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Ditch the "Retail" Mentality and Save by Thinking "Wholesale"

There’s no question that joining a big-box shopping club, like Costco or Sam’s Club can save big money. That’s because these wholesale clubs cut out the middle man, or retailer, helping consumers save hundreds of dollars in inflated prices and overhead costs on groceries, clothing, electronics, and a host of other products.
The success of these giant wholesale shopping clubs demonstrates that Americans are good at sniffing out a deal and shopping for bargains when it comes to groceries and electronics. But they may not be so good at playing the wholesale game when it comes to other areas of their financial lives.
While meeting basic food needs can eat a big chunk of change, Americans spend the most money buying homes and autos, and paying taxes. Since these items have the greatest expense attached to them, shopping wholesale here makes good sense. Unfortunately, most Americans have fallen into the retail rut, relying on mortgage brokers when it comes to purchasing a home, and autoreal-estate-investing dealers when buying a car. And when it comes to paying taxes, consumers believe a host of myths that keep them perpetually yoked to the relentless tax machine, paying way more taxes than even Uncle Sam requires and relying on accountants to know the rules for them.
Another area where consumers seem to have fallen into the “retail rut” is in retirement and investment fund management. Relying on others to manage these funds costs people big money and keeps them from getting their money to make even more for them. Instead of learning the rules for themselves they turn their 401(k), mutual funds, and other long-term saving resources over to investment brokers and other financial advisors, giving up control over the way their money is managed and missing opportunities to put surplus funds to work to earn even more.
 
The Solution 
So how can you ditch the retail mentality and start “shopping wholesale” in the areas in which you stand to lose the most money? First, examine your feelings about retail vs. wholesale. Do you want to continue paying the middleman to manage home and auto-buying? Sure, purchasing these big-ticket items can be complex and using the retailer can make life a whole lot easier, but the money you lose paying retail cannot often easily be made up later to be put in motion to make us more money. And what about taxes? Are you really satisfied with the fact that paying taxes without knowing the rules is costing you more than you pay for food, transportation, and housing combined!?  It’s your choice whether to keep paying retail when it comes to taxes, but learning the rules about how taxes really have to be paid can be vital in helping you make that choice. When Money Mastery clients learn just how much TaxCutsthey are actually losing to taxation, they are highly motivated to make drastic changes.
Becoming aware of just how much you do rely on others to help you manage certain areas of your financial life will help you decide when you want to shop retail and when it’s time to cut out the middle man and learn to do more for yourself.
Second, become intimately connected with each area of your financial life by creating plans for each of the four areas — spending, debt, savings, and taxes. By controlling each of these areas and seeing how they are interconnected and must work in harmony, you will become more aware, more confident, and more empowered to tackle the issues associated with some of the more intimidating and complex financial issues such as proper tax-paying, retirement savings, and investment fund management.
Third, once you have learned the rules of the financial games you must play, created plans for applying these rules, and are more aware of your true financial situation, it may be time to seek out a financial coach. Athletes, top executives, and Hollywood stars all use coaches toTime and Money help them perform at their absolute best. A personal financial coach can help you discover what your strengths and weaknesses are and give you the perspective you personally need to put all the pieces of your financial puzzle together so it makes sense to you.
A personal financial mentor is different from an investment broker or financial advisor. Most of these financial managers are intent on having you pay “retail” by making you dependent on their advice and in selling you expensive financial products rather than teaching you principles that will allow YOU to manage your own money.
Take the middle man out of the complex financial games you play and start thinking “wholesale” instead; get coaching when needed. Call us for more information: 801-292-1099.

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