My Annuity Adventure Part V-Designing a Financial Plan to Manage Your Cash.
Well, I get really nervous when I get a good bit of money at one time. I am so ultra worried I will spend it poorly that I make lists of my priorities before I get the money. I am naturally a list person and a planner. I have lists of things I need and want to buy so when money does come in, I know exactly what I am spending it on. The thing is keeping my priorities straight.
Even though something is on my list does not mean it is what is the most important thing for me right now. I mean, a new car is higher on my list of important next purchases than that new bedroom set I really, really, really want. The one that I already picked out and can imagine in my bedroom looking so good. That one. So I have the urge to buy that bedroom set over a reliable car or some minor debts that ironically, probably add up to what the bed set costs.
Doing the mature and sensible thing isn’t always fun and easy. I tell you, being grown up is a learned process, it does not come naturally. I am always incorporating new sound financial ideas into my routine. I believe personal finance is a state of mind that can be changed slowly over time. Years ago I started by writing down every single thing I spent for three months, including money in the parking meter or gum. This activity has continued to help me be mindful of what I am spending.
Now I know you are saying, what does this have to do with you cashing out your annuity. Well as I said:
- money management
- budgeting finances
They are all a mind set, an idea, a feeling and an attitude about budgeting incoming and outgoing money. They are all decisions about where to allocate YOUR money. So being clear and staying clear as to what you are spending your lump sum on and why is important. It better be an important purchase if you are going to cash out all or part of your annuity in the first place! Keeping to your original financial intention for the money will make it worth it!
Related posts:
- My Annuity Adventure VIII Where We Have Been, Where We Are Going
- My Annuity Adventure Part IV, Getting Organized
- My Annuity Adventure - Self Worth Equals Net Worth
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