An Island We Are Not.... 5 Ways To Keep Most Of Your Income!!

There seems to be a consensus with most of my friends and peers that money seems to run out faster these days.  Cost Of Living, if given legs, have run so far ahead that it seems impossible to catch.  Given the state of the US economy; rampant unemployment, uncontrolled inflation, increased tax audits, and trillions (about to be 14 trillion) owed by our national debt, its no wonder we as a nation are having a hard time cracking the money riddle.  Here are 5 suggestions on ways to keep more money in your pocket not just for the short term.

1. Pay Yourself First. 

I'm sure many of you have heard this before.  Take out a portion of your income after being paid and save it in an untouchable (and I mean untouchable!!...  No buts.. Untouchable!) bank account.  Now many would say, "Well, I just barely make enough money to cover all my expenses"  Trust me, we as humans are very adaptable creatures.  If we are given $10,000.00 we find ways to spend all that.  At the same token, if we are given $3,000.00 we find ways to spend all that also.  Start out even just a dollar; the purpose is to build the "Habit" of stashing away for a rainy day.

2.  Keep Life Simple, You can afford to be extravagant if excess money is there anyway.

Heard of "Living Like the Joneses?"  Or, Heard the phrase "If he can do it, So can I."  The context of these statements are not at all negative depending on the situation.  However, If these statements are placed where one competes (mostly materially), then this can be a problem.  As the economy continues to provide massive uncertainty, it may be wise to hold back on things not of immediate value.  Just remember, your situation is unique with others, so your needs and necessities should not be compared with others as well.

3. Invest in yourself.

Have enough income and cash to invest?  Buy a good valued condo to rent and receive cash flow.  Have a great business idea? Invest on the Time and Education in knowing what it takes to succeed in that business.  Want to earn more income at work?  Show value by doing extraordinary things compared to your job description.  The point of this is for you to spend time, energy, and money investing for your future. 

4. Learn more about taxes.

Taxes is the single most expense, if not mastered, will create a huge hole in your financial future.  Trust me, I know.  Find a good accountant that can help you with your financial planning.  Know their background, years of service, and people they have worked with in the past.  Know the deductions and tax loopholes that may reduce the amount of taxes (legally) you may have to pay.   

5. Find Great Services and Deals!

Yes they do exist!  Government agencies (although funds are starting to be limited), businesses, grocery stores, and online deals have greatly helped millions of Americans with alternative options.  Instead of buying things at full face value, be resourceful in finding similar products for a whole lot less. Spend the time, to save the money.  Online coupon-model businesses such as Groupon and Living Social, a hot business nowadays, have helped millions to save on purchases.  check it out, I have. 

As the economy continues to recover, expect a few things to happen.  Expect taxation, higher education fees, higher business fees, higher penalty fees, higher government and state fees, and higher cost of food and shelter.  It is now more imperative to be financially ready to cope at all these expenses to continue a comfortable lifestyle.  Being a multiple service and product Business Owner, Realtor, and Insurance Agent, I know what is going on out there.  My clients and I have long talks regarding what is currently occurring in their lives and mine.  If you are having financial challenges, don't fret, your not alone.  Things will get better in the future as long as you decide to make it better.

My suggestions?  Trust in yourself, save for a rainy day, pay yourself first, invest (if possible), work smarter, reduce liabilities, be a company asset, produce more (sales), and watch out for taxes.  I guarantee, you will save more income than you spend in the up coming future.

2011.. THE START OF THE "SALESMAN" DECADE!!

There is a saying "If you need to earn more.. "Make more Sales." This is more true now than in any previous times.

With rising unemployment and inflation, double dip housing recessions, bankruptcies and foreclosures throughout the United States, there maybe no better time than to take control of your own financial destiny. As a Real Estate and Insurance Agent, I see many of my clients and customers call my office to reduce insurance coverage limits or sell homes that they no longer can afford. Many lost their jobs, while others experience reduced salaries. Browsing the Internet (As I Often Do), Our US Government are having a harder time whether we should increase taxes or cut government programs. There is also talk of increasing our National Debt Limits. Treasury Secretary Tim Geithner has told Congress that without an increase in the $14.3 trillion debt limit by Aug. 2, 2011 the government will be forced into its first-ever default, with potentially catastrophic results for the economy.

So, What to do now? How did we got here? How do we solve our National "Debt" Problem? How did the US became from the #1 creditor in the world 30 years ago, to the #1 Debtor to a tune of roughly 14.3 trillion dollars. Lets not talk about medicare, medicaid, social security, and Government bailout banks and Too-Big-Too-Fail Corporations, than we would be in debt by over 100 Trillion Dollars!!! Guess what, I have already a hard time figuring out what 100 millions would look like, imagine 100 Trillion?

At this point, I don't believe any of our elected official can solve this problem other than Taxing more Americans and borrowing more unfunded money (hence raising the debt limits) and passing the payment along to future generation. Not our US President, Senators, Congress, and other elected officials can solve this problem at this point. So, if our elected officials will be more of a financial burden than a solution to most hard-working Americans to keep our government from providing services, we have only ourselves to find the solution to this ever growing personal and national debt crisis. So what is the solution? Let's take a look at some obvious answers:

GET A JOB!

The rise of unemployment means securing a Job is a priority. However, as the US goes through its post Great Recession dilemma, A job is never a guarantee. A job can definitely bridge the financial gap but may not cover all living expenses. Furthermore, government "needs" such as taxes, inflation, social security, 401k and medicare takes a bite of your earned income before you see one red cent. What's left? Not as much as you were promised to make.

GO BACK TO SCHOOL!

I've often wondered about this. I see so many people going back to colleges to earn a bachelors or online degree due to a lack of employment in the job market. While I personally believe that going back to school is ok, I do worry about a few things on this. One, many students graduating are facing a tough time finding employment. Two, many Retro-Schoolers (those going back to school) usually ask for government assistance for school loans. After graduation, Retro-Schoolers face a still challenged job market with a newly minted student loan. Not everyone falls in this category for sure, but for those who do, this scenario is a definite bummer. But I do believe in anything you do, you must take risk to succeed. So, going back to school may or maybe not a good move, but at least you learn from whatever result it may be.

BECOME A SALESMAN!

Sales are everywhere. If you look at the current offering at craigslist.org and monster.com for a job, you will find many offerings on a sales career. Why is this? The short and sweet answer to this is

"Employers are looking for better results for their bottom line."

As long as the US economy continue to show lack of stability, employers are being more result-oriented when deciding to keep a person employed. The truth of the matter is,

"The more you show you can bring money to the table, the more likely an employer will keep you."

Employers are no longer looking for someone to fill a position, they are now looking for the "BEST" person to fill any position. As you know, whether you work for a big corporation or a small local business, everything is generated by sales. Other than being a Doctor, Engineer, or a Specialty Career, many will need some form of sales skills to get a job or be considered in any important career positions. The new motto of employers on this tough economy now stands,

"Ask Not What The Company Can Do For You, But What You Can Do For The Company."

BE AN ENTREPRENEUR

This maybe the hardest option of all. Being an Entrepreneur takes reasonable time, training, experience, guts, and skill to pull off. It takes years and years of practice, while no such financial guarantee is ever promised. However, without Entrepreneur-minded individuals, we may not have the financial backbone of what this country represent; Small Business. Small Business Entrepreneurs provide jobs, careers, salaries, and hourly pay for most of our job seekers.

So, Why is 2011 The Start of the "Salesman" Decade? Answer is "Opportunities."
Increasing job market uncertainties, high employer debts, and high national unemployment provides great Opportunities for gut wrenching, salesman. The opportunities are there for great salesman to prove to employing companies that they are the right man or woman for the job. The value of bringing positive revenue to the company is what all companies are looking for.



Ultimately, If we decide to change, re-educate, learn sales, and become Entrepreneurs, we may have a shot at turning things around for the sake of our country and our future generations. Ultimately, it may be up to us to take care of ourselves, grow our own business, and provide financial opportunities for others.  This I believe is why "2011 IS THE START OF THE SALESMAN DECADE."

Erwin Sigua
Author, Entrepreneur, Salesman