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Financial Mind-Management
Financial Mind-Management
Financial Mind-Management
Financial Mind-Management
Financial Mind-Management
Financial Mind-Management
Financial Mind-Management
Financial Mind-Management
Financial Mind-Management
Financial Mind-Management
Financial Mind-Management
Financial Mind-Management
Financial Mind-Management
Financial Mind-Management
Financial Mind-Management
Financial Mind-Management
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Financial Mind-Management

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Managing your money starts with changing your thinking, thus "Financial Mind-Management." …

Managing your money starts with changing your thinking, thus "Financial Mind-Management."

Managing "your mind" is where you start to successfully manage your money.

Avoid these pitfalls that play mind games with your money.

Published in: Business, Economy & Finance
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  • Transcript

    • 1. Financial Mind-Management “avoiding the pitfalls that play mind games with your money”
    • 2. BAD BEHAVIORS - we try to fix what we can see, but behavior modification is a short-term solution... BAD HABITS - bad habits with a little money can sabotage good intentions with a lot of money BAD THINKING - wrong thinking is the foundational problem of poor financial management
    • 3. Introduction: What Mind Games? BAD BEHAVIORS - we try to fix what we can see, but behavior modification is a short-term solution... BAD HABITS - bad habits with a little money can sabotage good intentions with a lot of money BAD THINKING - wrong thinking is the foundational problem of poor financial management
    • 4. Pitfall # 1 FOCUSING ON HOW MUCH MONEY YOU MAKE - it’s not how much you make, but how much you keep! (see example)
    • 5. Pitfall # 2 FAILING TO FOCUS ON WHAT YOU ARE WORTH - Assets minus Liabilities equal Net Worth (see example)
    • 6. Pitfall # 3 FAILING TO SEEK SOLID TAX ADVICE - “my brother-in-law’s Mom’s girlfriend’s taxidermist said this is deductible”
    • 7. Pitfall # 4 FAILING TO SPEND YOUR MONEY ON PAPER FIRST - its called a budget, and its a dirty word. Do it wrong if you have to! (see example)
    • 8. Pitfall # 5 FAILING TO USE A TRACKING SYSTEM - use the right tools to track and spend your money (like mint.com)
    • 9. Pitfall # 6 ACTING LIKE THE GOVERNMENT - spending more than you make doesn’t work for us!
    • 10. Pitfall # 7 FAILING TO TAKE A TEAM APPROACH - money is one of the most contentious things in marriage to fight about - protect “your team”
    • 11. Pitfall # 8 FAILING TO PLAN FOR EMERGENCIES - setting aside an emergency fund eliminates debt before it happens!
    • 12. Pitfall # 9 FAILING TO RESTRAIN YOUR LIFESTYLE - coming into money (or a significant increase in your income) can make you think you’re okay, but can hurt you later on. Maintain some margin! (see example)
    • 13. Pitfall # 10 FAILING TO REDUCE YOUR DEBT - rich people are debt free (and drive old cars), rich wannabes are strapped for cash (but look good in their new car)
    • 14. What Should I Do Now? LET’S GO BACK TO THE BEGINNING...
    • 15. BACK TO THE BEGINNING... NEW thinking - Create NEW thinking with books, classes and good CPAs ;) NEW habits - Create NEW habits with online budgeting tools and regular financial meetings with “your team” NEW behaviors - Create NEW behaviors with transparency and accountability on New thinking and New habits
    • 16. How Can I Help? Jason M. Blumer, CPA 1-877-322-9939 Personal Financial Money Management with mint.com and xero personal Tax Planning for Individuals/Businesses

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