HANDLING UNEXPECTED FINANCIAL SETBACKS & CHALLENGES!

I have been stressing that being debt free is the way to live life. A good friend suggested that I talk about how to respond to financial challenges if you are not debt free and how to approach this.

First of all, financial challenges are not life threatening and you need to keep things in perspective. This morning I talked to a friend who had to rush his 16 year old daughter to the hospital for emergency surgery. He had quick change in his perspective as to what was really important in life.

Whatever challenges you are facing today remember that 5 years from now this will be but a memory and chances are that you will be facing new challenges.

Let’s say you just lost your job, you are heavily in debt, and have few, if any, cash reserves. Things to consider:

1. Immediately contact your creditors and let them know of your circumstances and your desire to pay off your debt. I am positive that they will be open to working with you. Even if you only send in $10/mo. , it will show your willingness.

2. Look at what you can sell. If you owe money on a car, see if you can sell for at least what you owe on it and buy a used vehicle to tide you over. Get rid of the payments.

3. Do not hesitate to take even low paying jobs. It will put food on the table.

4. Get rid of cable or satellite T.V., cell phone, and any other services that you do not need.

5. No more spending on eating out, movies, etc.

6. Above all do not lose hope or faith.

Realize that literally millions of people have faced similar challenges and they overcame.

Perhaps, in hindsight, you will see that this happened in your life to direct you into a new life path that propelled you to into a brighter future!

Jacques
CreatingWealthThatLasts

WHAT TO DO IF YOU GET THE PINK SLIP? IT ALL DEPENDS!!!!!!

As part of my day to day business, I meet lots of people who are in not so good financial shape. They literally seem to owe money on everything: cars, boats, credit cards, loans, T.V.’s, you name it, their paying on it.

The sad thing is that some of them will go totally bust if they should lose their jobs. For some people getting a pink slip is really not too stressful, as they have no debt and a reserve of cash for at least 6 months. Does that sound like you? If not then getting the pink slip will be a BIG deal and very stressful.

So what do you do if you have debt and no reserves? Start now! Don’t wait! Don’t procrastinate!

It might seem impossible to you at this time but don’t lose heart. Believe me, if I can do it, you can do it! You cannot Create Wealth That Lasts with ongoing debt as part of your lifestyle.

I have previously talked about how most financial people talk about good debt and how this is something you need. Nobody needs debt. If you believe this lie, then it will be very difficult for you in the long run.

I do believe that buying a home is something you need to do and you might need some debt to start this process. However, you don’t need a Mc Mansion! In today’s housing market, you can find good buys that will suit your needs.

Did you ever consider that you can get a 15 year mortgage instead of a 30 year mortgage for not much more monthly payments, if you can cut done on other areas-like cable T.Y. for instance? Yes, I did say cable T.V.

Seriously, start to picture yourself debt free, see yourself as relaxed and content. The day will surely come when you will find that the albatross around your neck is gone and your are FREE indeed.

Being debt free is a noble goal for you, your family, and your posterity!

Jacques
CreatingWealthThatLasts

MYTH: SECRETS OF THE SUPER WEALTHY !

Do you get as many emails as I do about getting the secrets of wealthy people and how to get rich overnight and you need to respond right now for only $47 before the price goes up?

People sometimes look for a quick way out of their mess. That’s why lotteries are so successful. ( I don’t believe all the hype as how this is helping government pay bills through the money raised by the lottery). The lotto is a tax on poor people and on people who can’t do math.

There is no such thing as easy wealth and there is no such thing as MONEY SECRETS ! People want a sure thing and there is no such thing. There is inherent risk in everything in life. Just going outside your home is a risk.

What do rich people do? They save, they spend less than they earn, they look for deals, they don’t buy to impress their friends, they expect to increase, they are prudent, and they don’t expect the government to bail them out.

Rich people do not work 9- 5. That’s job mentality. They work however long it takes. If you have a day job, what could you be doing in your spare time to develop new skills: take courses, classes, explore starting a business part time, etc. The opportunities are everywhere !

The Internet is a true equalizer. Everyone has the opportunity to develop a business, but don’t be fooled. There is no such thing as an overnight success and earning 6 figures in 90 days. You must pay your dues and learn, learn, learn and implement, implement, implement.

Patience and persistence are key elements. The rich have multiple sources of income. They might have jobs but they almost always have a business on the side that might become a full time business. They are not afraid to take calculated risks.

These are not secrets but principles. One major key to getting rich that I have already mentioned and this is worth a million dollars. SPEND LESS THAN YOU MAKE! That is the starting point. If it will make it easier to swallow, I’ll tag it as a SECRET of the SUPER WEALTHY !

Jacques
CreatingWealthThatLasts

MORE MONEY MYTHS! WHY ARE WE WORRIED ABOUT THE BANKS?

The whole U.S. seems to be focused on banks and what we must do to keep them afloat. What do banks do? They lend money. That’s how they make money. Lets imagine that everyone stopped borrowing from banks ( that includes credit cards) and they saved and paid cash for everything.

First of all people would still spend the money, which would spur the economy, and the only ones not making lots of money would be the banks. I have a home in Bangor, Me. and the major buildings going up are banks and drugstores. It seems there’s a new bank being built on every corner!

The myth is that if people don’t borrow from banks the economy will suffer. Wrong, wrong, wrong! There are 6 billion credit card offers going out every year. Why? It’s a big money maker. It’s a rip off if you ask me and highway robbery with the interest rates they charge.

We keep seeing that consumer confidence is down. All they are really measuring is how much people are putting on credit. Believe me if everyone was out of debt consumer confidence would be sky high.

Saving and investing causes an increase in wealth while borrowing creates bondage, poverty, and more banks on the corner. Do I sound negative about banks? Maybe. Did you every have to go for a loan and made to feel like you where not worthy to sit in the chair in front of the loan officer who was probably making not much over minimum wage?

I use credit cards in my business and personal life and pay off all balances at the end of the month and my wife and I use this to get air miles on different airlines. We accumulate enough points to get several free tickets every year.

In the last 10 years we have started doing this we have never been late on a payment. This past Christmas we went to Florida for 12 days and when we got back our credit card bill had come in at about the time we left. We sent our credit card payment immediately and it was one day late. A $30 late fee. Give me a break.

Americans don’t need to keep borrowing enormous amounts of money every year to keep the economy afloat. That is a lie.

Get debt free. Stay debt free. That will make for a more sound economy in my book!

Jacques
CreatingWealthThatLasts

MONEY MYTHS CONTINUED !

Some people may find that I sound harsh at times with my comments. I do not mean to offend anyone, I am just providing my opinion. After struggling with debt for so many years, I know firsthand that debt is a CURSE. It keeps you in bondage and you think that you can never live without debt and you will never be able to afford anything without borrowing or using a credit card.

How many college graduates are starting out life with huge credit card debt to go along with college loans and they do not realize how long it will take to pay this off if they only pay the monthly minimums.

Another pet peeve I have is car loans and car leases. When my son was in the United States Airforce he was stationed outside of Boston at Hanscomb Airforce Base and had gone out to buy a used car. He is a good negotiator and got a good deal. He was shocked to see how many of his buddies had bought new cars or trucks at $25,000 to $30,000 a pop and had signed to pay loans for 4-5 years!

The car salesmen loved these new recruits. Myth: Car payments are a way of life, you’ll always have them. No! Drive a dependable used car.

A couple of years ago, we helped our daughter buy a second hand 2002 Mercury Sable. The car had 35, 000 miles and we picked it up in late December for $8,500. My wife did the negotiations, she is much better than I am. My daughter has 65,000 miles on her vehicle at this time and it is running fine. By the way, it’s paid off and she is saving for another car.

Same way with leasing a car, even if it’s for business. Use a calculator and you will quickly see that a lease is the most expensive way to operate a vehicle.

Have you heard this: You can get a new car at zero percent interest? A new car loses over 60% of its value in the first four years, that is not 0 %.

What to do. Put money aside every month, whatever the amount and save instead of getting credit. You can find excellent bargains on used vehicles. Once you buy the vehicle, keep putting money aside monthly, just as if you where making a car payment. You are paying yourself to buy your next vehicle cash.

Try it, you’ll like it.

Jacques
CreatingWealthThatLasts

MONEY MYTHS !

It’s really amazing to hear all the financial pundits on the news. If you believe everything they say we are all victims !. It’s not our fault we are in debt and it’s the government’s responsibility to get us out of debt.

This is a dangerous lie. The government does not produce anything. It spends! Any time it uses money, in any form, it is coming from taxes or printing extra money which creates inflation. Government intervention is not the answer.

As the government gets more involved it leads to socialism and then: total government control. Our present economic system is based on spending and not saving. Americans today are saving practically nothing. We are in debt to our eyeballs.

Ever hear the saying: good debt and bad debt. Baloney! All debt has a risk to it and all debt has to be repaid-with interest. The word mortgage comes from two French words: Death and grip. In other words, a mortgage is a death grip!

Debt will keep you in bondage and will keep you poor your entire life and it does not matter how much money you can be making. Multi millionaires might be paying $20,000 and up per month on a mortgage. Give me a break!

Life is not about outdoing the Jones’s. It’s about living a quality of life that eliminates undue stress in our lives. Believe me once you are debt free you’ll feel like you’ve lost 100 lbs off of your shoulders.

Myth # 1: You house is an asset. Wrong! An asset is something that produces income. How much income is your house producing? You are paying a mortgage, taxes, insurance, utilities, etc.

In other words, money is going out and not coming in. Hey, what about appreciation and making a killing on selling your home? First of all you have to live somewhere. Where will you go? Second of all, as your house appreciates-your taxes are going up. I would guess that in today’s market your house has lost value.

Keep tuned in!

Jacques
CreatingWealthThatLasts

WHO CAN YOU TRUST FOR FINANCIAL ADVICE?

I just finished reading an article in Forbes Magazine about the glut of people who call themselves financial planners. Most financial planners make their money by actually selling you products and earning commissions by buying and selling stocks in your portfolio. There are also financial planners who charge a fixed price.

If you consider the recent Madoff scandal with celebrities, multi-millionaires and even billionaires losing large portions of their fortunes, who can you trust? Most people feel they do not have the financial know how to make investment decisions or the time to devote to this and they look to so called experts to handle their hard earned money.

I could never understand how recent college graduates from prestigious schools would get high paying jobs on Wall Street making investment decisions. They made six and seven figure incomes even if the investments they recommended lost money for their investors.

My take on this: a scam! Sounds harsh! What do all the pundits say: Invest for the long haul: 20-40 years. What if you’re at the end of 40 years and everything gets wiped out? What then?

Even the big wigs in this industry don’t even beat the market most of the time. I personally have lost faith in the stock market. I still have money in a 401K and I will keep it there but I am not putting any more money in the market. That is my personal decision. Feel free to disagree.

I have found that I am more comfortable with a conservative view and I know that there is no get rich quick scheme. So what do we do with our money? I have most of my money at this time in CD’s that are staggered and have different maturity dates and rates of interest. I am also looking into real estate in prime markets that are underpriced. I am not looking for fixer uppers but solid real estate that is on the market at a good price.

Yes, real estate goes up and down but at least you still have the real estate in the long run and it does not evaporate into thin air.

I have one area where I have never lost money and I can sleep well at night knowing that my money continues to work for me at all times. I invest heavily in God’s Kingdom! The returns are multi-dimensional and God is the best investor in the business!

This goes well beyond the tithe (This is another topic in itself and I will not elaborate on this). When you really do not know what to do with your money, invest it with God. You will never go wrong and you will never lack!

Jacques
CreatingWealthThatLasts

BEING GOOD STEWARDS OF OUR FINANCES !

As my wife and I progressed in our married life, from a life filled with debt to living debt free, we made a concerted effort to teach our kids what we have learned. Our son Jason is 31 years old and has always been good with his finances and was a saver and careful spender. He really absorbed our teachings and has done well in the area of his finances. He recently obtained a B. S. degree in computer science and did not incur any debt while working and finishing his degree.

Our daughter Michelle is 25 years old and she has had to make an effort in this area and she is now getting to understand why we have stressed debt free living. She graduated from the University of Maine last year and is starting her career as a registered nurse-debt free and with money in the bank!

I remember when she was still living at home and we would buy the no brand cereal, which was $1.50 less a box, but she did not like it. However, now that she is living on her own, the no brand cereal does taste good.

We still use coupons to save on items ( why pay more? ). I have heard people say they would not be caught dead using coupons in public. Who are they trying to impress. This is part of the process of conserving cash and living debt free.

Today I took out one of my accounts to lunch. They wanted to go to a soup and sandwich shop. The place was packed with people. What recession ? People where paying $3.90 for specialty coffee !

When I am alone I rarely eat out and will carry food bars or bagels with me and eat while I drive. I allow myself a hot chocolate from Tim Horton’s on cold mornings. A medium costs $1.53 and that is my limit for a hot drink.

Do I sound like a miser? I keep daily tabs of all the money I spend and this keeps me on track. You would be amazed at how much money you will spend without thinking and then wonder were all your money went.

Be wise in your spending and don’t spend needlessly.

Jacques
CreatingWealthThatLasts

HOW TO DEAL WITH DOWN TIME !

We all have periods of time on a daily basis where we end up waiting for some reason or other. I spend a lot of time making calls to doctors offices for my client’s and I used to pick up a magazine and just read. ( Old magazines by the way ).

I finally realized that this was an opportunity to read those books, magazines, articles, etc. that I did not seem to be able to find the time to read. So now as I go to appointments, I always have reading material with me.

I also use this time to draft reports, letters, or other correspondence that I need to get done. When I am in a garage to have work done on my car, I have my client list with me and I make calls that normally I would do at my office.

I have learned to make a list of things that I can do when I am presented with “down time” and I make use of this. Actually, this tip was given to me by my wife who is an expert in multi-tasking and has been a mentor to me in this area.

You will be amazed to see how much you can accomplish with these little pieces of time that normally would just fly by.

Try it!
Jacques
CreatingWealthThatLasts

OUR WE SEEING THE BIG PICTURE ?

I started out the New Year with excitement and expectation like most people did. We have a new president and new expectations and we are all optimists at heart we Americans.

Over the last weeks, I have been bombarded with unexpected expenses from house expenses, business expenses, medical expenses, travel expenses, etc. I was blessed to have the cash reserves to handle this but it had not been part of my plan at the start of the year to deplete some of my reserves.

My wife and I have been in and out of debt on four different occasions and we have developed a system to deal with unexpected emergencies and we devote a lot of time to planning our financial year in advance.

My mode of thinking was replenishing the reserves and cutting back to achieve this. The goal to replenish was good but my plan of execution was flawed. Let me explain.

I am fortunate to have a great mentor in Giovanna Garcia. We talked recently and she pointed out several factors in my thinking process that was leading me in the wrong direction. I had lost the Big picture. I was in a defensive mode instead of being in an offensive mode.

As a business man I have always been developing different businesses over the years. My recent endeavors have included building businesses on the Internet, which is a new way of business for me and has been a steep learning curve.

What Giovanna made me realize was that I was actually operating out of lack and fear ! I was not looking at the creative side of my business but was actually focusing on curtailment instead of investment. I was postponing doing what needed to be done in my Internet business.

I was focusing on replenishing my cash reserves instead of developing new streams of income, which in the long run will be more advantageous. I needed to do both but focus on increase, not stopping what I was doing to fill up my bucket.

It is so easy to lose the Big picture. Thanks to good people like Giovanna, we get back on track.

Jacques
CreatingWealthThatLasts

REDEEMING THE TIME !

As I have shared about Creating Wealth That Lasts, I have stressed that this is multi-dimensional. We need a balanced view of life and we need to live in the moment. I have spent many years building businesses and when my children where younger I would be away on a business trip and my mind was with my family. When I was with my family my mind would be on my businesses.

As the years progressed, I had to learn to live in the moment and cherish each moment as it happened. My wife and I will be celebrating our 39th wedding anniversary next week and it has been a marvelous journey. This is truly WEALTH in all aspects. I have been blessed with a Godly wife who has stood by me in good and bad, thick and thin, and even when I was unlovable, she stuck to her wedding vows. I will be forever grateful.

I would wish everyone to know the joy of marriage as I have lived it. It is not perfect nor can it be, we are all human, but it is a noble journey that has rewards that can never be explained.

For those of you who might be struggling in a relationship-don’t give up. Believe me my wife and I have had ample opportunities to call it quits. But by persevering, you get to a place where you are truly one in mind, body, and spirit !

This is true Wealth !

Jacques
CreatingWealthThatLasts

BEING THANKFUL FOR GREAT HEALTHCARE !

We hear a lot of negative about the healthcare in the United States. I beg to differ.

Creating Wealth That Lasts requires living in good if not excellent health. I am just getting back from the hospital where I left my wife for the evening. This morning we left Bangor, Maine to drive to our home in Northern Maine and about a half hour into our travel my wife starting complaining of chest pains and shortness of breath.

As her symptoms increased, I turned around and headed back to Bangor to Eastern Maine Medical Center. The people in the emergency department where not only professional but very caring. The diagnosis was in irregular heartbeat and this was addressed quickly and efficiently.

My wife had been fasting for a week and had only had liquids and this I think was part of the cause of her symptoms. Thank GOD for good doctors and quick care. I travel to other countries and I must stress that, even with the problems that we may have, we still have the best medical care available.

Eastern Maine Medical Center has a policy that they do not refuse anyone medical care and this is a plus for people who may not have medical coverage and are concerned about having access to doctors in case of an emergency.

I am self employed and carry a medical policy with a high deductible and I am grateful that today I had access to medical care that literally saved my wife’s life.

Be grateful and thankful for the medical care in the United States.

Jacques
CreatingWealthThatLasts

BELIEVING IN OUR COUNTRY !

As this nation prepares for our new president, we need to reflect on the greatness of this country and how blessed those of us are who have the privilege to live here. Creating Wealth That Lasts in all aspects of our lives would not be possible without the tremendous freedoms we enjoy.

This is a historic moment for our country and Barack Obama and his family. I did not vote for this man but I will pray and support him in his time in office. It is what we are all called to do despite our different political affiliations. Politics has become too angry, negative, spiteful, etc. Need I say more!

Those of us who call ourselves Americans love our country and we need to unite beyond our differences. We are living in times of unprecedented challenge and opportunity.
No one man or party has all the answers. I believe personally that the United States needs to turn wholehearted to God, as He is the only one who has the answers in these times.

Let us join hands as never before and become united to leave an inheritance to our children’s children.

CreatingWealthThatLasts
Jacques

A MAN WHO CREATED GENERATIONAL WEALTH !

After visiting Walt Disney World in Orlando a few weeks ago, I am still amazed at what one man can do who does not give up on his dream. Walt Disney had been told that he was not a good artist and had been refused jobs in the newspaper business and also in the movie business.

Even his close friends had given up on him. Yet, he persevered and created not only financial wealth but wealth in happiness and satisfaction knowing that he had helped literally multi-millions of people and families to live a dream and dream a dream.

My wife and I were at Disney World the week after Christmas with are grown daughter and it was wall to wall people, especially families with little kids. We met several people from overseas who had come with their families.

The wealth that these families were obtaining was special memories that will last a lifetime. Special family memories that were a result of one man’s dream-Walt Disney.

He has also created hundreds of thousands of jobs that would not have existed had he not followed through on his dream.

What dream to you have that might ultimately impact the lives of millions of people in a positive way? I am sure Walt Disney did not fully grasp the magnitude of what he would eventually accomplish when he started out.

Creating Wealth That Lasts is about impacting the lives of others in a positive way.

Don’t give up on your dream!

CreatingWealthThatLasts
Jacques

TIME WASTED IS WEALTH LOST!

If you are a business person you know that you need to keep up with what is going on in your line of work. Today’s business environment is forever changing and to remain competitive we need to be on top of the curve.

For years I have had subscriptions to multiple magazines. Forbes, Fortune, Time, Entrepreneur, Business Weekly, etc. I felt I needed to be really on TOP of things.

The problem was I could not find time to read the magazines! When I did get to them, they where several weeks old and I was reading old news.

What to do? I narrowed it down to two that fit my needs: Forbes and Entrepreneur. When these come in, I immediately circle what I feel I want to read and will either cut out the article or speed read it and take notes. Problem solved and I feel I am somewhat on top of the business world.

The other news that I felt I would need ( I told myself) I could find on the Web. Bad idea! You can get lost on the Web and suffer from information overload. At times I felt I was going to be sucked into my computer.

Since I am an information junkie, I had to cut the habit. Period.

How about newspapers? Is there an unbiased newspaper in America? I don’t buy any at all.

What I am stressing is that to be super productive, we cannot know everything and we cannot spend an inordinate amount of time searching or reading everything available to us.

My advice: Be very precise on what you read and use non productive time to read: everybody goes to the bathroom sometimes, while waiting at a red light ( not while driving), waiting at appointments, while taking a snack, etc.

Enough said!

Jacques
CreatingWealthThatLasts

TIME LOST = MONEY LOST !

One of the challenges that I struggle with the most is time management. I operate several businesses and I have specific tasks that NEED to get done. Obviously, I delegate those tasks that can be done by someone else. There are, however, those chores that require my personal attention.

We all have 24 hours in a day, so how come some people seem to get so much more done than we do? I have tried all sorts of methods: various planners, making lists and more lists and more lists, having these list on my mirrors, my planners, on my computer, etc. and nothing seemed to work.

One of the tools that I used to get out of debt was to keep a small notebook and jot down everything that I spent money on. I mean everything: newspapers, gas, food, stamps, etc. Over a period of time, this daily exercise gave me picture of where my money was going and helped me to better discipline myself in those areas that needed to be addressed.

If this worked with finances, why not time management! I started to keep track of the amount of time that I spent on each task and this provided me with an overview of my time expenditures.

Boy, was I surprised! How much time checking emails, news, none productive talking on the phone, letting other people control me by letting them get me involved in non essential tasks, ect.

Once I saw where the time was going, it was time to stop the leaks. It’s always a work in progress but I now know what is draining my time and what I need to avoid.

Try this. You might be surprised.

Jacques
CreatingWealthThatLasts

NO PLACE FOR FEAR !

We live in such an uncertain time that most people are operating out of a fear mode. Fear of loss of: money, job, health, family, etc. I believe a large part of this is due to media overload of negativity.

To be productive, energetic, and focused you need a positive mindset free from fear. If you study history, the times we are living in are not very different from earlier eras where social upheaval, devastating wars, financial crises, and natural disasters that have happened in the past.

During these prior times of history, people have prospered because they focused on opportunities that where available and did what THEY could control. Get the picture. YOU can only do what you CAN.

Don’t focus on what you can’t do. Do what you can! Forget the world’s problems. Warren Buffet is now the richest man in the world at this time. 60 billion or close to it. The financial meltdown did not affect him. Why? He was doing what he could and was focused.

To Create Wealth That Lasts in all aspects of your life will require a disciplined and focused life. Focusing on all the negativity in society will not help you.

Am I advocating that you be like an ostrich with it’s head in the sand. No! You NEED to be selective, very selective, very, very selective.

2009 is a brand new start for everyone. Operate out of hope, love, expectancy, belief, etc.

Jacques
CreatingWealthThatLasts

BASIC FINANCIAL MANAGEMENT TACTICS !

1. Warning Signals: Trouble sleeping, fighting with your spouse, always being broke at the end of the week, getting new credits cards to pay bills. If this is YOU. Time to face reality.
2. Don’t ignore bills you can’t pay. Contact the creditor and you will find most are willing to make accommodations.
3. Track your spending. When you purchase something, immediately jot this down in a small notebook. You will be amazed at the end of the month. This is a sure way to see where you are needlessly spending.
4. Plan a realistic budget. How much for food, rent, car, utilities, etc. Don’t forget to factor in taxes. Most people make financial decisions on pre-tax income and can’t seem to figure out where they are missing it.
5. Analyze monthly. Look at upcoming yearly costs (such as taxes, insurances, etc. ) and budget for this ahead of time.
6. Don’t ignore savings. But I need everything just to pay my bills, you say!. Put $10/mo away if that’s all you can. This will develop the habit and discipline you need in this area.
7. Do you have any “buying weak spots”?. Must have clothes, CD’s, shoes, etc. Identify what this is and CUT it out!
8. Attack all credit card debt as if your life depended on it. It does.
9. No more debt.
Jacques
CreatingWealthThatLasts

ASPECTS OF DEBT FREE LIVING !

A huge part of living debt free is having large cash reserves. As you progress on your path to debt free living you will go through the following guideposts:

1. Getting rid of all credit card debt. This usually has the highest interest rates and you tackle the card with the highest interest rate first. When I started my last journey to debt free living I had 11 credit cards to get rid of. Once this is accomplished you can still use credit cards ( we use them to accumulate air miles ) but you must pay them off at the end of every month.
2. Next to go are the car payments. Again go with the car that has the highest interest rate. Once your car payments are finished, keep putting the monthly amount you where paying into a separate savings account and you will be able to pay your next car with cash. Don’t buy a new car, get one with low miles and 2-3 years old.
3. Next on the list is your home mortgage. Just add an extra 10% to your monthly payment and this is equivalent to paying an extra payment per year. Add on the other payments you where making ( credit card payments, one car payment, and add this to your monthly mortgage payment. You will be surprised at how fast this accelerates.

If it took you 10 years to get in debt, don’t expect to get out of debt in 2 years. Be patient. The reward of debt free living is worth it.

Once you are debt free the name of the game is to put money away. Let me give you an example. Just in the last month, I had to put on a new roof on one of my properties, put in a new furnace, and put extensive repairs in one of my vehicles. I had the cash on hand to pay for all of it.

We had made plans to visit our daughter in Florida after Christmas. We spent 11 days in Florida, went to see Mickey the mouse and we had the cash to pay for the trip!

Remember it’s a process. You can do it!

Jacques
CreatingWealthThatLasts

DEBT FREE IN 2009 !

Is it really possible to be debt free and live debt free? I can say YES, YES, YES!

Why am I so sure? Because I was deeply in debt on three different occasions and finally made a decision to stop living in debt. It was not easy. I never thought I could be out of debt. But I have done it and you can to.

Our economic system is geared on spending and all the advertising we see and hear is focused on getting our hard earned dollars. We should all be thinking of saving and not spending.

You can save on everything and I mean everything. Why buy a new car, it’s really a waste, as you can get a good second hand vehicle, 2-3 years old with low miles, at almost half the price of the new model. Do you really need to impress your family or friends?

A major mistake that most people make is to buy a home that they cannot really afford but that the bank says they are able to afford based on the monthly payments. A home is not an asset, as it is costing you money every day. The upkeep of your home can be more than your monthly mortgage payment if you factor in taxes, utilities, insurance, lawn care, water and sewer, cable T.V, Internet access, etc.

An asset is something that is producing income for you ; not taking money out of your pocket. Yes, the pundits tell you your home is appreciating in value and you can sell at a huge profit. Not in today’s economy. Even if this where so, the increasing value of your home is also increasing the taxes you will pay on it and the insurance costs.

I saw an ad in the paper indicating that if you where making $60,000/yr, you could afford a mortgage payment of $1,400/mo. Are they nuts!

Learn to live well below your means. You will experience less stress and you will realize that you can do without all of the new must have items being shoved in your face.

Be happy. Live debt free!

Jacques
CreatingWealthThatLasts

Creating Wealth That Lasts: Your Mind Set !

Wealth is multi-dimensional. Therefore, if you only have financial wealth, you will not have a full grasp of living a balanced life.

In today’s ultra competitive world, we are easily distracted by negative news and the declarations of the TV pundits who claim to have all the answers. Believe me if we knew all there is to know about the lives of these people, we would not be so quick to give them our allegiance.

There are experts in every field: Finances, Health, Family relationships, Spiritual, you name it, you’ll find one.

Where do we start? One step at a time. One of my objectives for this year is to get my diet in order. Although, I generally eat well ( my wife is my best advisor in this area ) I am not always consistent. I need to look 20-30 years ahead and prepare.

With the availability of multiple diets on the market and advice, where do I start? Eat less! Very simple. We all know the right food to eat, what’s the problem? Controlling the flesh.

If we neglect our health, we will not have the stamina, energy, and focus to fulfill our goals. Step # 1. Your health.

Although I am in Florida as I write this, I have had a hectic schedule over the last months. I operate 3 offices, 2 in Maine and one in New Brunswick, Canada. I spend a lot of time on the road and need to keep my energy level up and be very organized.

I am finding that what I eat transfers into what I can or cannot accomplish on any given day. The pizza tastes great but saps my energy. The fruit is not as tasty (to me at least) but it does provide the needed energy with no side effects.

As common sense as this may seem, we all need the discipline in this one area to really maximize our full potential!

Jacques
CreatingWealthThatLasts

CREATING WEALTH THAT LASTS ! WHAT IS YOUR GAME PLAN ?

As we start a brand New Year we are all hoping for a better year in all areas of our lives. We have all had victories and setbacks in 2008 but this is past.

Have you put together your game plan? Sounds better than goal setting. I always disliked goal setting as I felt I was setting myself up for failure. It is a proven fact that people who set goals accomplish far more than those who do not.

Success in life is multi-faceted. Family-Social-Physical-Spiritual- Financial. We need a balanced life and that is where the real challenge is. I am a workaholic and I have to force myself to live a more balanced life.

If we look at the five areas that I have indicated above, the one that holds everything together and actually should be in the middle ( if you picture a wheel ) is SPIRITUAL !

If your Spiritual life is not in order the rest really does not matter because no matter how successful you are in the other areas you will always feel unfulfilled.

For me the major change in my life occurred when I accepted Jesus Christ as my Lord and Savior. I am convinced that had I not found the Lord my marriage would have failed and I would not have achieved what I have achieved to date and certainly I would not have the relationship that I presently have with my children.

Creating Wealth That Lasts requires a Strong Faith! Life is a puzzle and if you have all the pieces but miss out on the Spiritual piece, you will finish the race but without the ultimate prize- a personal relationship with your Lord and Savior.

HE walks with you and HE talks with you all the time. Is there anything better then this?

Jacques
CreatingWealthThatLasts