How to Seize Control of Your Finances

As the end of another financial year comes to a close, I thought it would be ideal to focus this newsletter on your personal affairs.

I'm always amazed that so many people spend most of their life at work and totally neglect their personal affairs. Many business people I coach want to get their professional lives in order, and often admit that their personal affairs are in chaos.

They have no systems for handling this most important area. The household paperwork is disorganised... piled up in a corner of the house... somewhere. They have no idea where they spend their money and often have no plan for their financial future. Sure they are busy in their businesses or job and lose focus as to why they are doing what they do in the first place... and generally that is to make more money so they can have more choices in life. Whether that be to have more time with their family, make a difference in the world or to have a better lifestyle. Of course, you do want to enjoy what you do otherwise you won't be happy in the process.

If you do not organise your personal life, you won't have much of a future to look forward to. Avoid the excuses that you are too tired, don't have the time, and don't know how.

Here are several tips to get you started:

Set up a filing system to store your paperwork.
File your papers in categories: Bank, Car, Children, Home, Medical, Insurance, Investment, Tax, Utilities etc.
Organise direct debits for regular bills.
Read, sort and action your snail and e-mail daily. This will avoid a big build-up.
Make a note in your diary when you need to remember to do things.
Check your bank accounts weekly via phone or the Internet to keep tabs on your money.
Allocate a particular day and time each week to review your personal affairs.
Get educated - attend seminars, read books and listen to information on wealth creation. Having knowledge will make it easier to make better decisions and provide you with the confidence to take action.
ORGANISING YOUR FINANCIAL FUTURE
This area should be top priority. If you do nothing because it's too much effort, well think about this.

What would happen if you lose your job, have an accident and receive no income for 6 months? How would you (and your family) survive financially? Do you have your insurances in order?

Where will you be in the next five years? Maybe retired and on a pension? Or perhaps you have superannuation you hope will be enough to live on? Unfortunately too many people are under false illusions about how superannuation will be the answer for a secure retirement.

Hope is not enough. You have to be pro-active and seek out people who can help you. But be careful who you take advice from and what is the motivation behind them "selling" you their ideas.

Educating yourself on how to make the most of your hard-earned money so you can create wealth should be a high priority. After all, if you're not interested in securing your financial future, who is?

THE FINAL WORD
If you take control of your personal affairs you will have peace of mind and know that you are making things happen.

It's nearly six months since you probably made those New Year's Resolutions. Let me ask you was one of those goals related to money in some way? Have you moved forward, stagnated or gone backwards? You must learn how to manage your time effectively and get organised enabling you to focus on the highest priorities in your life, otherwise a year from now you could still be no further ahead.

I once heard someone say: Some people make things happen, others watch things happen and others wonder what happened. What do you choose to do?

Have a great week!

Lorraine Pirihi
Australia 's No. 1 Productivity Coach

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Economic Growth Continues - More Than 5.3 Million Jobs Created Since August 2003
On June 2, 2006, The Government Released New Jobs Figures – 75,000 Jobs Created In May. The economy has created about 1.9 million jobs over the past 12 months – and more than 5.3 million since August 2003. The unemployment rate fell to 4.6 percent – lower than the average of the 1960s, 1970s, 1980s, and 1990s.

The Economy Remains Strong, And The Outlook Is Favorable

Revised Report Shows Fastest Real GDP Growth In Two-And-A-Half Years. Real GDP grew at an annual rate of 5.3 percent for the first quarter of this year. This follows our economic growth of 3.5 percent in 2005 – the fastest rate of any major industrialized nation.

Productivity Increased At A Strong Annual Rate Of 3.7 Percent In The First Quarter.

Real Hourly Compensation Rose At A 3.2 Percent Annual Rate In The First Quarter.

Personal Income Increased At An Annual Rate Of 6.7 Percent In April. Since January 2001, real after-tax income has risen by 12.9 percent, or 7.3 percent per person.

Real Consumer Spending Increased At An Annual Rate Of 5.2 Percent In The First Quarter.

Employment Increased In 47 States Over The Past 12 Months Ending In April. Nonfarm payroll employment increased in 41 states in April.

Industrial Production Increased 4.7 Percent Over The Past 12 Months. Over the past 12 months, manufacturing production has increased by 5.5 percent.

President Bush Has An Aggressive Agenda To Keep The Economy Growing

This Week, President Bush Nominated Henry Paulson As Treasury Secretary. Paulson has an intimate knowledge of financial markets and an ability to explain economic issues in clear terms. For the past eight years, Paulson has served as Chairman and Chief Executive Officer of the Goldman Sachs Group, one of the most respected firms on Wall Street.

The President Has Expanded Tax Relief And Is Working To Make His Tax Relief Permanent. Two weeks ago, President Bush signed into law a bill that extends the tax cuts on dividends and capital gains. This legislation also contains an Alternative Minimum Tax (AMT) patch enabling millions of middle-income families to avoid paying higher taxes in 2006.

The President’s Tax Relief Has Helped Spur Growth By Keeping $880 Billion In The Pockets Of American Taxpayers. The Administration reduced taxes for every American who pays income taxes, doubled the child tax credit, reduced the marriage penalty, created investment incentives for small businesses, and put the death tax on the road to extinction.

Growing The Economy And Reducing The Deficit Depend On Controlling The Spending Appetite Of The Federal Government. Every year since the President took office, the Administration has slowed the growth of discretionary spending that is not related to the military or homeland security. The President's last two budgets cut discretionary spending that was unrelated to the military or homeland security, and we are on track to cut the deficit in half by 2009.

If The Emergency Supplemental Bill – Which The President Has Requested To Help Fund The War On Terror And Hurricane Recovery – Includes Non-Emergency Or Wasteful Spending Or Exceeds The President's Set Limit Of $92.2 Billion Plus Funding To Prepare Our Nation For A Pandemic Flu Emergency, He Will Veto It.

In The Long Run, The Biggest Challenge To Our Nation's Budgetary Health Is Entitlement Spending On Programs Such As Social Security And Medicare. We call on members of both parties to join us in a bipartisan commission to address this critical issue.

The President Will Continue Working With Congress To Restrain Spending In Other Ways, Including Passing A Line-Item Veto. A line-item veto would allow us to cut needless spending, reduce the budget deficit, and ensure that every taxpayer dollar is spent wisely – or not at all.