Category Archives: Life

Personal Improvement: Interest Isn’t the Only Thing that Compounds!

What do you say when you get a 1.25% annual return on your savings account? You’re excited, of course! But have you ever thought about the idea of compounding personal improvement?

Look at it this way. Say that you improve yourself 1% each week for a year. Over the course of a year, that’s 52% just by adding the weekly “interest.”

But wait- there’s more! Do you remember the magic of compounding interest? It’s more than 52%! Not only do you gain the 1% each week, but you also gain improvements on those improvements as time goes on. It’s easy to improve yourself 1% each week. Do you watch TV? How do you use the commercial time? Instead of watching them, find something productive to do during that time. Clip some coupons. Fold the laundry. You get the idea.

Speaking of TV, have you ever considered taking that idea further? What if you reduced it? What could you accomplish during that saved time? What about your commute to work? Instead of listening to a talk show about celebrity gossip, is there something else you could be listening to? Try an educational CD or MP3 download to attend what the late Zig Ziglar called Automobile University. Now that’s a great way to improve your time management! You can add hours of learning to your life without an additional time commitment since you’re replacing rather than adding an activity.

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

Leave a comment

Filed under Attitude, Change, Events, Goal Setting, Goals, Inspiration, Life, Life Balance, Personal, Priorities, Relationships & Money, Thoughts, Time Management

Neon Piano

Cover of "Now, Discover Your Strengths"

Cover of Now, Discover Your Strengths

Today, let’s play a little game. I want you to picture something. Visualize it in your mind. Think of anything besides a neon piano. Picture it. Picture anything except a neon piano. Don’t think about a neon piano. Think of something else.

So what picture is in your mind right now? My guess is a neon piano.

People often do this unintentionally with their finances. They think negatively rather than positively. They think about what they cannot fix or afford rather than about what they can fix or can afford. Negative thinking leads to a defeated attitude. The defeated attitude in turn lowers performance.

The same thing often happens with job performance reviews. Your boss congratulates you on an excellent job with 90% of your work. But then most of the discussion is on how you should improve that 10%. It’s impossible to do well in every area. Sometimes, there are going to be things you just aren’t good at. Does it make more sense to focus on the 90% you excel at or the 10% you don’t do so well in?

Focusing only on your weaknesses will lead you to only address 10% of your work. Plus, you’ll be forgetting the 90% you excel at. Focus on your strengths instead of your weaknesses. Put the majority of your effort into the 90%, and don’t allow the 10% to overshadow your success.

Apply prioritization management to what you focus on at work. Think positively rather than negatively. Keep thinking can, can, can!

You have a choice, and the choice is yours.

Special note: I highly recommend you read the book “Now, Discover Your Strengths” by Marcus Buckingham.

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

Leave a comment

Filed under Attitude, Budget, Change, Goal Setting, Inspiration, Life, Life Balance

How Is Your Spare Tire?

A flat tire on a Mercury Villager van.

A flat tire on a Mercury Villager van. (Photo credit: Wikipedia)

If we carry around a spare tire in the back of the car, we’re covered in case of a flat, right? Not always.

A few years back, I had the privilege of experiencing a flat tire at midnight on a dark, muddy country road. I thought, “No problem, I’ll just pull out the spare.” It was also flat. The spare tire was placed in that vehicle when it was new and had never been used. The assumption was that it would do the job when needed. But what changed? Time.

As time went by, the spare had slowly lost its air. What “spares” do you currently have that are no longer doing the job? Spares don’t last forever. They need to be maintained. Below are a few things I suggest you look at this week:

  1. Life Insurance: Does it still match your needs? Have you added a mortgage or had children since you first obtained that plan? Are the correct beneficiaries listed?
  2. Homeowner Insurance: Do you have the proper coverage?
  3. Your Will: Again, is it up to date? If something happens to you, what will happen to your kids?
  4. Emergency Fund: Do you have one? If you don’t, will you pull out the credit card and incur additional debt if something happens? Are you prepared for an emergency?

I recommend that you do one more thing- go out to your car and check your spare tire to make sure you are prepared should you have a flat. Don’t procrastinate!!

You never know when you might end up with a flat tire at midnight on a dark, muddy country road.

Until next time . . .

Bryan Cooper
My Financial Life Coach LLC
Financial Life Coach
“Helping You Get Your Financial House In Order”
Delaware, OH 43015

Visit us at http://www.MyFinancialLifeCoach.net

https://www.facebook.com/MyFinancialLifeCoach Continue reading

2 Comments

Filed under Auto, Emergency Fund, Family, Insurance, Life, Money, Personal Finance, Uncategorized

If you can’t leave the freshly baked cookies alone, stay out of the kitchen

Half a dozen home-made cookies. Ingredients: b...

(Photo credit: Wikipedia)

The kitchen

You’ve heard the saying “If you can’t take the heat, stay out of kitchen.” In my case it should be “If you can’t leave the freshly baked cookies alone, stay out of the kitchen.”

For those of you who follow me on Facebook, Twitter, or my blog, you know that I’m on a mission to shed 20 lbs in 56 days. Today is day 29 or 56. This weekend I made some progress and I fell off the wagon at the same time. My progress was that I ran over a mile this weekend. That is a really big milestone for me.

The cookies

The bad this weekend? …my wife’s home-made cookies. I’m very disciplined except for about five food items and her cookies are one of those items. When she bakes I try to be very helpful…I am a self-appointed cookie tester and it is my duty to test EVERY batch, without my wife catching me of course. (Full disclosure-I may have had two cookies for every batch but let’s keep that between us).  Then I justified having a soda because I was off my diet anyway. Because of this lack of discipline (and logic) I get to work on lb #12 again.

Not following my own advice

I advise my clients that if they have an issue spending money on things not in the budget that they should avoid the stores so they do not have this temptation. Had I followed my own advice this weekend I would have stayed out of the kitchen and I would be working on lb #13 instead of a do over with lb #12. So the lesson is stick with your budget (or diet), if you don’t, you will be extending how long you are paying on debt (or extending how long until you hit your ideal weight goal).

Knowledge or Behavior?

One more point, it isn’t always about knowledge, sometimes it is about behavior. I know that cookies and soda are counterproductive to my weight goal but I did it anyway. But like learning to ride a bike I’ll get back up and start riding again this week.

What goal are you struggling with this week?

Let’s hear about your goal or your struggle for this week.

Remember, you have a choice, and the choice is yours.

Bryan Cooper – www.MyFinancialLifeCoach.net

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.

2 Comments

Filed under Budget, Change, Goal Setting, Goals, Health, household budget, Life, Personal Finance

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.


 

Leave a comment

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.

Leave a comment

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

Confession – My Financial Life Coach Lacks Discipline

I lack discipline

That’s right, I lack discipline. Did I go out and borrow money for a car? No, I have pretty good discipline with money; my challenge is with eating and exercise. I like to eat and I don’t like to exercise.

False advertisement?

The 20 ounce soda says it contains 2.5 servings. I find it only has one serving. The peanut butter flavored cereal says 12 servings; a new box is half gone when I finally push myself away from the table…so it only contains two servings for me.

No it isn’t false advertising, it is MY lack of discipline, MY inability to control the amount of consumption, and MY frequency of consumption. Bottom-line, MY eating habits and MY lack of exercise habits are similar to the money management habits of my clients.

Reflecting back

I was in great physical condition when I was in the military. That was 32 pounds ago or about a pound a year. I have rationalized that this rate of gain is acceptable until I realized last week I could live as long as my grandfather who lived to be 100 years old. If I live that long and keep up this current pace, I will have gained about 80 pounds. Totally unacceptable – I want to have good health and energy to do what I want to do.

Changes start today

It is time put my money discipline skills to work in the area of my health. Focus and discipline. That starts today. For those of you who have worked with me as a coach or have gone through the Balance Up program you know that is important to  1) Set goals; make them visible, 2) Put a plan together to achieve the goals, and 3) Hold yourself accountable to others. When clients do this they typically see significant progress in about 6 weeks.

I really like the 6 week time frame. 6 weeks is 42 days. It takes 21 days to form new habits so 42 days gives you twice as much time as you need to form new habits.

Next Steps

My goal – Shed 15 pounds in the next 6 weeks through exercise and eating discipline. How will I keep this goal visible?  I’m going back to the military haircut, the haircut of my prime. I will be reminded of my goal, my plan, every time I look in the mirror.

My plan – Eliminate the ice cream, soda, and PB cereal over the next 6 weeks. Drink more water and less coffee (ugh). Exercise no less than 4 times a week.

My accountability – I know that the My Financial Life Coach audience will hold me accountable and will cheer me on. I will update my situation twice a week on my blog and on Facebook.

Current Facts

Today’s weigh in – 180 lbs.

It’s not all about me.

Now a challenge for you. What are you going to do to in the next 42 days to improve your health or your financial health?  Feel free to join in the challenge by commenting on either the blog or on the Facebook page.

You know that I always end my post with the following quote…

“You have a choice, and the choice is yours.” – Bryan Cooper, Financial Coach

I think it is appropriate to change it for today…

“I have a choice, and the choice is mine.” – Bryan Cooper, a middle aged out-of-shape guy who needs discipline to get back into good physical shape.

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 too.


Leave a comment

April 2, 2012 · 10:45 am

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

Leave a comment

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

Poor vs. Broke – How do you look at it?

Civil engineering and infrastructure repair in...

Image via Wikipedia

First let’s start out with a few bullet points for each and then a real world example.   

Poor   

  • Victim mentality
  • Someone else’s fault
  • Justify why they can’t get ahead
  • Complain
  • Do not take responsibility

Broke

  • No victim mentality. They realize it is temporary.
  • Not someone else’s fault. They take ownership.
  • Do not justify why they can’t get ahead
  • Do not complain (at least not for long)
  • Do take responsibility

Poor versus Broke. (from an earlier blog)

After a hurricane Katrina, my daughter and I traveled to the area affected by it to assist in the rebuilding. My job was to install plumbing in the new homes that were being built in one of the poorer areas.

Broke

While there, I had the pleasure of meeting a retired gentleman who lived across the street from where I was working. He was in his late 80’s, and he brought over some sodas for us to drink as we worked. He told us he appreciated the work we were doing in his neighborhood. He informed us that the water had been about 4 feet deep in his home and truck. He had cleaned up his place himself and was currently working on his truck so he could get it running again (his truck was worth about $200).

He said that he was living on a $600 per month income and that the storm had set him back a little financially, but he felt he had bounced back fairly quickly. He was broke, but not poor.

Poor

Beside him sat a house that still had all of the flood residue in the yard. On the porch sat three teenage boys who lived there, each listening to his MP3 player. They motioned for me to come over to where they were sitting, so I did.

When I got there, they asked if I knew when the work crew was coming to their house to clean their yard. I stood there in disbelief. Here were three able-bodied young men who had the physical ability to take care of their own situation but were waiting on volunteers- volunteers their own age who were paying to come from other states to help. It then occurred to me that these young men had been raised to believe that they were poor and that they could not do anything about it.

Which are You?

So as you look at your own finances, are you broke or poor? Broke is temporary . . . just a bump in the road. Or are you poor, thinking that you have no control over and no input into your situation? The two definitions I’m using have nothing to do with money; they have to do with people’s attitudes and perceptions of their situations.

You have a choice, and the choice is yours. – Bryan   My Financial Life Coach, LLC

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.

1 Comment

Filed under Blog, Events, Finance, Home, Inspiration, Life, News

The enemies of your financial goals

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

Image via Wikipedia

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.

8 Comments

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