Are you at a position of strength and power with your finances? Are you leveraging what you have? Having money is not about spending? It is about being at a position of strength. It is about leveraging. Many corporations leverage their money for profit and future development. If a corporation do this, can the common individual leverage their financial position?
I believe that anyone can leverage their own financial position by understanding their current position no matter what they are earning. To understand your position, you have to understand your net worth. Many companies plot out their net worth on a yearly basis in their annual report. Net worth is assets minus liabilities. Assets are nothing more than the value of your investments that you own. Liabilities are what you owe. The two create the difference to give you net worth and this tells a lot about your financial situation. It also tells you whether you are a saver or spender. Look at your net worth again and ask yourself are you doing the best you can with your money. Are you allowing your money to work for you or you are working for it?
To get at the position of strength, you must budget, give and work your investments. Yes you must do those three things; you will become resilient. To get here, you must know your purpose with money. The purpose is not to spend all you make. What are your 1, 5, and 10 year goals with your money? Because you have a purpose, having debt is the last thing that you want to have. Because you have a purpose you understand the laws of sowing and reaping (giving). And lastly, you have to work your investments like a farmer. Planting, watering, and weeding are necessary for investments to grow. I can tell you by doing these things, debt have left my house and my position of strength continues to strengthen every day.
Many financial counselors don’t talk about the position of strength for your finances. Being in this position, gives you a lot of options in an economic recession. You don’t have to foreclose nor go into bankruptcy. Getting in the position of strength will prepare you for the tough days to come.
The position of strength allows you to leverage. Don’t you realize by having a positive net worth, that you can leverage your creditors for your benefit not theirs? Do you realize that you are leveraging mortgage companies to come to you instead of you going to them? Yes, it can happen. If you desire to reduce or eliminate your mortgage payments, secure a positive position of net worth by paying your bills on time and increase your cash position. You will be in the driver seat to do anything that you desire to do even to eliminate debt. Banks and creditors like people who pay their bills because it is one less person to keep up. They want to keep your business because you are good to the bottom line.
Start today and prepare for your position of strength. Favor will be show to you.