Apr

6

Gratification Groupie Or Genius - Which Are You?

April 6, 2008 |

There is one simple thing that differentiates you from those who have the money you always wanted to have. It is not the connections you have, your skill, talent or even the things you own. It is the MINDSET.

What am I talking about when I say mindset? The way you handle your money immediately tells me if you are a Genius or a Gratification Groupie. Here is how I define those terms.

Gratification Groupie: Spending more than you make is a habit and cash leaves your hands as quickly as it comes in purchasing stuff that you want rather than need. You think your material possessions can be used to impress others. You follow the crowd and do what they do - shop, shop, shop, spend, spend, spend. You are drowning in debt that you cannot pay off, but try to give the appearance that you have money. You actively search for ways to spend your money, and spend time deciding on things you want to buy instead of taking action to pay off your debt and investing in your future financial survival. You are constantly worrying about money.

Genius: Paying yourself first by stashing away part of every dollar that comes in the door for your future financial security is a first priority. You spend the rest of your money in ways that helps you produce more income for your financial survival. You methodically stash money away over time to buy the things you really need, and you pay cash. Credit cards are seldom used, and the balances are paid off as soon as the statement shows up in the mailbox. You do not use your money to buy things to win popularity or impress others. You are never worried about money.

What sets apart the millionaires from the rest of the people? Very little. The only true difference is how they use their money when it comes in.

You see, It is not how much money you make, it is what you do with it that determines your financial condition. There is a simple science to managing your money the correct way. Very rich people know this system.

If you really desire to change your ways and convert from being a Gratification Groupie to a wealthy Genius and reach the goal of being financially free, here is the formula the Genius uses to manage their money when they make it:

1 - Stash at least 10% into an savings plan to secure your future financial survival. Raise the percentage over time.

2 - Starting today, pay cash for everything. Stop buying on credit.

3 - Use a minimum of 15% of your income to pay off debt and past due bills.

4 - Use cash to pay for current necessities like rent, utilities, and telephone.

5 - Make your spending decisions based on NEED instead of WANT. Buy the items you need that increase your ability to produce more income. Buy used instead of new. Most items lose 25 % to 80% of their value the instant you pay for them.

Just in case you missed the importance of this one fact, I am going to repeat it. It is not how much money you make, it is what you do with it that determines your financial condition.

Sandra Simmons, President of Money Management Solutions, has years of experience helping professionals and families manage their income to achieve their financial golas. To find out about the Money Management Software she created, watch the FREE 5-minute demo video on her website at www.MoneyMgmtSolutions.com

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