I am sure all of you remember learning about the food chain when you were in school. I found it quite interesting. In the ocean, the small creatures get eaten by the little fish, which get eaten by larger fish, which get eaten by even larger fish, and so on. Everything devours something smaller than itself, but eventually gets eaten by something bigger than itself. That's the law of the jungle.
I have a question for you: Where are you on the "financial" food chain? Are you still lurking at the bottom, afraid to venture out because you know there's something out there just waiting to have you for lunch? Not a very secure feeling, is it? Do you feel like a guppy in a sea filled with sharks? Maybe it's time to move up the food chain and "swim" with the big fish. Sound like a good idea? Take my fin (excuse me, my hand) and let me lead the way.
The vast majority of the world is lurking at the bottom, trying not to be devoured by some bigger creature. Most are living (or barely existing), and are about 15 minutes away from bankruptcy at any given moment in time. It's kind of scary, but true. Life does not have to be that way. There are a few basic things you can execute today that will take you from the bottom and move you up the food chain very fast. Are you ready to take the quantum leap?
Tell me about your personal finances. I am sure your financial picture plays like any soap opera on television today: very sad. You get some money in and deposit it into your checking account. The next thing you do is open it to all the "bigger fish" or companies you owe, and allow them to feast on your money: a feeding frenzy! After "they" are finished, you get what is left, if there are any leftovers. Sounds pretty sad to me.
Why not move yourself up the food chain and partake of this feast before you open the gates to the big fish? How, you ask, does one accomplish this? I'll tell you! Let's back up to the part where you get some money and put it into your account. Right before you do that, you need to take some of it and put it aside just for yourself.
If you are like most of us and have to pay taxes, you should be doing this already, so that when your quarterly estimates are due, you have the money to pay the IRS. I suggest that for every $1,000 you get, you put aside no less than $200 for taxes. No longer will you be scrambling and scratching for money to pay the IRS. You will have it, and the IRS will be waiting for you to write that check. That should eliminate a lot of stress in your life.
OK: We have taken care of the IRS - but what about you? In the beginning, the 20% you put aside should be more than enough for taxes. Once you get used to the 20%, why not increase that amount? How about 25% - or maybe even 30%! You can cover taxes and even have money for a retirement plan - and a savings plan, too. Wow, what a concept! Now you are up there with the killer whales!
You may also ask, "Stanley, is it really that simple to take control of my finances?" Yes! This is just a small part of the process. You start small and grow, and it's amazing how fast those dollars can also grow. Not only do the dollars grow, but so does your confidence in yourself and the fact that you are now in control of your financial future. There's a sort of "warm, fuzzy feeling" that you gain from swimming with the big fish!
This process can make a huge difference in a person's life. Take, for example, a 35-year-old doctor who puts aside just $100 per week until the age of 65. At age 65, he or she could have a plan that pays over $100,000 cash per year, tax-free - for life! That has a nice ring to it, doesn't it? There are no IRS rulings to deal with, no forms to file, no employee contributions to make - and best of all, no taxes to pay.
Managing your finances is not an event; it is a process, just like chiropractic care is for your patients. I have now given you one small step, but imagine what you can accomplish with the entire process. "One small step for man" could be one giant step for you! My only warning: Don't do this unless you are ready to swim with the big fish!
Stanley Greenfield, RHU
1829 Green Heron Court
Jacksonville Beach, Florida 32250
(800) 585-1555
fax: (904) 247-1266
stan@stanleygreenfield.com
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