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Are You Personally Profitable?

Does your income cover all your costs? Is there enough left over to fund your dreams?

What is your dream?  What do you want in your life that costs money?  Some people dream of a home and family.  Others dream of a boat or a vacation cabin.  Still others seem themselves travelling to Australia, to Alaska or even to Zimbabwe.  What are your dreams?

To make our dreams happen, most of us must plan and save.  That means we need to be personally profitable.  We know about profitable businesses, we hear about them all the time.  When is the last time you planned for your own personal profit?  

Rarely do we talk about personal profit and that is crazy.  What’s more important than managing our personal finances so we have the money for our dreams?  Here are a few tips for taking control of your financial future – it depends on you.

Challenge your thinking.  Start by accepting that your entire financial future depends on you.  The odds of a miraculous lottery win are nil – that’s the stuff for storybooks.  Instead, become your own chief financial officer.  Look at your income and your expenses.  What changes can you make?  What changes should you make?  Can you generate added income from other sources?      

Too often, we set aside the dreams of our younger years.  There is no reason to do so.  Instead, keep a realistic eye on your income and expenses.  If necessary, reshape your dreams and goals to the financial realities of your life. 

Finally, it’s never too soon to start.

Every money choice we make can change our financial future.  It is so easy to feel we need a bigger TV, a later model car, the latest i product or a new fridge just because ours isn’t stainless.  Immediate satisfaction waits at every corner.  Every money choice we make, every dollar we spend, can change our financial future.  The thousand we spend today means we’ll have to spend a thousand less tomorrow.      

Plan.  Plan your money for today.  Plan your money for your future.  If necessary, you may decide to change your goals so they fit your financial reality.  But, don’t let it so consume you that you forget to enjoy yourself.   

Keep your dreams in front of you.  Perhaps the best motivator for following your financial plan is to keep reminding yourself of your goals.  That can take whatever form you wish.  You might journal your progress alongside your goals.  Or, you may keep an image of your dream on the fridge. 

Remember, just because you have dreams doesn’t mean you must forgo the joy of today.  Enjoy the journey.

Don’t accept defeat.  Following the ravages of our recent recession, it’s easy to throw our hands up in despair.  We’d had expectations and some may have been taken off the table.  Instead of throwing in the towel, re-imagine.  Reshape your dreams.  Find ways to experience them at a reduced cost – or at no cost if that is necessary. The key is to find ways to make sure your income stays ahead of your expenses.