Saving money isn’t just about whether or not a person knows how to score bargains; it’s more about your attitude towards money. Personal finance has more to do with people’s traits than it does with money. In fact, it’s true that most millionaires have frugal ways. Understanding how you can develop these personal traits to influence your finances is essential to building your wealth.
Patience is arguably the most important of these traits. Waiting until the first wave of any product’s hype has passed, keeping a car for those extra few years before you decide to get a new one, or waiting until something fits your budget instead of purchasing it on credit can influence your debt load and personal finances in a very positive way.
Satisfaction is the key to not spending money on things that aren’t essential. The advertisement’s purpose is to convince you to buy products you don’t need and make you believe that you’ll be happier or better off with it. When you are satisfied with your life, you won’t need to spend recklessly.
Organization can lead to more productivity, and if you’re organized, you’ll be able to address issues concerning your personal finances. You’ll avoid paying late fees, meet deadlines, and get more done in less time.
Discipline will help you save money for your long-term goals. Personal finances aren’t about getting rich quickly, but it has more to do with executing your lifetime plans.
Reflectiveness will help you assess your financial decisions and reflect on the results so that you don’t make or, at the very least, repeat the financial mistakes that everyone is making. Unless you reflect and recognize your mistakes, you won’t be able to stop yourself from repeating them.
Creativity is all about overcoming unexpected developments as our earnings and economy don’t always match the expectations.
Curiosity will help you learn, study and improve your finances. The more you know, the more you’ll be able to put into practice.
Taking risks enables you to build wealth but not uncalculated risks. It’s all about weighing your options and taking long-term risks that will pay off. People who don’t know how to take calculated risks may be able to save money, but they will most likely lose it in the long run to inflation.
Being goal-oriented helps in the most basic of ways as you’ll be able to set goals and work towards them. If you have no clue as to where you’re going, you’ll lack a road map to take you to your desired financial destination. Having money goals and being motivated enough to work to reach them will help your personal finances greatly.
Being hard-working and smart is important because staying out of debt and creating wealth doesn’t come without hard work. A smart person would rather be working for a paycheck than waiting to win a lottery. The true path to your, or anybody’s, financial freedom lies in working hard but, more importantly, in working smartly.
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At some point or another someone is likely going to owe you cash. It is practically unavoidable if you operate a small business in Kelowna. So just how do you collect what is rightfully yours?
Contrary to the attorney battle cry, the answer is not necessarily to “sue them!” Sure, it is certainly meeting to serve someone that has tried to make the most of you with a summons. Nevertheless, before this, it is vital that you evaluate your relationship together with the individual/client/customer, as well as their motives for not paying. Most significantly, do you need to do further business with this particular debtor? Are they just having cash flow problems? Was there a misunderstanding? What exactly does their previous history seem like?
Provide the debtor a call if you’re not exactly sure of the circumstances. In as much of a non-confrontational tone as you can muster, remind them of the debt and the conditions of the agreement. At this point, making threats is counterproductive but is being too accommodating. In general, a friendly yet firm strategy produces the very best outcomes.
Irrespective of the conversation’s result (barring the wonder which is immediate payment), send the debtor a letter memorializing the conditions of the original agreement in addition to your recent telephone conversation. Send this letter by certified mail to confirm its receipt. Also, make sure to add a deadline for payment or a response. As the original debt holder, you are not subject to the Fair Debt Collection Practices Act and may provide the debtor as numerous days to react as you’d enjoy. We urge ten days in the date of the letter. Ten days is enough time to account for consideration plus delivery time by the debtor. In our experience, when there is not a result within ten days, there isn’t going to be one.
The information of your demand letter should change based upon the scenario. Clearly, threatening legal action is just not conducive to continued company. Just as a purely informational reminder will do little to spur action from those more unscrupulous of debtors.
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