Financial Rehab

Expanding  your Financial Thinking can seem like a impossible task, but it isn't at all. Grasping the ideas is difficult at first but once you get the basics, the rest comes more smoothly. Being knowledgeable about finances is valuing money and understanding; credit, debt, types of income, assets, liabilities, tax laws, and much more. Setting goals both long and short term will aid in you heading towards a future of financial freedom. Your goals can go from simply being able to pay your bills every month on time and having a little funds to do things you enjoy and having money remaining to save. It can go as far as those with goals and plans to become rich. Depending on your financial goals you may not need to know about everything but focusing in on your financial interests will help you achieve your goals more efficiently.

Figure out where you are financially and focus on one goal at a time. For instance if you have $10,000 in credit card debit don’t try to skip over managing your debt and go right to learning about acquiring assets first. It will just put 2 different sets of stress on you.

Watch where your dollars go, you may be spending too much on dining out, or purchasing electronics. Taking as little as $50 or $100 from your leisure spending and putting it towards paying off debts, or savings can really set you on the right track. Renting a 60 inch TV from rent a center may not be the best idea as far as money management. Instead of renting or putting things on a credit card and paying the minimum save for it then buy it, you know the old fashion way.

If you are already pretty tight financially think of ways to generate additional income if only $50 extra a month from selling on eBay, creating a website selling your art or something you enjoy doing, doing odd jobs on the side, or maybe even a part time job. 
Once you know where you stand set a short term goal it could be something like saving 3-6 months expenses in a savings account or money market just in case. It could be purchasing rental property or your first home. Whatever your short term goal is do two things set a plan in motion to achieve it and start taking those steps immediately.

After you have short term goals set think of your long term goals. What is your ultimate goal? Is it to retire at 50 maybe earlier? Do you want to own a hotel within 10 yrs? Whatever your goals set a plan to achieve it.

For all goals you set make sure you set a realist time frame. Then once you achieve it move on to your next goal. Remember to think outside the box because for most people working for someone will never get you where you want to be financially.

Use the library you pay taxes why not check out books for free.

If you can get a mentor that is great what better way to learn things then someone who is good at it. So if you know someone whom has good credit get tips from them. Someone whom is a landlord would be able to provide valuable information if you want to invest in rental property and so on.

The internet is a great place to research things. You can gain a wealth of information but keep in mind not everything is going to relate to you or your needs. Find what works for you and go with it.