There is one simple thing that makes you different from those people who have the money you always wanted to have. It is not the connections you have, your skill, talent or even the things you own. It is your MINDSET.
What do I mean about mindset? The way you use your money tells me if you are a Genius or a Gratification Groupie. Here are my definitions for those terms.
Gratification Groupie: Overspending is habitual and cash runs through your hands as quickly as it comes in buying things that you want but do not actually need. You think it is important to impress others with the material things you own. You follow the crowd and do what they do - shop, shop, shop, spend, spend, spend. You may give the appearance of having money, but you are drowning in debt that you cannot pay off. You look for ways to spend your money, and spend time deciding on things you would like to purchase rather than taking the steps to pay off your debt and investing in your future financial survival. You are always worried about money.
Genius: Paying yourself first by stashing away part of every dollar that comes in the door for your future financial security is your top priority. You spend the rest of your money in ways that helps you make more money for your financial survival. You methodically set money aside over time to purchase the things you need, and you pay cash. Credit cards are seldom used, and they are paid off as soon as the statement arrives. You never use your money to buy things to impress others or win popularity. You never worry about money.
What differentiates the millionaires from normal people? Very little. The only real difference is how they use their money when it comes in.
You see, It is not how much money you make, it is what you do with it that determines your financial condition. There is a simple science to managing your finances the right way. Very rich people know this science.
If you really want to convert from being a Gratification Groupie to a wealthy Genius and reach the goal of being financially free, here is the formula the Genius uses to control their money when they receive it:
1 - Put a minimum of 10% into an savings plan for your future financial survival. Increase this percentage as often as possible.
2 - Starting today, pay cash for everything. Stop buying on credit.
3 - Use a minimum of 15% of your income to pay off debt and past due bills.
4 - Use cash to pay for current necessities like the mortgage, utilities, and telephone.
5 - Make your spending decisions based on NEED rather than WANT. Buy the items you need that increase your ability to make more money. Buy used rather than new. Most items lose 25 % to 80% of their value the instant you pay for them.
Just in case you missed the importance of this one fact, I am going to repeat it. It is not how much money you make, it is what you do with it that determines your financial condition.
Article Source: http://www.orbitaloc.com/
Sandra Simmons, President of Money Management Solutions, has years of experience helping business owners and individuals manage their income to achieve their financial golas. To find out about the Money Management Software she created, visit her website and watch the FREE 5-minute demo video at www.MoneyMgmtSolutions.com
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Article Title: Gratification Groupie Or Genius: Which Are You?
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