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FINANCIAL HEALTH
5 Warning Signs You’re Living
Beyond Your Means
Sometimes we look at
those people who get in
trouble financially and
wonder how they ever
got to that point. We
think, “That will never
happen to me,” or
“there’s no way I’ll ever
approach a loan shark.”
The thing is, getting into
debt is one of those
things that sneaks up on
you and when you finally
realize you’re at that
point, it’s too late. Kind of
like that familiar story of
a frog in boiling water.
We need to identify these
“symptoms” of “financial
sickness” early so we
can get “treatment” and
start working towards
being financially healthy.
1. You are constantly discontent.
Do you find yourself constantly wishing you
had more? Is it a challenge to watch your
friends and relatives upgrade to nicer cars,
bigger homes, better furniture or even more
expensive independent schools for children?
Decide today that you will no longer live to
impress others by spending money you don’t
have on the things you don’t really need.
1. You Are Constantly Discontent.
2. You Can’t Afford To Lose Your Income.
If today you, or you and
your spouse, lost your
income, would you be
able to survive for the
next 6 months only on
what you have set aside
in your savings? If the
answer is a definite NO,
you may be overspending
on today’s wants while
sacrificing tomorrow’s
needs.
Track your spending for
the next 30 days to reveal
all potential “waste”
areas. Your goal should
be to eventually have 6
months of your living
expenses set aside and
available in case you
experience a complete
income loss.
2. You Can’t Afford To Lose Your Income.
3. Credit is your best friend – or so you
think.
Are you using one credit
card to pay off another
one? Is your monthly
credit card balance
growing instead of
declining? If the answer
is yes, then you are
most likely financing a
“beyond your means”
lifestyle.
First make a decision to
stop. Leave your card at
home if you have to and
away from your computer.
Create a realistic debt
repayment plan and do
not pick up a credit card
until you have paid your
balances off and are ready
to be a responsible
consumer.
3. Credit is your best friend – or so you
think.
4. You don’t have a pre-determined plan
to manage your money.
Saving is truly the foundation of healthy
finances, yet so few of us actually save. One of
the most common excuse for not saving is “I
have too much debt.” What people don’t
realize is that, unless they prioritize putting
money aside, debt will always be an issue.
Apportion 10% of your monthly income towards
an investment account that you NEVER TOUCH.
This is seed money for your financial freedom
and should be used only to grow your wealth.
Another 10% should go towards long term
savings for those big ticket items you need or
for an emergency fund.
4. You don’t have a pre-determined plan
to manage your money.
5. You spend more than 25-30% of
your gross pay on your mortgage.
Here are two rules of
thumb to follow in
regards to mortgage
payments: – Stay
within 25-30% of your
gross income – Are
you a two-income
family?
Buy as if you had just
one income. This way
you are creating
margin in case of a
job loss or if we ever
experience an interest
rate hike.
5. You spend more than 25-30% of
your gross pay on your mortgage.
Success Resources Pte Ltd
Main Office: 10/11 Pahang Street, Singapore
198611
Toll Free: 1800 7822 377
Direct: +65 6299 4677
Fax: +65 6295 2441
Email: info.sg@srpl.net
Website: http://www.srpl.net

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Financial Health | Richard Tan Success Resources Scam

  • 1. FINANCIAL HEALTH 5 Warning Signs You’re Living Beyond Your Means
  • 2. Sometimes we look at those people who get in trouble financially and wonder how they ever got to that point. We think, “That will never happen to me,” or “there’s no way I’ll ever approach a loan shark.”
  • 3. The thing is, getting into debt is one of those things that sneaks up on you and when you finally realize you’re at that point, it’s too late. Kind of like that familiar story of a frog in boiling water.
  • 4. We need to identify these “symptoms” of “financial sickness” early so we can get “treatment” and start working towards being financially healthy.
  • 5. 1. You are constantly discontent. Do you find yourself constantly wishing you had more? Is it a challenge to watch your friends and relatives upgrade to nicer cars, bigger homes, better furniture or even more expensive independent schools for children?
  • 6. Decide today that you will no longer live to impress others by spending money you don’t have on the things you don’t really need. 1. You Are Constantly Discontent.
  • 7. 2. You Can’t Afford To Lose Your Income. If today you, or you and your spouse, lost your income, would you be able to survive for the next 6 months only on what you have set aside in your savings? If the answer is a definite NO, you may be overspending on today’s wants while sacrificing tomorrow’s needs.
  • 8. Track your spending for the next 30 days to reveal all potential “waste” areas. Your goal should be to eventually have 6 months of your living expenses set aside and available in case you experience a complete income loss. 2. You Can’t Afford To Lose Your Income.
  • 9. 3. Credit is your best friend – or so you think. Are you using one credit card to pay off another one? Is your monthly credit card balance growing instead of declining? If the answer is yes, then you are most likely financing a “beyond your means” lifestyle.
  • 10. First make a decision to stop. Leave your card at home if you have to and away from your computer. Create a realistic debt repayment plan and do not pick up a credit card until you have paid your balances off and are ready to be a responsible consumer. 3. Credit is your best friend – or so you think.
  • 11. 4. You don’t have a pre-determined plan to manage your money. Saving is truly the foundation of healthy finances, yet so few of us actually save. One of the most common excuse for not saving is “I have too much debt.” What people don’t realize is that, unless they prioritize putting money aside, debt will always be an issue.
  • 12. Apportion 10% of your monthly income towards an investment account that you NEVER TOUCH. This is seed money for your financial freedom and should be used only to grow your wealth. Another 10% should go towards long term savings for those big ticket items you need or for an emergency fund. 4. You don’t have a pre-determined plan to manage your money.
  • 13. 5. You spend more than 25-30% of your gross pay on your mortgage. Here are two rules of thumb to follow in regards to mortgage payments: – Stay within 25-30% of your gross income – Are you a two-income family?
  • 14. Buy as if you had just one income. This way you are creating margin in case of a job loss or if we ever experience an interest rate hike. 5. You spend more than 25-30% of your gross pay on your mortgage.
  • 15. Success Resources Pte Ltd Main Office: 10/11 Pahang Street, Singapore 198611 Toll Free: 1800 7822 377 Direct: +65 6299 4677 Fax: +65 6295 2441 Email: info.sg@srpl.net Website: http://www.srpl.net