Organizing Finances

Written by Jeremy Horelick
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If you are worried about your financial situation, you are definitely not alone. Ask around, and you'll find that financial stress is the single biggest worry on most people's minds. So strong is our preoccupation with money that it can worm its way into nearly every other part of our lives.

If you get to the heart of many couples' problems, more often than not there's at least some fundamental disagreement on the way their money is managed. One party may want to save at the expense of having certain material goods while the other is unwilling to sacrifice those creature comforts for an uncertain future. An effective personal coach will be able to address these concerns and hopefully help you arrive at some consensus on how best to handle your greenbacks. When it comes to organizing finances, a top-notch coach will even spend the extra time and energy to get your personal balance sheet in order.

The Keys to Organizing Finances

Just as you must take stock of your resources before embarking on a new career path, so too must you know exactly what you have in your portfolio before charting your financial course. Your coach may or may not specialize in organizing finances, but at the very least he or she will be able to give you a few concrete tips to make your life easier. One of these is to finish paying off your high-interest credit cards as quickly as possible, even if it requires a plan to set aside a mere five percent of your paycheck each week.

For example, if you're paying 19 percent APR on your Visa or Amex card, having a seven percent yield on your CD does you little or no good. You're much better off cashing in your certificate of deposit (provided there aren't substantial penalties) and using that money to pay off your old credit card bills. Once you're back to even you can begin investing anew. If it helps, think of paying off your cards as a form of investing in itself, since that's really what paying off your debts amounts to.

This is the kind of advice you will receive from a personal coach regarding finances. One of the main reasons to utilize a coach, though, is that they tend to specialize in helping their clients set up healthy financial systems so that debt and money problems don't arise two months later. A good coach will be able to change your whole attitude towards money--for the better.


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