JULY 2019

Business Tips:

15 Invaluable Laws of Growth

Our management is doing a new study on the John Maxwell curriculum with the book called the 15 Invaluable Laws of Growth. We recommend you pick up a copy or listen to it online if you have the technology to do so. We will be exploring these laws as a team this year.

              The goal in the study is to help each of us learn how to grow and develop ourselves so we have the best chance of becoming the person we were created to be.

~ The Law of Pain ~

              Good management of bad experiences leads to great growth. Every pain introduces a person to themselves. Treating bad experiences right in your life will be the times of greatest growth.

On bad experiences:

1.       Everyone has them – someday you are the pigeon and other days you are the statue

2.       No one likes them – however when we come through them, we like what they teach us

3.       Few make bad experiences positive experiences – Success in life comes not from holding a good hand, but in playing a poor hand well – Develop a positive life stance

You either have a positive or negative life stance – How to develop a positive one? Understand:

1.       Life is filled with good and bad

2.       Some of the good and bad I can’t control…..its life

3.       Some of the good and bad will find me

4.       If I have a positive life stance the good and bad will become better

5.       If I have a negative life stance the good and the bad will become worse

6.       Therefore, I choose a positive life stance

             

Personal Tips:

~ Resolution 8: ~

RESOLVE TO DEVELOP FINANCIAL INTELLIGENCE:

I know that, over time, my wealth is compounded when income is higher than expenses. Financial literacy and management is as valuable as, if not more valuable than, the ability to earn income. As a person moves from private achievements to public achievements, he will find that his ability to make money increases. However, if he cannot manage his finances, then it won’t matter how much money he makes since it will quickly dissipate. For example, many people who make $25,000 per year believe if they made $50,000, their financial issues would be solved. People who make $50,000, on the other hand, believe their problems would be solved if they made $100,000. The truth of the matter is that a person can be wealthy or broke at any income level because wealth is less about what he makes and more about what he keeps. Learning to spend less than one makes for an extended period of time is the only way to generate wealth. But doing this requires principles—such as delayed gratification, which is learning to say no even when a person has the money to say yes—that most people do not enjoy.

Here are 10 financial principles/habits to live by;

1.       The first principle in regaining control of finances is to accurately identify how much net income one makes.

2.       This leads to the second principle of documenting all expenses. Anything that flows out of one’s possession into another entity’s hands should be written down

3.       The third principle is to set a financial goal, focusing on reducing expenses and increasing income to spend no more than 75 percent of what one takes in.

4.       The fourth principle, one that would radically change the financial position of most people if applied routinely, is to never finance anything that depreciates.

5.       The fifth principle is to set a price limit on spontaneous purchases; anything above this limit must be slept on before buying.

6.       The sixth principle is if a person discovers that he spends more money when he uses a credit card, it is time to pay them off and use cash whenever possible.

7.       The seventh principle is to wipe out all consumer debt before starting to save.

8.       The eighth principle is to know the difference between an investment and an expense. An investment has a return, while an expense just consumes money.

9.       The ninth principle is to focus on quality of life and peace of mind when one becomes wealthy. Too many people, when they are wealthy, spend all their time attempting to increase their wealth, leaving their families and peace of mind to take a backseat, if given any seat at all.

10.   The tenth principle is that once one becomes wealthy, he should remember to be a blessing to others. A person should give to causes, charities, and organizations that he believes in, providing others the opportunity to strive for accomplishments.

Woodward, Orrin. RESOLVED: 13 Resolutions for LIFE. Kindle Edition.

Life Skills:

Faith, Family, Fitness, Finances, Friends, Fun, Following, Freedom; we call these the 8F’s in life.

Many of these categories can tell one where their priorities are in life by measuring the time one would spend in one of the above categories. I know we don’t have it all figured out, but we have a lot of great sources that speak into these items and we welcome your comments. Please feel free to drop us a line concerning any of them.

THE DAILY DOZEN - LOVE

This year we are going to use this concept to explain 1 word per month that if made into a habit, we believe your life will, no doubt, improve.

Express love to those who deserve it and even to those who do not!

Notable quotes: They are italicized above.

Something I want you to know:

Use pain to your advantage, manage your financial life to wealth, and love others!