The
Steps: |
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Management
Section
I / Section
II / Section
III / Section
IV / Section
V / Section
VI
More money will not solve all your problems. The truth is that more money will just postpone mismanagement problems. The basic problem is that wants continue to expand while resources are limited.
The reason many people have problems is that they overestimate income and underestimate expenses; overestimate time they have and underestimate length of time an activity will take. Time is money so managing one's life is basic to managing one's wealth. People do not estimate expenses accurately in time or money because they do not count miscellaneous items, start-ups, and interruptions. You need experience in your new situations to be more accurate in estimating. Estimate income more by realizing that taxes and contributions reduce income by 25 - 34% of gross income. Think of your "decision income", which is after taxes, etc. rather than gross income for deciding what you can afford. Estimate expenses (money and time) more accurately by keeping records and using the budget categories of daily, weekly, monthly, and semester.
Management is necessary when there are more demands upon your time and money than you have. Management is necessary whenever you have changes in demands, changes in your resources, or changes in knowledge of more effective and efficient ways to manage. A hidden cause of financial problems is the continued rising expectations or standard of living while real income (purchasing power) is decreasing.
A new system of management is necessary when the unplanned or unexpected occurs. An example is when the financial aid check comes 2 - 3 weeks after school starts and books have to be bought. Notify the Bursar to tag your registration so that you won't be dropped. If you get a loan or use credit to tide you over, you have to guard against further spiraling problems. Management is necessary to spread a lump sum of money over a semester.
Management is planning, controlling, and coordinating the plan with others, implementing, and evaluating. Continuous evaluation is necessary as resources and situations change. Implementing is important and probably the most difficult. Otherwise the road to ruin is paved with good intentions, the path uncontrolled, and goals not accomplished. Remember that achieving different results requires taking a different approach. Different may be new, creative, or innovative.
Financial Effects of Time and Energy
Management is the cornerstone to success. Success hinges on one's ability to manage time, energy, space, emotions, community resources, and money. Management is mobilizing all resources, inner self, family, time, abilities, and money to optimize satisfactions and productivity. The steps to economic security are composed of creativity, determination, and self-discipline. Cleverly planning and implementing these abilities is how you design the steps.
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Family
- Government &
Community - Education
& Skills - Employment
- Management
- Credit
- Housing,
Vehicles & Equipment - Insurance
- Savings
- Investment
- Financial
Planning
Ability
to Adjust
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