The Money Management System That Beats Them All (Part 5)
Which one are you?
Are you the serious, responsible person who never spends any money and always puts off for your future instead of having fun today?
Or….
Are you the fun loving, playful person who always spends whatever you have and never worries about taking care of your financial future?
Or….
Are you somewhere in between?
Why is this important?
Most people fall into one of 4 categories when it comes to money.
Spenders – These people find that having money burns a hole in their pocket. When they have any, it’s got to be spent.
Savers – These people watch every penny that they have. They refuse to have any fun with their money; it’s all set aside for mature, responsible purposes.
Avoiders – These people don’t even want to know what’s going on with their financial life. When they get a bank statement, they don’t bother opening it. They have no idea where they stand, and don’t want to find out either.
Money Monks – These people believe that they’re above the whole money “thing”. They’re spiritual in nature and see money and anything related to material possessions as beneath them.
The money management system you are discovering here works regardless which category you see yourself as apart of.
As humans, we are holistic. We have a mature adult side to us, and we also have a fun loving child side to us. We have a responsible side to us, and we have a play side to us.
Have you ever heard the expression “left brained” or “right brained”? It refers to the way our mind works.
Our left hemisphere is our mature, logical adult side. It thinks more long term. Generally, people who have to think logically and systematically fall into this group. For example, as a group, most accountants are left brained.
Our right hemisphere is our fun loving, creative child side. It thinks much more short term. Often, creative artists and entertainers are right brained.
Generally, we tend to be more of one than the other. But the most important point here is that you must have balance and take care of the needs and desires of both sides.
If you are always serious, mature, logical and responsible, on the one hand, that’s great. But you are not taking care of your fun side, and you will eventually sabotage yourself because of that.
Conversely, if you are always having fun, irresponsible, and impulsive, you might be taking care of the child in you, but you are not taking care of your responsible side. Eventually, you will suffer for it.
So the key is to have balance. You have to understand that you need to take care of both sides. You have to be able to be responsible, and at the same time, you have to be able to have some fun too.
I have to admit, that for the most part, I’m a left brained person. I’m generally very conservative and responsible in nature, and watch my finances pretty closely.
But having used this money management system, it has allowed me to have a ton of fun, travel all over the world, have my toys and still become financially free.
This all leads in to the next account in the money management system, the PLAY account.
Just as you put 10% of all of your earnings into your Financial Freedom Account to provide for your future financial needs, you will also put 10% of all of your earnings into a PLAY account to provide for all of your current FUN needs.
From now on, 10% of your paycheck or any other funds you receive goes into your PLAY account. And the rule is that every month, you need to take all of that money and BLOW it on something extra special that you ordinarily wouldn’t treat yourself to.
This can’t be some crummy thing. It has to be something that is special.
For example, one month you might go the best restaurant in town, order a bottle of their finest Dom Perignon and blow it all on a special evening.
Or you might go to a spa and get the best package they offer. You don’t just get their standard massage. You get their ultra expensive massage with the hot rocks and the cucumber slices.
Or you go out to a lake and rent the nicest yacht they have for the day.
Or you go to Vegas for a weekend and take in all the shows and have some fun.
Whatever you do, it has to be something special. It has to be something you do especially for yourself. And it can’t be just something cheap. You want to lavish yourself with something you’d normally see on shows like lifestyles of the rich and famous.
You get to do this guilt free. You’ve set this money aside in an account specifically for just this purpose. You get to experience how the wealthy live. Most important, you take care of your inner child and keep it happy.
The rule is that you must spend all of the money in this account every month. Now, if you want to save for something special, you can wait up to 3 months to build up the account, but never more than 3 months. Whatever you’ve saved up, you must spend it all on something fun that you normally would never give yourself.
As amazing as this sounds, many people have a hard time with this account. They’ve forgotten or don’t know how to have fun anymore. They’re trapped in their conservative, responsible mindset.
But the fact is, life is a journey. And you don’t want to wait until you get to the finish line before you start having fun. The idea is to make sure that you’re enjoying the whole ride. If you’re out of practice in making that happen, your PLAY jar will help you out immensely.
So, just as you read earlier, you have 10% of your money going into your FFA. This is money to create your “golden goose” and your long term financial freedom goals. Now you also have 10% in your PLAY account to blow and have fun in the short term with.
With this balance, you increase your chances for financial success and have a blast while you’re moving along on your journey.
We’re nearing the end of this money management system. One more account to go and we’re there.
With this knowledge, you can make dramatic changes to your life. Make sure you read this system until you can teach it to others. Most importantly, do the system! I promise you, miracles will happen in your life when you begin to manage your money the right way.
Namaste.
Jeff
Are you the serious, responsible person who never spends any money and always puts off for your future instead of having fun today?
Or….
Are you the fun loving, playful person who always spends whatever you have and never worries about taking care of your financial future?
Or….
Are you somewhere in between?
Why is this important?
Most people fall into one of 4 categories when it comes to money.
Spenders – These people find that having money burns a hole in their pocket. When they have any, it’s got to be spent.
Savers – These people watch every penny that they have. They refuse to have any fun with their money; it’s all set aside for mature, responsible purposes.
Avoiders – These people don’t even want to know what’s going on with their financial life. When they get a bank statement, they don’t bother opening it. They have no idea where they stand, and don’t want to find out either.
Money Monks – These people believe that they’re above the whole money “thing”. They’re spiritual in nature and see money and anything related to material possessions as beneath them.
The money management system you are discovering here works regardless which category you see yourself as apart of.
As humans, we are holistic. We have a mature adult side to us, and we also have a fun loving child side to us. We have a responsible side to us, and we have a play side to us.
Have you ever heard the expression “left brained” or “right brained”? It refers to the way our mind works.
Our left hemisphere is our mature, logical adult side. It thinks more long term. Generally, people who have to think logically and systematically fall into this group. For example, as a group, most accountants are left brained.
Our right hemisphere is our fun loving, creative child side. It thinks much more short term. Often, creative artists and entertainers are right brained.
Generally, we tend to be more of one than the other. But the most important point here is that you must have balance and take care of the needs and desires of both sides.
If you are always serious, mature, logical and responsible, on the one hand, that’s great. But you are not taking care of your fun side, and you will eventually sabotage yourself because of that.
Conversely, if you are always having fun, irresponsible, and impulsive, you might be taking care of the child in you, but you are not taking care of your responsible side. Eventually, you will suffer for it.
So the key is to have balance. You have to understand that you need to take care of both sides. You have to be able to be responsible, and at the same time, you have to be able to have some fun too.
I have to admit, that for the most part, I’m a left brained person. I’m generally very conservative and responsible in nature, and watch my finances pretty closely.
But having used this money management system, it has allowed me to have a ton of fun, travel all over the world, have my toys and still become financially free.
This all leads in to the next account in the money management system, the PLAY account.
Just as you put 10% of all of your earnings into your Financial Freedom Account to provide for your future financial needs, you will also put 10% of all of your earnings into a PLAY account to provide for all of your current FUN needs.
From now on, 10% of your paycheck or any other funds you receive goes into your PLAY account. And the rule is that every month, you need to take all of that money and BLOW it on something extra special that you ordinarily wouldn’t treat yourself to.
This can’t be some crummy thing. It has to be something that is special.
For example, one month you might go the best restaurant in town, order a bottle of their finest Dom Perignon and blow it all on a special evening.
Or you might go to a spa and get the best package they offer. You don’t just get their standard massage. You get their ultra expensive massage with the hot rocks and the cucumber slices.
Or you go out to a lake and rent the nicest yacht they have for the day.
Or you go to Vegas for a weekend and take in all the shows and have some fun.
Whatever you do, it has to be something special. It has to be something you do especially for yourself. And it can’t be just something cheap. You want to lavish yourself with something you’d normally see on shows like lifestyles of the rich and famous.
You get to do this guilt free. You’ve set this money aside in an account specifically for just this purpose. You get to experience how the wealthy live. Most important, you take care of your inner child and keep it happy.
The rule is that you must spend all of the money in this account every month. Now, if you want to save for something special, you can wait up to 3 months to build up the account, but never more than 3 months. Whatever you’ve saved up, you must spend it all on something fun that you normally would never give yourself.
As amazing as this sounds, many people have a hard time with this account. They’ve forgotten or don’t know how to have fun anymore. They’re trapped in their conservative, responsible mindset.
But the fact is, life is a journey. And you don’t want to wait until you get to the finish line before you start having fun. The idea is to make sure that you’re enjoying the whole ride. If you’re out of practice in making that happen, your PLAY jar will help you out immensely.
So, just as you read earlier, you have 10% of your money going into your FFA. This is money to create your “golden goose” and your long term financial freedom goals. Now you also have 10% in your PLAY account to blow and have fun in the short term with.
With this balance, you increase your chances for financial success and have a blast while you’re moving along on your journey.
We’re nearing the end of this money management system. One more account to go and we’re there.
With this knowledge, you can make dramatic changes to your life. Make sure you read this system until you can teach it to others. Most importantly, do the system! I promise you, miracles will happen in your life when you begin to manage your money the right way.
Namaste.
Jeff
posted by Jeff Fagin at 7:20 PM
3 Comments:
Jeff,
I'm learning how to spend extravagantly. What a chore.
Jeff
Being more of a left brainer myself I would say this step may take a bit tweeking on my part.
But it sounds like fun!
Larry E.
I like the fact that this is a guilt free account.
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