Life gets a whole lot easier if we avoid making financial mistakes. Yes, doing the right things consistently over time will make a very positive change in your finances, but just as important, is avoiding the wrong things AND the wrong people. This month's newsletter goes deep into this issue as we focus on what I WILL NOT do. P.S. I am sharing a few painful mistakes that I have made so you will not!

I WILL NOT wing it. Going through life without a plan takes you nowhere fast. There is no better time than right now to get a plan, work that plan, and revise that plan on occasion as life throws you the inevitable curves. I will have a plan that helps me focus on spending, saving, debt, credit, investments, insurance, taxes, Social Security, Medicare, and my personal inflation rate. I WILL DO IT.

I WILL NOT pick up my financial education from commission based salespeople. This would include most life insurance agents and financial advisors. I know the commissions are big because they have to sell something that serves others instead of me. I will instead, focus on picking up my education from the many good teachers mentioned in last months newsletter. I WILL FIND THE RIGHT TEACHERS.

I WILL NOT go deep into debt just because lenders are happy to give me the loans. I know too much debt will add stress to my life and cause me to miss out on many opportunities because of the burden it puts on me. I will minimize my debt by finding ways around taking on credit card debt, student loan debt, vehicle debt, mortgage debt, etc. I WILL BECOME DEBT FREE.

I WILL NOT screw up my credit score. I know if I do not get organized and educated on how credit scores work, I could end up with a mediocre one that hurts me in many bad ways as my life plays out. I am going to use creditkarma.com and credit.com to track my three credit scores and do it as early in life as possible. I realize my credit score is on me. I WILL HAVE A SCORE OVER 760.

I WILL NOT allow my emotions to hurt me. I will manage my emotions as I avoid buying "stuff" because of an impulse. I will manage my emotions as I steer clear of trying to make life perfectly safe when that is impossible. I will manage my emotions with my investments, thinking long term instead of in the moment. I will surround myself with emotionally stable people. I AM IN CHARGE OF MY EMOTIONS.

I WILL NOT compare myself and my stuff with others. Staying up with the Joneses will make me broke. The only person I need to compare myself to is who I was the day before. Comparing myself to others is a losing game that I cannot win and I want a better life than that. I will focus on being grateful for what I have and keeping my wants down. I WILL FIND HAPPINESS WITHIN ME.

I WILL NOT allow inflation to stop me from reaching my goals. I have a personal inflation rate that is created by my spending, my saving, and my investing. I will cut back and redirect spending where necessary and get a side hustle going when possible. I will pay attention to interest rates so my savings and my investments grow with inflation. I WILL MINIMIZE MY PERSONAL INFLATION RATE.

I WILL NOT hang out with negative people and listen to the negative news. I realize that people and my environment have a real impact on my emotional and psychological state and so I will focus on making sure the right people and the right environment is chosen. This may require me to let go of some people and to move on from some environments. I WILL TAKE CONTROL OF MY LIFE.

I WILL NOT spend all of my money from my paycheck. I know living paycheck to paycheck takes me down a road of misery and anxiety. I know it will require giving up a few things so I can save at least 20% of my gross paycheck, even if I have to work up to that over time by getting rid of debt. I know that stuff is not as important as financial freedom. I WILL REACH FINANCIAL FREEDOM.

I WILL NOT let stuff define me no matter how many commercials I see that tell me it does. I realize companies market products in such a way as to reach my emotions so I will plunk down money for stuff I do not need. I understand the hedonic treadmill and I refuse to get on that damn thing. Life is too short being that hamster going nowhere. I WILL SEPARATE MY IDENTITY FROM MY STUFF.

I WILL NOT invest in life insurance products to include whole life policies and annuities. I know the fees on these investments are very high, which works really well for the insurance company and the agents, but not me. If I need life insurance, I will go to term4sale.com to buy term after checking my survivor benefits at Socialsecurity.gov. I WILL TELL LIFE INSURANCE AGENTS TO GO AWAY.

I WILL NOT ignore the fees I pay with my investments. I know low fee index funds at Vanguard, Fidelity and Schwab are the way to creating wealth over time. I know the more I pay in fees, the less I get in returns. I know there is an entire industry trying to convince me to pay more fees to keep their salaries high. I will not be brainwashed by them. I WILL BE THE WISE AND EFFICIENT INVESTOR.

I WILL NOT live with a scarcity mindset. I will see very clearly the abundance that makes up life and the opportunities waiting for me at every turn. The world gets bigger and better when I embrace the many different people, ways of living, and approaches to living life. My life becomes expanded when my mindset is a growth mindset vs. a fixed mindset. I WILL EXPERIENCE THE BEAUTY OF LIFE.

I WILL NOT hold on to the knowledge I have picked up without sharing it with others. I realize that giving of myself and my wisdom to help others will help them make a better life. I realize knowledge shared is one way to change the world as one person helps another person unconditionally. I know that a better life starts and ends with me and what I do. I WILL CIRCLE BACK AND HELP OTHERS.


Stuff the lawyer wants me to say: Investing outside a bank or a credit union is not FDIC insured. You may lose the value in the investments you select. All information provided here is for informational purposes only. It is not an offer to buy or sell any of the securities, insurance products, or other products named. Translated: I am not selling anything! Educate yourself, research the information that you learned and finally make the right decisions that will benefit you and your family going forward.

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