• gymosphere said on Jun 11, 2006....

  Step 1, Know Where You Are. If you are thinking of retitle this to "Know Where Your Money is Going", I would say, the former is BETTER! Yes, you have a very good definition of the Step 1: 1) Where your money is coming in and its quantity 2) Where your money is going out and its balance 3) How much you owe that continuosly requires outflow. And you talked about motivation from the numbers on various bills. Paying bills is a headache if you are doing something that you cannot leverage upon to increase income. Knowing Where you are includes not only the "flow of money: which is specified in the above posts. It includes everything about yourself and the environment. How about your current knowledge level? How about your skills and humanity network? How about your reputation in the eyes of the money suppliers(banks, venture capitalists)? How about your market? How about your passion? ... The lists go on and on. The more a person understand hiself, the better of him knowing where he is now, and therefore charting for his journey with better information. The only way to know yourself is DISCOVER IT, through TRYING and FAILING. There is nothing to be afraid of FAILING. We all failed in something, which makes us understand more of ourself. When you fail, there is 2 outcomes: 1) Avoid the failure in the future 2) Improve yourself in that arena so you wont fail again. I learnt this from a trainer: If you are not successful yet, it is due to only one single reason: "Your speed of failure is not fast enough". That said, do not overlook the POWER OF FAILURE. It lets you discover perspectives that you can never imagine. It leads to wonders. Knowing where you are is THE FIRST STEP in every planning. To know more of who you are, explore the world. It has all possibilities!

• SuccessWarrior said on Jun 11, 2006....

  Thank you very much for the extra insight. I'm making notes of my journey and I'm going to add these to them.

• Tappa said on Jun 11, 2006....

  Another thought for defining your current position (financial and otherwise) would be to... Recognise your limitations. In the financial context, this means people (partner and family as well as yourself) admitting to the "whimsy" purchases that are bought on impulse. Also analysing to discover when aor what circumstances lower your "purchase resistance". For example, is your resistance lowered when you have tired and grumpy children with you, or you're rushed to prepare for guests? Then, avoid or diminish such situations. Another example - DH has No purchase resistance in electronic/media stores if there are [Sale] tickets displayed aroound the store! So when the sales brochures are in the mail, [i](Don't tell him fer Pete's sake - lol)[/] I quickly skim read them in case there Really Is something we Need, otherwise I"lose" them until after the sale has fininshed!

• SuccessWarrior said on Jun 12, 2006....

  Very good points. I started this blog in midstream and have covered one of these points elsewhere but it's always good to be reminded and have the extra insight.

• thenack said on Jun 13, 2006....

  I suppose you are here to get into some residual income, wich is the ultimate way of getting out of all this finasial trappings. Even if its just a small amount that you get for not working its great. Any of you have some ideas, there are so many people claiming easy money on the internet that its impossible to know what works and what not?

• SuccessWarrior said on Jun 13, 2006....

  I was curious about the possibility but I am actually working on several other things right now. I do enjoy blogging though.

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