It’s an honest question.
To clarify, I am not referring to a physical injury, but instead, us wounding ourselves financially with questionable decisions.
So I will ask again…
Are your thoughts and behaviors causing you financial pain?
What do I mean? Well, are your thoughts and/or behaviors….
H: Hindering
You created a budget and live by it. Things are going smoothly, and then six months, a year into your plan, you begin to slowly, or not so slowly, go back into debt. Your reasoning for the spending is you deserve a reward for your efforts or a break because of all your hard work. What you are really doing is self-sabotaging your budget, either consciously or unconsciously. If this is your case, take a serious look at the true reasons for your actions. Could it be fear or low self-worth? Do you believe you can have better? Were your parents always in debt? Are your friends in debt? Do you feel you don’t deserve to be financially free? If these kinds of self-defeating mindsets are not revealed and eliminated, you could find yourself undermining your own efforts.
U: Underestimating
Do you have faith in your abilities to become financial stable? If everyone you know is in debt, you can begin to believe, you should be too. Why even bother to try to be debt free or save for your future? You are underestimating yourself based on your past and/or your circumstances. However, you are neither of those! You are not defined by your past or circumstances, nor is your future. In the financial industry, there is a phrase, “past performance does not guarantee future results”. Meaning what happen in the past does not guarantee what will happen in the future. Things change. YOU CHANGED! Decide to make different choices AND ACTUALLY DO IT! Don’t undervalue your abilities and drive. Give yourself a fighting chance. Believe in YOU!
R: Regretting
This can be a biggie. You made one (or more) “not so good” financial decisions, co-signed on a loan, bought a car you couldn’t afford, or closed your failing business. You are not alone. At some point in time, we have all been there and had to deal with the fallout. So instead of torturing yourself with all the “should haves”, look at how you can, and will, rebuild to get you back on your feet. What lessons did you learn? Don’t allow regret to lock you into reliving a past misstep, that cannot be changed, and paralyze financial growth. Instead, look for the real opportunities in front of you and make a decision to get yourself and family financially stable.
T: Taxing
First repeat after me… PAY YOUR TAXES!! To be clear, you should pay the amount of taxes you legally owe. HOWEVER, there is no reason to pay more. For most of us, a tax refund is not new found money Uncle Sam returns to you. A tax refund is our government returning money we overpaid to them. It’s a short-term INTEREST FREE loan to the government!! AND GET THIS, we only get the “loan” repaid if we ask for it back! Don’t try this with your local bank…LOL. To reduce the opportunity of overpaying, review your W-4 form at work to be sure you have the correct amount withheld for federal income taxes. Take full advantage of as many deductions and credits you are LEGALLY eligible for. Use previous returns to help estimate your tax load. Take note, the IRS has worksheets and guides for you as well. Do you have to become a tax expert? No, but educate yourself.
IRS Form W-4 and Credits and Deductions
How are past financial hurts still “H.U.R.T.-ing”? Have you recovered from a pas financial hurt and would like to share your story as encouragement for others? Great! Jump over to the BBIC Facebook page and post your story. I, and others, would love to read it.
Until Next Time…
Thanks and Be Blessed
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