DO NOT Spend ALL of Your STIMULUS CHECK on Bills and Things!

okay so the only thing worse than being broke all the time is getting a little money in your pocket saying you're gonna do the right thing not doing the right thing at all and then being broke again that's called the feast or famine syndrome you either have a whole lot of money or you have no money at all and it keeps happening over and over and over again in cycles it keeps happening when you get your tax refund it keeps happening when you get that bonus it keeps happening if you got that insurance uh payout it keeps happening when you get that stimulus check yeah that's right i've been there done it all so here are some of the things that you are not going to do with your stimulus money number one and this is going to be a surprise to most people you are not going to pay all of your bills let me repeat you are not going to pay all of your bills there's a saying when people get money poor people spend it on things that they like middle class people pay all their bills and wealthy people find a way to invest now i'm not saying whether that's right or that's wrong but i can tell you i have been in all three of those categories and the one thing you do not want to do is live in a feast to famine syndrome get a little bit of money in your pocket and then pay every single bill that you have trying to be a hero you are not a hero for paying all of your bills now let me be clear that does not mean neglect your bills what it means is take a look at the money that you have and be strategic if you are behind on your rent contact your landlord and figure out what you can negotiate if you are behind on your light bill your gas bill if you are behind on any of your essential bills bills that are required for you to exist um your card note if you actually need it i'm going to get to the cardone in just a minute then what you're going to do is you're going to contact each of those people you're going to tell them that you just like many of the people in the country in the world are in the middle of a pandemic and you need to negotiate you need to be in a position to pay a little bit now and to pay a little bit over time make sure you get their name uh get their id number make sure they put the notes in your record and before you hang up that call make sure they repeat the notes back to you you want to get the maximum extension of time to pay that bill without any damage to your credit report let me repeat you want to get the maximum extent of the amount of time to pay that debt without any damage to your credit report but you are not going to pay all your bills if you are behind two or three months on your bills and you get this money and you pay all use all of the money to pay your bills guess what's going to happen next month you're gonna be behind again you're gonna be stressed out again you're gonna be worried again paying all of your bills up to date today does not make you safe 30 days from now 60 days from now so i want you to be strategic when paying your bills you're going to pay the essential bills and you're going to negotiate a payment plan until you get back in a position to be able to pay all of your bills on a consistent basis with the money that you have available the next thing you are not going to do with this money i know that you have been struggling i know that we've been in the house lord knows i know it i know that we haven't been able to do some of the things that we want to do and for those who have lost their jobs lost their income lost their livelihood i know you have missed out on things but what you are not going to do is go splurge on the things that you like your your boo likes and your kids want this is not the time for that let me help you understand something i've been on both sides of this coin i've been the parent who splurged and got my children everything and made them spoiled and then i had nothing and i was looking like a fool because when they were really looking at me and looking for me to be able to protect them to provide for them i couldn't and then i've been on the other side well when i got my mind right i went from spending thousands of dollars during christmas to spending almost zero during christmas and no they did not like me at first but i can tell you one thing they like me now because kids do not need parents who are going to buy them more things kids do not need parents who are going to overspend and splurge on the things that they could not get when they didn't have any money to make them feel good for a few days when they do have some money only for them to be back in the hole two weeks later 30 days later 60 days later feeling the same way that they felt before now is the time to teach your children something about money so here's what i would do if i were you i would take everybody to the movies yes i would you might be thinking well the movies are closed they're not fully open the movies will be in my house on the couch watching netflix hulu uh hbo max whatever it is the disney channel yeah the whole family is going to go to the movies and guess what uh the the treats are on me we're gonna make our own popcorn uh we're going to make some hamburgers like big mom of them used to make back in the day now if you're lucky if i'm feeling real generous we might order a pizza out an extra large or a couple of extra large for us to share but we are not good individual meals we are not ordering from doordash spending fifteen dollars on a two dollar meal we are not gonna go here there and everywhere running around and trying to go out and prove that we can do something nice for our kids when the truth is we need to prove that we can experience and demonstrate and teach financial freedom for our kids that's what our kids need our kids do not need a big splurge right now our kids need parents with sound minds who are going to keep them healthy and teach them how to be wealthy there's only two things that matter right now three your relationship with god your health your physical literal health and then the way in which you build wealth the other thing that you are not going to do during this holiday season uh or during this year some of you some people treating this uh this this spending money this uh stimulus went like a holiday child it is not christmas okay it is not uh uh easter you know we used to buy new clothes for easter it is not the fourth of july this is leaving broke behind time repeat after me this is leaving broke behind time that's what this is and this is the time for you to be strategic and to be aware and to use some knowledge and some wisdom when it comes to your money don't be like me you see i was an educated fool degrees in math economics finance every degree you could have that had a number in it i had it i was a fool you don't want to be that we don't want to live in the feast of famine syndrome anymore so another thing that you are not going to do for yourself you are not going to go out and buy the latest purse the newest car the nicest uh outfit uh the pair of shoes uh you're not no don't buy any of that stuff see all of those people that you are buying from they're already wealthy as a matter of fact they were talking on uh one of the networks the other day about all the billionaires who have been made during this recession this is not the first recession this is not the first setback during every single recession during every single setback you will either be a millionaire a billionaire or a witness now i know i got my pick what's your pick a millionaire a billionaire or witness and if you cannot make it to the millionaire billionaire status then you don't need to make any new billionaires with wasteful spending you don't need the newest video game system you don't need the latest purse you don't need the latest pair of jeans shoes whatever it is that's not for right now that's for later see we're gonna sacrifice right now we have already proven that we can move beyond anything we have already proven that we can live beyond 2020 we have already proven that we can survive now it is time for you to thrive so now that i've told you the things that you are not going to do with this stimulus money let me tell you what you are going to do you are going to try to figure out the fastest way the quickest way the most strategic way that you can create an emergency fund an emergency fund of at least six months of living expenses so if your living expenses are two thousand dollars a month then you need twelve thousand dollars in that emergency fund doesn't that sound great doesn't that feel powerful if your living expenses are three thousand dollars a month then that emergency fund needs to be eighteen thousand dollars if your emergency fund is five thousand if your living expenses are five thousand dollars a month then your uh emergency fund needs to be thirty thousand dollars you need six months of living expenses as an emergency fund before you start splurging again i'm not saying don't do anything nice for yourself take the whole family to the movies even take your in-laws and your cousins and them invite them via zoom that's right invite everybody via zoom to the movies tonight watch all the new movies that came out watch the disney movies watch the uh uh coming to america one and two laugh go back and watch some of the oldies but goodies watch harlem night's child harlem nights will have you laughing all day and all night watch uh uh the movie with a watch uh bad boys one and two and then and the next one watch all those old movies reminisce have a good time cook indoors put some food on the grill if you don't have a grill get a little one them little fake grills you can put on the counter top and put your food up there and eat healthy and learn how to be wealthy because this is the season for us to leave broke behind leaf broke behind don't take broke with you in 2021 2022 2023 you've been over the worst don't let the worst keep having its hold on you take control of your money situation now if you don't know how to start your um emergency fund if you don't have any discipline then that needs means you need to be in new wealth university you need to overcome your spending addiction which is what you have when you go to the grocery store for toothpaste and walk out with 179.47 worth of stuff you don't need talking about it was on sale i already told you that ain't on sale for you it's not even on sale for you if you got this stimulus money the stimulus money is supposed to stimulate you it's supposed to stimulate your dreams it's supposed to stimulate your wealth it's supposed to stimulate your financial strategies it's supposed to stimulate your family it's supposed to stimulate your community but it's not supposed to be a quick fix it's not supposed to be one of those two second stimulus things it's supposed to last you and you might be thinking well this is a long way from six months all you have to do is keep adding math is reliable one plus one equals two if your stuff adds up to ten it'll never get into two but if you keep on adding five thousand here 500 there 200 here money walks money does not talk money walks away from you quietly you don't know where it went okay and it's all the it's just in your life that are keeping you broke it's just two dollars it's just ten dollars every single time i got a lump sum of money whether it was a bonus whether it was a tax refund i was following my tax refund before they even allowed you to i was doing it at the if they opened the tax refund at 12 o'clock i was standing in line at 11 58 okay waiting for my tax refund because i needed that money and i was not doing the right thing with it and every time i got some money i was still broke that's not our story not in this season you are leaving broke behind so if you don't know what to do then you need to be in the 21 days to financial freedom you need to join the entrepreneurs academy you need to get in the beyond 2020 financial coaching whatever it is but take this time to not only make sure that you never slip into this kind of hole again but take this time to get the right strategy so you can leave broke behind i'm with you go to asklin.org

Channel: Lynn Richardson

Views: 297,187

Rating: 4.9297476 out of 5

Keywords: how to spend your stimulus check, stimulus check update today, passive income 2021, personal finance books, become wealthy in 10 years, financial education 2, financial freedom, FIRE, dave ramsey baby steps

Id: y1MxZ-Bk1c0

Length: 12min 56sec (776 seconds)

Published: Sat Mar 13 2021