Saturday, November 26, 2011

Is Your Financial Picture This Ugly?

Today I sat down and I did a spread sheet on my Finances. My financial Picture is so Ugly, I didn't want to look at it. No one had to tell me that I was living on a Financial Red Line. What I need is a plan and the discipline to get myself out of the situation.
Each day I surf the Internet in hopes of finding a solution to fix my current financial situation. Right now I work just enough to survive and it surely is not living.

Below is a graph I made showing my current financial picture as of today. I have read every Robert Kiyosaki Book I can get my hands on and by doing so can tell you exactly how I should do it.

The problem is I am not getting it done. In order to change this around I need to start a business and invest. I need to take the profits and re-invest them so the money creates a compounding effect. I need to build a network or team of people who do the same.

While it is so easy to spout out what to do on an intellectual basis, actually doing it is entirely a different matter. I have started over 50 different programs or opportunities in the last two years, in hopes of finding something that I could effectively do where I could build wealth. This has only led to my spending more than I ever make. If you look at the picture above, you'll see that my student loan debt is out of control. I would need to make 600 dollar payments a month just to keep up interest alone. When I ask my family and friends what to do, their answer is always work harder. That is not the solution. Most of the people I know are hard working people, but they are still broke and in debt.

I must work smarter. I have to learn how to earn passive income. I like investing but it is extremely slow. One of my biggest barriers is learning how to sale. I have never liked convincing people.

It is my hope to learn how to market online, build a network, and invest. I will do a financial statement at least once a month, and use it as my report card to create self awareness, monitor progress and hopefully gain control of my finances.

While my current financial picture is ugly, I am glad I sat down and did the numbers today. I know a lot of people besides myself are struggling with debt. If focus can be maintained, I'm sure the solution to this problem will come.
Based on recent steps I took, I now have a passive income of 2 dollars a day or 60 dollars a month. If I could raise that to approximately 40 dollars a day, I would be financially secure. I believe 100 dollars a day would make me financially independent.

This is my second day in just been paid. I earned 2 dollars yesterday off of a 100 dollar. And, today I have earned an additional 2 dollars. While I have only been in just been paid for two days, I like that you are paid daily and can withdraw your money on daily basis to your Alert Pay account. Below is my account activity for the last two days. I will start charting it out tomorrow.

That's all for now. What are you doing to improve your Financial Picture?