The Lottery and Purpose

While checking out some morning headlines I saw a Yahoo article entitled, How to lose 3 million in 6 years. Out of curiosity I read the article and had to laugh. While it highlighted one young lady's fall from riches to almost rags, the article mentioned a larger issue: Why so many lottery winners often wish they had never even played in the first place. They squander such a "rich" opportunity and feel huge remorse that they didn't spend the money more wisely.

In some ways I'd like to have their initial monetary excess for just a few moments, but their plight is similar to many of us. We are given a full day, week or other period of time to accomplish what is most important, but often squander it on less than critical tasks. We allow our choices to be made based on convenience, laziness or the emotion of the moment. And like those lottery winners (now losers) we feel bad that we didn't spend our time and energy more wisely.

The answer for us-like them-is to act with purpose. Making wise investments of our time and energy based on purpose "pays off" in dividends of satisfaction, peace and confidence that we have done the right thing. I bet lots of those lottery winners would like a piece of that kind of action.

New Act For The Family Lineup

A study by coolsavings.com found that 60% of children in families are "couponing." Faced with shrinking family budgets and the need to cut back, 78% of families surveyed indicated that they see saving and budgeting as an important life lesson.

Cutting back is rarely pleasant-and having to tell your children "no" is never easy. A more constructive approach may be to involve them in the process of saving money. As a parent we know the value of involving them in the solution versus just telling them about the plan.

I tried this approach with my 5 year old a few days ago. We had been talking about the need to save our money and make good choices. We then looked through the coupon section of the newspaper and found some of the items she liked and clipped those coupons. Later that week we went to the store and compared prices with the store brands. Good time in the relationship ring.

Read the full article here.

Quote for These Times

One thing is sure. We have to do something. We have to do the best we know how at the moment... If it doesn't turn out right, we can modify it as we go along.

-Franklin D. Roosevelt

Much has been made of the similarities that faced Franklin D. Roosevelt when he took office and the bleak conditions to be faced by Barack Obama. While the quote by Roosevelt will probably well serve the incoming President, it also has great wisdom for each of us in these difficult times.

Simply doing nothing and "waiting out the moment" is not an option. If you need to better manage your finances, do it now. If you are in fear of losing your job you need to continue to do your best at your current job but also look at other options and possibilities. Continue to align your activities toward your desired outcomes. Do the best you can with the knowledge, skills and wisdom you have at this moment. The perfect opportunity to change rarely exists.

If your choice of action works to your advantage-Bravo! If not, modify it and try again. To do nothing lies contrary to another quote related to the circus...'"The show must go on!"

Being The Ringmaster Of Your Wallet-Part 2

After posting the last blog, I felt compelled to offer some additional thoughts on matters of money management. Before you start thinking, "Oh what would he know?" please know that I do not consider myself an expert in any way. I have come to realize, however, that the greatest limiting factor to many people who want to live out their passion has been their poor financial choices. I meet at least one person per week who will say, "I always wanted to..." and when I ask why they didn't, the answer is usually related to some poor financial choice or a lack of financial planning.

When I got married, the greatest financial advice I got was "If both husband and wife are working, live on one income and put the other into savings." My wife and I didn't quite get that far, but we did always try to live as close as possible to one income. It became one of our guiding principles as we purchased a car, looked at buying a house and making other financial decisions. Today I look back and see that one piece of advice as being the key to having a great deal of financial freedom now.

If you're looking for some more qualified sources to help you get your "financial ring" in order, here are a few I have found helpful:

Clark Howard-His stated passion is to "Help you spend less, save more and avoid getting ripped off."

Dave Ramsey-Author of Total Money Makeover

Crown Financial Ministries-Offer free financial counseling

Natl Fdn. for Credit Counseling-Lots of helpful hints on managing debt and making wise financial choices.

Being the Ringmaster of Your Wallet

In these tough economic times, several people I know have been adding a 4th ring to their circus-a financial ring. If you think your finances don't affect your performance in your other rings, consider these scenarios:

• Most financial counselors advise families to have 6 months of savings available in case there is a job loss or catastrophe. Having very little to "fall back on" can affect your job performance because you are motivated primarily by fear of losing your job instead of doing the best job possible. You also limit your ability to take a better job, start your own business or work on a higher degree, especially if it involves a temporary reduction in income.
• A lack of savings can affect your relationship ring. When a spouse or child talks about something involving money, your ability to listen clearly is sometimes limited. Again, it's the fear factor.
• Not having a healthy cash flow is definitely detrimental to your "self ring." Due to increased stress levels, people often eat less healthy, exercise less and limit medical attention to emergencies only. Talk about the wrong things to do!

If your financial ring is lacking quality acts, remember-you're the Ringmaster. Even if the lineup has had many bad acts, you can change at least some of them immediately. The audience might not be cheering wildly, but at least they won't be booing you again. Other acts may require a major overhaul, and taking small steps today will make the difference in the future.

Many poor financial decisions are based on impulse purchases. If that's the case for you, remember the line from Juggling Elephants-The ringmaster always reviews the next act before bringing it into the ring. Ask yourself if the intended purchase makes sense in your lineup-will it help you accomplish your purpose for that ring? Working on this ring may help you get more standing ovations in the other rings of your life as well.