You are loved! You are Cherished! You are Enough! We’re so grateful for you! In our society,
it is so more apparent that the Mother is the keystone to the home. More and more women are running the financial blueprints and day-to-day activities of the home. I wanted to share some financial tips to help build more of a financial foundation for the families out there, especially the mothers running the household. In our society, we need to understand what the true wealth formula is and what it is not. Surprisingly, very few people follow the wealth formula and resort to what has been done generation after generation. We’re a Consumer Nation and we need to change that to a Savings & Wealth Building Generation.
The Poor Formula is as follows and what too many Americans do every day:
- Income Earned > Borrow > Spend > Debt = Poor As Consumers, so many of us spend and borrow, have things immediately and to get the money we need to and want that instant gratification. The idea of patience and wanting until you have the cash to purchase things is
almost non-existent in our society today. We’re debt ridden and owned by our banks that charge us interest on what we borrow.
The Wealth Formula is one I teach and want to educate others on – so they can alter their habits to build generational wealth:
- Income Earned > Save to Short Term Savings > Save to Long Term Savings = Wealth
I know these formulas are basic in nature, but they do provide a simple guideline to follow. Most ask where can you place that money or how do you start implementing the wealth formula. The most important thing to learn is to start the habit -even if its $10 per month in short term savings and $20 per month in long term savings. Starting the habit and building the discipline is key. One cannot expect to build wealth in their life if they don’t start saving. One of my mentors told me, “most people believe they need to have a lot of money to build wealth and to start saving.” He said, “If you don’t start building the habit now and start saving when you’re broke, you’ll never save when you do have money in the future.”
I implore you to start using and following the wealth formula. Find a financial fiduciary that can help you and guide you along this path. I can help you work towards a more secure financial future. Remember, those that find greatness or achieve their best lives almost always have a
mentor, coach, and advisor to help them along the way. Why not start playing this money game and building your generational wealth now?
As a Mother, you hold the keys and the influence in your household to encourage and improve on your family’s financial future. Start today, and seek out that guidance to build wealth for your future lineage.