What is Personal Economy?
Your personal economy represents the health of your financial life. It incorporates all the things you value most – your family, your home, your passions, your work, your experiences, your legacy. Simply put, your personal economy is how you use your finances for all the things that matter to you.
It Must Stand Alone
Your personal economy can not be tied to what is going on in the world! It must be sovereign and free of political interaction or distraction. You must determine the best method to increase your profits.
Taking Action!
Yes, you are probably tired of hearing the words “take action”. But unless there is a process to your wealth creation you fall into inertia. You will notice that time is slipping by and weeks turn into months and years too quickly.
One of the most powerful wealth habits is to develop momentum.
You do this by having some cash-generating mechanism in place that is actively increasing income.
It’s important to realize that each day you “burn” through money. this is done actively and passively through:
- utilities used in home/apt (gas, electric, and water)
- telephone service
- water use
- food requirements
- impulsive spending
- food
- clothing
- entertainment
- vices (smoke, drink, and sex)
This is not a judgment but instead a reality check. Since you are ‘losing’ money each day there must be a mechanism to replace it.