Some Financial Inspiration

Well, I guess everyone has money woes, even Bill Gates, who is tearing his hair to give away millions to charity. But for most of us, the problem is having the money much less giving it away.

Lifted below article verbatim from "Australian Men's Health" (Yahoo site). Looking at the flaws, I am a bit of everyone of them, but more on the benefactor and procrastinator. Now that I know which category/ies I belong, the healing begins -- or so I've been saying for the last couple of decades!

I feel all this financial obligations make me one of the "new slaves", we work for things in life and the lifestyle. As a co-worker and friend have been saying: "Needs, less wants"!

"Fix Your Money Woes
Sep 18 12:28pm
Bad financial habits reveal much about your emotional undercarriage. Here are five common flaws - and their cures:

The Bankrupt Benefactor
You're quick to brandish your credit card to please the people you love.

Diagnosis: you're trying to buy love or affection, most likely out of guilt from spending time away from home, says financial-advisor Richard Salmen.

Prescription: set up a Christmas or birthday savings account and squirrel away a little each week. When the date nears, your balance is your budget. Period. Then do as Salmen tells his clients: make up the difference with quality time at home.

The Spreadsheet Junkie
Your accounting statements receive more loving attention than your wife.

Diagnosis: you think you're simply controlling your money,but it's controlling you.

Prescription: ask yourself this, "If I had a day to live, how would I spend it?" Logging more time in Excel won't make the cut. "It'll remind you that loved ones - not money - are what's important," says George Kinder, founder of the California-based Kinder Institute of Life Planning. After your reality check, relinquish complete control by giving your wife financial responsibility in some areas.

The Show-Off
You have 30 new belts (and you don't take karate) and you habitually buy rounds for your friends and colleagues.

Diagnosis: people who try hard to impress or gain acceptance in a more affluent herd tend to overspend, reveals Dr Viviana Zelizer, a professor of sociology at Princeton University in the US.

Prescription: use peer pressure to do good. Sign on at wesabe.com, a supersafe, international-financial-support community that allows users to provide feedback to others on saving and spending wisely.

Australia-specific subjects can be found at: wesabe.com/groups/30-australia-wesabeans.

The Procrastinator
You catch up on bills in random bursts and you're afraid to look at your credit report.

Diagnosis: this is often a sign of rigid compartmentalisation, where you divide life into separate chunks. It's a survival tactic - an indication that you're merely existing and not actually living your life, says Kinder.

Prescription: set up auto BillPay, but link a savings goal with a passion - a display case for your spider collection or a surfing tour of Africa. It'll give you a reason to engage with your money regularly.

The Hoarder
You feel guilty about buying new shoes, but gleeful when adding to your sauce-packet stash.

Diagnosis: "These are hard workers who obsess about the future," Salmen says. Denying fun that comes with a price tag is a form of self-preservation.

Prescription: hire an accountant. "Seeing an objective analysis that the future is secure will set you free," says Kinder. "You need permission to spend and a reminder that it can add to your quality of life.""

Hope above helps... and it only does if we take action!