic ideas:
Wise spending
Wise saving
Increasing one's knowledge of finances, how investing works, and how long term bonds, compound interest etc works
Willingness to balance out impulse buying with careful consideration of practical value of each purchase
Wise budgeting
Safely investing / attracting in tools and education to increase one's awareness of finances
Spending on luxuries if and only if ample funds are set aside for basic monthly expenses
Setting aside ample funds for new subs Shannon releases (only half kidding about this one)
...
(there's more to add to this list, trust me)
The pestilence of BS I'm seeing right now is these people who have X amount of money on the first of the month then they go out to eat, spend spend spend, then have almost zero by the last few weeks of the month. They had quite enough $$ to last the month and possibly set aside in savings for raining day, but somehow the inner financial child within them just took over and they're almost having to borrow $$ just to get by. It did NOT have to be that way, as it's indicative of a bad relationship with money. I'm seeing this over and over and over.
The sad thing about this, which is becoming even more evident as i type even now, is that those who are most in need of a sub like this probably won't even use it.
I was thinking of even recommending 1 or 2 good books on basic financial management. I'd have to look some up from my rolodex (of which there are too many books to count), but that could at least give the users a firm basis of what "wise" spending and management even is.
If Shannon has enough cheek to do it, I would disguise this as a money magnet sub, just so all the people who have the weakest relationship with money gobble it up. Then as time passes those who needed it the most realize the benefits of what they both wanted AND needed because as your financial intelligence rises, so too does your ability to bring in more $$ naturally over time.
But anyway, there you have it. Possibly a new spin on a money magnet / management type sub A LOT of people could desperately benefit from.
Refusal to purchase on credit, unless deemed urgently necessary.
Concentrated focus on paying all debt off immediately, removing all unnecessary spending to assist doing so...
I have friends that don't make as much as us, yet they have nicer cars, are always flying somewhere for a vacation, the newest this & that, and two children in day care (which will cost around 25k/year). I casually said something like, "Wow, you guys are really living it up - wish we could do that. We just don't make enough money, I guess...We'd be in credit card debt up to our ears!" I put it that way to see what their thoughts on debt was. They replied, "Oh, we don't even think about it. Our credit cards are so high I don't even look at the statements anymore..."
Yikes.
