Category Archives: Balance

Life, Health, Fitness, Balance, Spiritual, Family, Relationships, Career, Financial, Life Balance, Parenting, Work, Children, Time, Time Management, Procrastination, Priority, Priorities

Do You Live Like an Inbox?

What is your work style? Could you be an inbox type of person?

People who live like inboxes don’t prioritize. Instead of looking at their work and formulating a plan, they get straight to work at whatever is dumped on them. If you do this . . . STOP! Planning is a critical part of generating results. Your time is limited. Be selective in how you spend it. Decide what you will and will not do. You don’t have enough time to finish everything. Determine what your priorities are and start with those.

Managing your time is not someone else’s responsibility. It is yours. You are responsible for your own time management and prioritization management, so do not allow others to dictate your life and your schedule.

When someone gives you a new task, don’t automatically do it. Take the time to look at each item to decide whether or not it is a good investment of your time and talents. Ask 1) Is it important? 2) Am I the right person for the job? and 3) Should I say no?

Every day, evaluate how you will spend your time. Prioritize. How do these items align with your personal goals, priorities, and mission? Think before you work.

 

You have a choice, and the choice is yours.

Bryan Cooper

My Financial Life Coach LLC
“Helping You Get Your Financial House In Order”
2280 W William St., Suite A
Delaware, OH 43015
http://www.MyFinancialLifeCoach.net
https://www.facebook.com/MyFinancialLifeCoach
http://www.linkedin.com/pub/bryan-cooper/26/199/722

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Filed under Attitude, Balance, Goal Setting, Goals, Inspiration, Life Balance, Miscellaneous, Priorities, Resolutions, Stress, Time, Time Management

Time to say goodbye….

Dear John (or Mary),

I’ve been patient. I’ve put off writing this letter as long as possible, hoping things would change. I dreamed that this would finally be the year you follow through on your promises.

I can’t do this any longer. Every January, you tell me things will be different. You say this is the year you’ll pay off your car. This is the year you’ll follow a budget. This is the year you’ll let your goals control your finances.

John, don’t you understand how much this is hurting me? I want this for you, not for me. I have always wanted what’s best for you. I want you to take control of your finances so that money isn’t running your life. You have goals. I’ve heard your dreams. They’re wonderful. I want you to achieve those, but you never will until you get your finances under control.

I hope you defeat this monster you’ve created. I hope you reach your goals. But John, I can’t stand the disappointment. I have to leave you. You’ve given me no choice.

It’s not about the money. Financial success is about you achieving your goals, living out your dreams. It’s about living the life you’ve always wanted, for both you and your family. You’ve given up on me. We’ll never have a healthy relationship if you keep living like this

I wish things could have ended differently between us.
Best of luck,

Your Financial Success & Dreams

(Note from Coach Bryan – So what are you willing to do to make your finances or your work-life balance better in 2013? Need some daily motivation about saving money or saving time? Please stop over at https://www.facebook.com/MyFinancialLifeCoach  and “Like” the page so you can start receiving daily tips. While you are at it, hit the “share” button on one of the articles and bring your friends along for the ride as well. You will find yourself more successful in saving money and saving time if you are doing it together with your friends. Bryan Cooper – My Financial Life Coach).

My Financial Life Coach, LLC

www.MyFinancialLifeCoach.net

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January 7, 2013 · 8:30 pm

The Value of Your Time; Your Life.

Trading your life for stuffSpending your time equals spending your life.

(This blog is a continuation of yesterday’s blog)

There is one more piece to this process I want you thinking about. I want you thinking about what things cost you in hours worked. When you go to work you are exchanging your life (time) for money. Here are some examples.

Let’s assume you make $25 per hour.

1. You will have to work 61.32 hours to bring home enough money to buy the $1,000 couch. That means working just shy of 8 full work days.

2. You will have to work 4.6 hours to bring home enough money to pay for a $75 night on the town.

3. You will have to work 1,840 hours to bring home enough money to buy the $30,000 vehicle. That means working 46 weeks. That’s right…almost a FULL YEAR!!

Let’s assume you make $15 per hour.

1. You will have to work 102.2 hours to bring home enough money to buy the $1,000 couch. That means working just shy of 13 full work days.

2. You will have to work 7.65 hours (a whole day!!) to bring home enough money to pay for a $75 night on the town.

3. You will have to work 3,066 hours to bring home enough money to buy the $30,000 vehicle. That means working just shy of 77 weeks or about 1.5 years. (This vehicle will go down in value too but that is a topic for another day).

Is it worth it?

I’m not against buying couches, nights out, vehicles, or other items. My goal with this article is for you to understand and calculate the real cost of every item you purchase.

You have a choice, and the choice is yours. – Coach Bryan

(Note: a. For those of you who participate in biblical tithing (10%), your factor is 170% instead of the 153% so you would need to earn around $1,700 to have enough to buy the $1,000 couch. b. Tax percentages may be different for your situation).

Thank you for reading the My Financial Life Coach blog where we talk about money, goals, family, life events, spending, and economic news. We do make every attempt to avoid the topic of politics but we will bring up economic policies that need communicated. Our job is to educate and motivate you to the debt-free life style.

Don’t forget to checkout our website, www.MyFinancialLifeCoach.net  for 100’s of resources including tips, articles, spreadsheets, web-based training, and more.  Why not tell a friend? Looking for daily motivation on your financial walk? Checkout the My Financial Life Coach Facebook page.


 

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Filed under Balance, Blog, Family, Finance, Financial, Goals, Home, Life, Life Balance, Money, Personal Finance, Time, Uncategorized, Work

Calculating the REAL cost of every purchase you make.

How much?

One thing I have found to be consistent over the past 20 years when working with folks is that they do not understand the real cost of the purchases they make. I always ask the question “How much does a $1,000 couch cost?” When I ask this I normally hear “Am I paying cash or am I charging it?” For the following example the assumption is cash.

Only a $1,000, Right?

You are looking to buy a $1000 couch, and you say, “It is only $1,000.” Right? Wrong. Let’s look at what it really costs to make that purchase.

Taxes and More Taxes…

First, let’s assume you need to pay sales tax of 7%. So now you need to come up with $1070. But you actually need to earn more money because where I come from there are taxes to pay such as federal tax, city tax, state tax, and FICA. Let’s assume you are in a 15% federal tax bracket, 6% state, 2% city, and your portion of FICA. That means you will need to earn at least $1,533.00 before taxes to make that $1000 purchase.

In other words, the $1000 couch will cost you $1533 or 153% of the sale price. So when considering a purchase, make sure you evaluate the real cost.

So another way of saying this is…

  • You need to earn $1533 to buy a $1000 item
  • You need to earn $15.3 to buy a $10.00 item
  • You need to earn $1.53 to buy a $1.00 item

It impacts other areas…

Let’s shift from couches to vehicles. You know that vehicle sitting in the driveway that you paid $30,000 for? You had to earn $46,000, pay the taxes, in order to bring home enough money to buy it. OUCH!

Can’t seem to get ahead?

Have you ever wondered why it feels that your money doesn’t go very far? Here is why. If I ask you how much you make, what will you tell me? 9 out of 10 times you will tell me the gross amount that you make because we normally think in gross. So if your gross income is $70,000, you are walking around thinking you make $70,000 a year, and you are beating yourself up because you are wondering why you can’t make it on $70,000 a year. The reality is if you are grossing $70,000, you are bringing home (net) somewhere in the $46,000 range. That is a long way from $70,000. Once you start thinking in net, you will find yourself less frustrated and more understanding as to why you don’t have the purchasing power you thought you had.

Tomorrow we will talk about the value of your time.

You have a choice, and the choice is yours. – Coach Bryan

Thank you for reading the My Financial Life Coach blog where we talk about money, goals, family, life events, spending, and economic news. We do make every attempt to avoid the topic of politics but we will bring up economic policies that need communicated. Our job is to educate and motivate you to the debt-free life style.

Don’t forget to checkout our website, www.MyFinancialLifeCoach.net  for 100’s of resources including tips, articles, spreadsheets, web-based training, and more.  Why not tell a friend? Looking for daily motivation on your financial walk? Checkout the My Financial Life Coach Facebook page.

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Filed under Balance, Blog, Education, Finance, Financial, Goals, household budget, Life, Money, Personal Finance, Time, Uncategorized

My Financial Life Coach – Week in Review – March 10-16, 2012

This blog entry includes everything from this week that I posted on Twitter, Facebook, LinkedIn; along with links to WordPress posts.

March 10

Consumer Credit Increased 8.6% in January 2012 http://ow.ly/9yhpQ

The days of homebuyers going after the biggest, best house they can afford (and sometimes can’t afford) are over. http://ow.ly/9yBdO

March 11

Banks foreclosing on churches in record numbershttp://ow.ly/9yBFk

Thought for Tomorrow: When your life is busy and stressful, sleep. Just as relaxation and recreation are necessary to help you recover from a busy day, a good night’s sleep will help you to rejuvenate so that you can be ready to pursue your goals. So why not start the week out right by going to bed on time tonight?

March 12

Time Tip: While delegation is generally a means to efficiency, it can sometimes create frustration and poor results. Be careful to delegate tasks to the correct people, those who understand them and can complete them well. Also be clear as to who has which responsibilities. Accidentally assigning the task to multiple people is a huge time waster.

Money Tip: When you go out to eat, skip the drinks and dessert. For example, say a family of four purchased four drinks at $1.50 each and four desserts costing $2.50 each. If they were to eliminate those items, they could save $16 every time they go out to eat. If they only go out to eat an average of four times per month, they would still be saving $768 per year!

Thought for Tomorrow: There are people so poor, that the only thing they have is money. –Unknown.  How about you? Don’t go to work tomorrow just for the money. Go there to meet needs of your customer, and the result will be a paycheck to meet the needs of your family. -Bryan

March 13

Time Tip: While multitasking is often detrimental when doing two or more needed tasks, it can work when one task requires little or no thought. For instance, if you want to listen to music, do it while you clean the house. Call your mother during your evening walk.

Article: Government records highest-ever monthly deficit: http://www.foxnews.com/politics/2012/03/08/government-records-highest-ever-monthly-deficit/

My Financial Life Coach Blog Article:  Enemies of Your Financial Goals   http://myfinanciallifecoach.wordpress.com/2012/03/13/the-enemies-of-your-financial-goals/

Money Tip: Wrap an insulating jacket or blanket around your hot water heater to help it be more efficient in retaining heat.  What ideas can you share?

Video: This three minute video puts the US deficit into perspective -   http://www.youtube.com/watch?v=Li0no7O9zmE&sns=fb

Thought for Tomorrow: The dictionary is the only place where success comes before work. Take responsibility of your situation & take action.

March 14

Time Tip: Work expands to fill your time frame. If you schedule a single project, it will likely take you all day. Instead, plan to accomplish several tasks.

My Financial Life Coach Blog Article: Poor vs. Broke – How do you look at it?  http://myfinanciallifecoach.wordpress.com/2012/03/14/poor-vs-broke-how-do-you-look-at-it/

Money Tip: Ask for your children’s input on your family’s financial decisions. You will be educating them, and they may even come up with some great ideas you hadn’t even considered.

Thought for Tomorrow:  Television viewing results in an upscaling of desire which in turn leads people to buy. Every additional hour of TV viewing per week boosts spending by roughly $200 a year. –Harvard Study

 March 15

Time Tip: Work on important tasks when you are more alert. Save more mundane pursuits for the times you are naturally less active.

Dave Say’shttp://ow.ly/9FznV

Money Tip: Heating and cooling costs generally comprise the majority of energy bills. To lower those costs, use appliances that require less energy. Some appliances may cost more initially but will save money over time. Before purchasing one, compare the operating costs over the expected life of the appliance to determine which model is the most cost effective.

And the Winner is… Single Mom’s Ask Sara http://www.youtube.com/watch?v=HUw0y1L1Wos&feature=youtu.be

Thought for Tomorrow: Want to feel rich? Count all the things you have that money cannot buy. So what you are thankful for tonight?

March 16

Time Tip: When you watch T.V., fold the laundry or clip the coupons. You can eliminate some work while watching your favorite show!

Money Tip: Avoid places where you make unnecessary purchases. For example, if you often buy clothing impulsively, don’t go to a clothing store unless you need and plan to purchase a particular item.

Thought for Tomorrow: You cannot live a positive life with a negative attitude. Are your finances negatively impacting your attitude? Take action this weekend.

Thank you for reading the My Financial Life Coach blog where we talk about money, goals, family, life events, spending, and economic news. We do make every attempt to avoid the topic of politics but we will bring up economic policies that need communicated. Our job is to educate and motivate you to the debt-free life style.

Don’t forget to checkout our website (www.MyFinancialLifeCoach.net)  for 100’s of resources including tips, articles, spreadsheets, web-based training, and more.  Why not tell a friend? Looking for daily motivation? Checkout the My Financial Life Coach Facebook page.

Bryan Cooper
My Financial Life Coach
2280 W William St., Suite A
Delaware, OH 43015

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Filed under Balance, Blog, Dave Ramsey, Events, Family, Finance, Goals, household budget, Life, Personal Finance, Saving Money, Time, Time Management, Uncategorized

The enemies of your financial goals

English: A picture of a large drill used in co...

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a.       Discontentment

Nothing will blow your financial goals or budget faster than discontentment. Discontentment leads to purchases that are not in the budget. The neighbors redo their landscaping and so now you feel you need to update yours. You were fine with your landscaping until that happened. So now you go out and update your landscaping, which wasn’t in the budget this year.

b.      No financial training

I’ve talked about this before and this is a big issue. I never had a single class in school on budgeting, managing a checkbook, debt, etc. Unfortunately a lot of training comes from sales people, not teachers. Most of people learned about purchasing and paying for a car from a car dealer or car lot. We learn how to buying a home from a realtor and mortgage company. Many decisions are made based on input from folks who will profit from the sale of the item. They get paid if you buy, they don’t get paid if you don’t buy. It is hard to get unbiased advice in that situation no ma

c.       Impulse buying – using existing resources.

I call this the “I want it now; even if it means I can’t get what I really want later.” This is a trap a lot of folks fall into but they don’t see it as an issue because no debt is directly involved with these purchases. Basically they buy what they want and spend everything. The real issue is that because they are spending all of their money, they do not put money away for bigger ticket items like appliances, cars, and retirement. Because they are not saving for these items they will most likely go into debt at a later time for these items.

d.    Impulse buying – using future resources (BORROWING)

I call this the “I want it now. Therefore, I will borrow!” This is called spending more than you make. Anytime you borrow you are taking future income, that you do not know for sure that you will have, to pay for something you will begin using immediately. That involves risk. Another point to this is when you borrow money you pay interest. When you pay interest your money doesn’t go as far. It is like getting a decrease in your income.

e.     Not understanding the differences between needs, wants, and desires.

This is another area that will mess up your budget quickly. I like to use a drill as an example. For an individual uses a drill 2-10 times a year, their need can be met by a $30-50 drill. Nothing is gained by buying a more expensive drill since the users doesn’t use it much. Most likely the batteries will go bad before the drill wears out.

For the do-it-yourselfer who uses it almost every weekend, the $30-40 drill will not hold up so they will need to move to a $70-130 drill. They may be tempted to move to the professional grade drill but all that is accomplished is they spent more money for a drill when the $70-130 drill would have met their needs.

For the professional who uses a drill every day, they need a drill in the $130-300 range. None of the two previously mentioned categories of drills will meet their need.

I understand buying quality products. In example above it would make no sense for the individual who uses a drill 2-10 times a year to shell out $300 for a drill. The $300 drill in this case is totally a “desire” and not a “need.” Look around your house and look at the items that you have purchased where you bought “desire” instead of need or even a “want.”

Two other areas where we confuse needs, wants, and desires are with homes and vehicles.  Nothing wrong with getting into the “wants” and “desires” as long as it isn’t messing up your overall financial goals.

“Is your current lifestyle getting in the way of your goals?”  – Bryan Cooper

Thank you for reading the My Financial Life Coach blog where we talk about money, goals, family, life events, spending, and economic news. We do make every attempt to avoid the topic of politics but we will bring up economic policies that need communicated. Our job is to educate and motivate you to the debt-free life style.

Don’t forget to checkout our website, www.MyFinancialLifeCoach.net  for 100’s of resources including tips, articles, spreadsheets, web-based training, and more.  Why not tell a friend? Looking for daily motivation on your financial walk? Checkout the My Financial Life Coach Facebook page.

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Filed under Balance, Budget, Economy, Events, Family, Finance, Goals, Life, Life Balance, Money, Personal Finance, Priorities, Uncategorized

Week in Review: February 13-17

Franklin Delano Roosevelt, 1933. Lietuvių: Fra...

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I’m trying something new. This blog entry will include everything in the week that I posted on Twitter, Facebook, LinkedIn; along with links to WordPress posts.

February 13

Proactive people take the initiative and responsibility to make things happen. They cause action rather than being victims of circumstance. -Chris MacAllister

By concentrating single-mindedly on your most important task, you can reduce the time required to complete it by 50% or more. -Brian Tracy

Blog - Paying the Bills

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Shared ArticleFear the FAFSA? Here are five mistakes to avoid when applying for college financial aid

Decide today to change your $ habits. Procrastination costs you $ and opportunity. – Bryan Cooper

February 14

Do something. If it works, do more of it. If it doesn’t, do something else. -Franklin D. Roosevelt

Want more time? Stop worrying about your money and start managing it. Better money management equals better time management.–Bryan Cooper

Shared Article401(k) plans: Did yours grow? Most didn’t in 2011.

A wise man who does not grieve for the things which he has not, but rejoices for those which he has.-Epictetus

February 15

Don’t make your life all about money, take your money and make it all about life. – Bryan Cooper

The #1 and probably most important, key to consistently doing what’s right is actually quite simple: think before you act.-Eric Harvey

Blog - Is Saving a Lost Art?

If you only need to use an item once or twice, consider borrowing or renting the item instead of purchasing it.

February 16

Optimism is a crucial choice we make in establishing expectations for ourselves and others as we begin to move forward through adversity. -Christopher Novak

The bad news is time flies. The good news is you’re the pilot. -Michael Altshuler

Men are like bank accounts. Without a lot of money, they don’t generate much interest. – Unknown

Don’t like the idea of changing your spending habits? Don’t; but you’ll dislike being broke the rest of your life even more. –Bryan Cooper

February 17

When someone offers you a challenge, don’t think of all the reasons why you can’t do it. Instead say, “Yes!” Then figure out how to get it done. -Katherine Hudson

For fast-acting relief, try slowing down. -Lily Tomlin

REWIND FRIDAYIdentity Theft

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Shared Article -More Americans say it’s OK to cheat on taxes

The number who advocated cheating ‘as much as possible’ doubled last year, to 8% of taxpayers. An additional 6% say it’s OK to cheat a little.

Don’t forget to stop by the My Financial Life Coach Facebook page and click like.

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