Wednesday, April 27, 2011

MANAGE ON THE INCOME YOU HAVE, STOP WORRYING ABOUT WHAT YOU DON'T HAVE

I used to spend an awful lot of time worrying about my finances or lack thereof.  However, by committing myself to the study of personal finance and investing, I finally came to the realization that it's not so much what you have or don't have as it is what you do with what you've got.  

As an example, during the recession my personal earned income has dropped by close to 50%, an extreme amount by any standards.  While I was thankful to have any job while so many are still out of work, it has been an ongoing challenge to manage with such a dramatic drop in income.  Then I suffered a heart attack and found myself faced with major medical bills for ongoing treatment, with no insurance to help cover costs.  At first things seemed pretty bleak, but then I remembered some great advice from one of the books I'd read.  When you're faced with seemingly insurmountable obstacles, you should never say, "I can't afford it" or "I can't do this or that", rather you should ask yourself, "How can I afford it?" or "How can I accomplish my goals?"  When you make a definitive statement ("I can't afford it.") your brain accepts that as final and gives the matter little further thought.  But when you ask yourself a question ("How can I afford it?") your brain immediately goes to work on the problem and you will ultimately find a solution.  It may not be quite the answer you expect, but you will find a way to deal with whatever situations may occur.  

As for myself, when I stopped worrying about how I was going to afford to pay the bills and how I was going to pay additional medical costs related to the heart attack, and started asking myself how I could deal with the my current situation, I began to look for answers and find a way.  O.K., so things aren't perfect, but I've managed to carry on my normal lifestyle pretty much as before, I'm still saving and investing on a monthly basis (albeit in smaller amounts) and my health continues to improve, by following the advice of my cardiologist and diet and exercise.  

So what I'm trying to say is, when you've educated yourself financially to the point that you can manage on whatever income you have, you can stop worrying about what you don't have and start enjoying life again.

No comments: