You may think that taking the wrong action could be costly for your bank account. You are right, but you could be seriously wrong too. More often, I find that taking no actions to take control of your financial situation actually costs you more money than taking a small wrong action.
The secret lies in your “Inaction Factor.”
MONEY TIP (Part 1): Calculate Your Inaction Factor
Here’s how you can calculate yours now:
1- How much do you think you may be wasting, overspending, losing by not tracking your money, missing out on by not doing the things you know you could do, or may be “leaking” out of your account every month?
2- Take that number and multiply it by 12. That is your Inaction Factor for one year.
3- Now take that number and multiply it by 5. That is your Inaction Factor for five years.
Are you surprised? Shocked? Confronted? This is not about judging yourself. This is about creating some more inspiration to get moving and do something to reclaim that money.
Oftentimes when I work with clients, I usually find $200-$1,000 per month extra that new clients can be saving, as we determine how to (legitimately) pay less in bills so you have more cash for fun now and for your fantastic future. Let’s say it averages to $500/month savings. In 1 year, that’s $6,000. In 5 years, that’s $30,000 (before interest) in your pocket. That’s $30,000 extra cash to take a trip, add to your “sleep better at night” cushion account, pay off debt, help fund your kid’s college education, pay your bills, renovate your house, invest, or so much more… Are you starting to see how your Inaction Factor could be costing you real money each year?
MONEY TIP (Part 2): So how about you? How much is your inaction costing you? Is now the “right time” for you to reclaim the money that is rightfully yours? I think so!
One woman I recently spoke with estimated her procrastination was likely costing her $3,000/month or $36,000 every year. Wow… both of us were shocked at first at how fast the “money leaks” added up. This was also right after she shared that she really wants to pay off her $15,000 in debt and create a cushion saving. The $36,000 could absolutely do that for her.
Have I unnerved you? I actually hope so — not because I don’t like you, but BECAUSE I DO LIKE YOU and I want the best for you and your family. Honestly, that’s why I get up in the morning and keep sharing the “own your money” message — so that YOU can have the life you want and deserve.
Join Belinda and Ann for the IdealVision Expert Call on Tuesday March 20, 2012 at 2PM MT. She’ll share the top 10 reasons why 99% of people avoid their finances—and how you can be in the 1% who take action so you can enjoy the freedom from overcoming your own Inaction Factor.
Belinda Rosenblum, CPA and Wealth Expert, left her thriving corporate finance role to address a major unmet need in our communities—transforming the way people think, feel, and act with money to give them back their rightful power over their money mindset and money management.
She is now helping thousands of people discover how “owning your money” creates certainty, security, and the life of financial independence they deserve. Belinda is the President of Own Your Money LLC, a financial coaching and training company teaching individuals, couples, and business owners how to make personal finance and small business success more rewarding, manageable, and profitable.
To learn three tips on how to change your money mindset today and get an easy-to-use tracking sheet to start to “find” your money, go to www.OwnYourMoney.com/gift.