Where Were You in 2008? The beginning of a year has a monumental significance in your life. It is a time to reflect on the events of the past year, shedding a tear or two for the people and things we lost yet managing to smile for the good memories you hold dear. More importantly, the start of a new year is a time to set new goals, conjure up new aspirations and expect the best of luck in the coming months.
What we often forget is that we bring into 2009 the same habits and attitudes of 2008. We must therefore start by examining our habittudes (habits and attitudes in short) towards money. Then accept to take corrective action where necessary.
By looking at how you earned money in 2008 and how you spent, saved and invested it, you will get a simple and quick insight into your habittudes towards money. Please go ahead and answer the following 7 questions.
Q1. How did you earn money in 2008? 1a) Employment 1b) Business/self-employment 1c) Investments
Q2. How did you spend money in 2008 on Priority One items 2a) Savings 2b) Investments 2c) Insurance 2d) Personal Development 2e) Taxation
Q3. How did you spend money in 2008 on Priority Two items 3a) Fixed expenses e.g. Rent, Minimum debt payments, Utilities
Q4. How did you spend money in 2008 on Priority Three items 4a) Entertainment, Donations, Travel, Vacation, Parties
Q5. How much new debt did you acquire? How much new debt was for assets, investment, business or personal development?
Q6. How much in assets do you own? 6a) House, investments, land etc
Q7. How much in liabilities do you owe? 7a) Mortgage, Consumer debt, Other debt etc
Where Do You Want To Be in 2009?
It is easy to answer the question, "Where do you want to be in 2009", financially speaking. All you need to do is answer the previous questions with what you would want for 2009. Make sure the total earnings and total expense items are equal. You can adjust the amount of savings to make sure total earnings equal total expenses.
Q1. How do you plan to earn money in 2009? 1a) Employment 1b) Business/self-employment 1c) Investments
Q2. How do you plan to spend money in 2009 on Priority One items 2a) Savings 2b) Investments 2c) Insurance 2d) Personal Development 2e) Taxation
Q3. How do you plan to spend money in 2009 on Priority Two items 3a) Fixed expenses e.g. Rent, Minimum debt payments, Utilities
Q4. How do you plan to spend money in 2009 on Priority Three items 4a) Flexible expenses e.g. Entertainment, Donations, Travel, Vacation, Parties
Q5. How much new debt do you plan to acquire in 2009? How much new debt will be for investment, business or personal development?
Q6. How much in assets do you plan to own? 6a) House, investments, land etc
Q7. How much in liabilities do you plan to owe? 7a) Mortgage, Consumer debt, Other debt etc
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