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Emotional Spending: The Real Problem

The problem today is that many people live paycheck-to-paycheck and never seem to get in control of their money.  For example when you get a pay raise what do you do with it?  From my experience, I have found most people don’t know where the extra money goes, spending it before they have a chance to really account for it through a spending plan. Usually it isn’t long before they’re right back living paycheck to paycheck. Why is that?
You remember when you were in college living on very little money, but always managing to make ends meet.  I’m sure you’ve had this thought, “I seemed happy enough back then, and now today I’m making five times as much money but I can’t get ahead! Go figure?”  What happens along the way to make this happen? Emotional spending, that’s what!

Emotional spending is what happens when we think money is more about math than about how we feel about money and how we spend it. Without a plan to control emotions and deal with impulse purchases, it will not matter how much money you make, you will always be behind!

Consider this U.S. Census statistic for people retiring at age 65 today in America: They have less than $60,000 of total assets, including equity in their home and that equity is worth only about $13,800. These older Americans did not plan to fail, they just failed to plan and thus have nothing to show for all their hard work. They ate up all their income in emotional spending because they didn’t have a plan. And what about broken marriages destroyed over emotional spending? Marriage counselors report that 89 percent of all marriages are on the rocks because of disagreement over money. With a proper spending system divorce related to finances simply does not happen. I have 25 years of coaching experience with thousands of couples to back that up.
Now dare to dream with me…  How would you like to never argue about money again? How would 1142you like to know that each month the biggest financial worry you have is deciding what you will do with surplus money you have to invest, save, or spend? A happy marriage, secure future and predictable retirement are all within your grasp without any additional money than what you are making right now if you will build a spending plan (not a budget) and live that plan!
Spending is so emotional.  Until you control your emotions (and this is impossible to do without a specific plan of action that holds you accountable) you will never have any surplus money. Can you imagine what it would be like to have surplus money at the end of each month?   Can you imagine what it would be like to have open and honest discussions with your spouse?  Further, imagine what it would be like to predict precisely when you will be out of debt and enjoy a quality retirement income?  When you bring this financial predictability into your life, then comes peace of mind, stability and happiness to your family.  Your next task?  Create a spending plan. Click here for more information on how to do this.

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