The Financial Fitness Blueprint: A Practical Guide for Creating the Life You Want by Taking Charge of Your Money

by Courtney Carroll

Overview

Thought provoking, engaging and to the point! The Financial Fitness Blueprint addresses the importance of taking responsibility for our financial lives. For those serious about escaping the rat race and taking charge of their money, this book is a must read!

Author Courtney Carroll draws upon stories from his life and the lives of others so you can benefit from established principles of finance.

By following a few simple disciplines on a daily basis, such as saving more, spending less, protecting and investing your money wisely, you can avoid the financial mistakes made by the majority in society and create a financially fit future.

Written for individuals seeking financial freedom, this guidebook will help you:

- Avoid the financial pitfalls and credit traps that have gotten so many into trouble;

- Earn reasonable and consistent returns on your investments and protect your money from loss;

- Reduce expenses and secure your retirement by paying yourself first;

- Use life insurance to secure your families' future wealth

Carroll explores three primary vehicles for wealth creation-business ownership, stocks and real estate investing-and shares his views as to which vehicle he believes is best suited for achieving financial fitness

Working professionals and students at any level will benefit from reading The Financial Fitness Blueprint, as it teaches you how to develop the habits and behaviours needed to achieve financial success.

Product Details

ISBN-13:	9781475942255
Publisher:	iUniverse, Incorporated
Publication date:	07/31/2012
Pages:	216
Product dimensions:	6.00(w) x 9.00(h) x 0.46(d)

Read an Excerpt

The Financial Fitness Blueprint

A Practical Guide for Creating the Life You Want by Taking Charge of Your Money

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By Courtney Carroll

iUniverse, Inc.

Copyright © 2012 Courtney Carroll
All right reserved.
ISBN: 978-1-4759-4225-5

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Chapter One

Mindset

The degree to which we allow our minds to be consumed by a thought whether good or bad will impact the decisions we make and the lives we ultimately create. —Courtney Carroll

In his classic book Think and Grow Rich, Napoleon Hill states countless times that whatever the mind of man can conceive and believe can be achieved. This one profound idea has led men and women from all walks of life to astounding success.

The trouble is people who truly achieve this level of success are the minority, not the majority. It is a sad truth that millions of men and women will see their dreams buried with them because they didn't believe the natural law that governs the universe — that thoughts are truly things.

Born to Win

We are all born to win in the game of life. Unfortunately, many people settle for substandard or average financial fitness because of their own limiting beliefs about money, or because they have allowed other people's opinions of them to become their own realities. Your personal belief about money is probably the most important factor in the achievement of financial success. So whether you believe you can, or believe you can't — you are right!

Wealth must be conceived in the mind first, and then those thoughts must be turned into practical steps to acquire wealth before it can ever happen in reality. Your personal beliefs about money will have a direct impact on your ability to attract it and have it work for you.

To become financially fit we need to look at the events in our lives that have shaped our personal beliefs about money and wealth. If you have doubts about whether you deserve to be financially fit, then stick with me. I will help you move beyond your limiting beliefs and show you how you can create the life you truly deserve.

For most of my teen years and early adulthood my personal outlook about money was largely influenced by my family and the people in my inner circle. Probably the most influential of all was my mother who worked hard to make ends meet, but was never confident that she could attract abundance in her life. My mother finished school in grade seven and worked as a caregiver into her early twenties. Fortunately she was sponsored by a family and moved from Jamaica to Canada to pave a better road for her children. With very little to her name except a fierce determination to survive, she sent for her four children (me being the youngest) to join her.

Our early years in Canada proved very difficult while my mother worked several jobs to make ends meet. We never lacked for food or shelter, but outside of the basics there wasn't room for any extras. Although we didn't have much, my mom told us to be grateful for everything we did have, because we were better off than many others in the world. I must admit, as a young child I didn't get much comfort from that, and neither did my siblings I am sure.

My mom was a hard worker but she was mainly concerned with survival and didn't see the many opportunities for wealth creation all around her. She saw poverty in her life and because of her limited experience wasn't able to create wealth, or accumulate any kind of savings for her retirement.

For many years I shared my mom's limiting beliefs about wealth creation, because I was exposed to her fears every day. Everything I bought was met with the question of how much it cost. It didn't matter what the item was, my mom would tell me it was too expensive and I could have bought it cheaper somewhere else. She was always telling me we couldn't afford this or that. Little did she know the influence those messages would have on my outlook about money. For years I felt guilty about spending money.

The fact that every adult in my family had the same opinions and outlook as my mom was clearly evident, as not one member of my family had achieved financial fitness. They were all coasting through life hoping and praying things would work out. They didn't have a plan for success, nor the belief that it was achievable.

I often went to bed wondering what would happen if my mom lost her job. I would lie awake worrying about my mother not having enough for us to survive. This came from us constantly moving from one apartment building to the next and having to live in Ontario Provincial housing complexes. It felt like we were always on the run; we had moved four times, and I attended five different elementary schools in the first five years of moving to Canada. Where were the opportunities that were promised when we decided to migrate from our home in Jamaica to seek a better life in Canada?

The Right Connections

In my late teens and early 20s, my circle of friends changed dramatically. I was a university graduate and surrounded myself with individuals who wanted more from life. We all had dreams of landing a good job and getting a paycheque that would allow us to live better than our parents. But even at this stage of life I still felt I shouldn't dream too big or wish for too much. I grew up hearing the message that money was evil and therefore I was content with just getting enough to support my family and buy a few luxuries that I wasn't able to afford when I was younger.

I was a hard worker and often worked overtime to earn extra cash. But my efforts were useless, because I still didn't understand the laws of money. I had no savings, and my investment portfolio was nonexistent. I feared not having enough money, but couldn't stop myself from spending what I made, or giving it to family members who knew nothing of how to attract and keep money in their lives.

In my early years of working I earned a significant amount of money, but my lack of understanding about how ones mindset shapes their personal philosophy, caused me to squander the very thing I wanted to attract.

To make matters worse, although my closest friends and I had dreams of elevating our lives, no one had any idea on how to create wealth. They were as lost as I was and were mainly concerned with saving a few dollars every week so they would have spending money for the clubs on the weekends. At times it seemed their biggest goals were chasing girls and drinking.

Nurturing our Dreams

I have a question. Why do most people settle for what life gives them, rather than demanding from life what they really want? It's been said that we are all born with the seeds of greatness and engineered for success. So why do millions of people put the brakes on their dreams after leaving grade school?

Could it be that our dreams were crushed at an early age by the very people who were supposed to be our biggest advocates? If we take a closer look, we might shed some light on the matter. Think back to your early childhood and the unlimited potential that welled up inside you. You were invincible. You had mighty dreams of conquering the world and amassing fortunes. You had an unshakable belief in what you would accomplish with your life, and nothing was going to stand in your way.

You couldn't wait for your first day of school to share your dreams with the new friends you would meet.

Unfortunately for many, this is where their dreams started to die. At first it was easy to ignore the negative comments of a few friends. But as time passed they heard their goals dismissed, not only by other children, but also by adults. Teachers and even some parents would tell them they didn't have the needed skills to be successful in one field or another.

Seemingly innocent comments like these have had a terrible impact on millions of students worldwide. I have seen the hurt and disappointment when a child is told by a teacher that he or she could never become a doctor or a lawyer. When people in positions of power impose their biased opinions on innocent children, the result is self-doubt and low self-esteem.

No one has the right to determine what we are each capable of, but children or young adults can't see this very clearly. A negative feedback loop is reinforced every time they are told they can't achieve great things, until eventually their mind springs into action giving them exactly what they believe.

Thinking Wealthy

For years my own limiting beliefs prevented me from attracting wealth and abundance into my life. I was following the misguided direction of family and community members who did not know the secrets to wealth.

Unless we step outside of our comfort zones to learn from others who have moved their lives to the next level, we will remain slaves to the system, taking what life gives us, instead of demanding what we truly want. This mistake keeps millions trapped in permanent servitude, wandering through life without the will to live up to their potential.

The years of limiting beliefs instilled in me were hard to overcome, even as an adult. It took consistent and determined action to surround myself with people who saw things, not as they were, but how they could be, before I could begin changing my thought patterns. Eventually I was able to override the effect of my upbringing in order to put my life on the right track.

Do you have such limiting beliefs stopping you from living your life by design?

Are you following a script laid out by someone else about how to live? Or are you co-creating a life of abundance, joy, and accomplishment?

Truth be told, everything you have in your life to this point is of your own creation. The house you currently own, or apartment you are renting, is a result of the values and beliefs you have had up to this point. So is the car you drive, the work you are employed in, and even the salary you are earning. You might find this hard to believe, but it is absolutely true. If you have nothing in the bank and nothing saved for retirement, you are in this position by choice.

But here is the good news. If you are not happy with the results you are currently experiencing, guess what? You don't have to accept them, you can change them.

Life will give you what you desire as long as you can clearly define what it is you want. Once you have made the decision to attract something in your life, you must maintain focus until it is achieved. Think FOCUS: Firmly On Course Until Successful. This means you have to commit to the task at hand and apply a persistent mental attitude towards achieving your goal.

Habits of the Rich

There is a definite distinction between the habits of those who are rich and those who are poor. The rich have made the study of wealth part of their life's mission, and they imitate the habits of others who have amassed fortunes. The formula for creating wealth is there for anyone curious enough to pick up the right books and read through the pages of history. The same basic principles and habits that created wealth for others are available to you.

Many people believe that the rich will continue to get richer and the poor will continue to be poor, and I can't say I disagree. Some would go as far as blaming the rich for the poor man's position in life, claiming that there isn't enough wealth to go around. Well, if you are among those who blame the rich, I suggest you stop and put your energy to more productive use. Blaming the rich will not get you anywhere, and by doing so you are preventing yourself from ever becoming rich. You can't go around despising the very thing you wish to attract into your life. Besides, doing so would make you a big hypocrite.

I would even go so far as to tell you that you need to admire those who have created wealth and do your best to copy them. The difference between those who accumulate wealth and those who don't is basically their awareness. Those who have achieved financial freedom understand the game of money and have learned how to make sure they are on the winning side at the end of the game.

Those who struggle through life never take the time to learn the rules of the game. These people often live their lives as spectators, never getting off the bench to contribute to the outcome of the game. They willingly accept what life gives them, and for that reason should not complain about their meager returns at the end of the day.

Those who succeed financially want the ball at the most critical time of the game, because they want to be totally responsible for the game's outcome.

The Rules of Money

Over the years I have learned to work, not harder, but smarter -which provides a much better return. I have learned to follow the rules of money laid down by those who have gone down this path before. I will share these rules with you in the hope you will adopt them and put your financial affairs in order.

• Rule number one. Pay yourself first! Money comes quickly and easily to the person who commits to putting aside a minimum of 1/10 of their earnings for future wealth. The more money you put away, the more you will be able to attract into your life. So develop the habit of saving at least 10% of what you earn.

• Rule number two. Reduce your expenses! If you are going to win the money game, you must reduce your expenses and live on no more than 90% of your monthly earnings. If you adopt this rule early enough in your life you should be able to retire in comfort. For those who want to ensure financial security, I would suggest living on no more than 80% of what you earn. This will ensure that you will have at least 20% of your income to grow your wealth. For those looking to make a significant impact on society, living on 75% of their income and donating 5% to bless others will bring huge rewards.

• Rule number three. Put your money to work! Money does not eat, drink, sleep, or get tired. It is a willing slave that will work tirelessly for you. You will find your money doubles over time if invested properly. So find suitable employment for your cash so it can work at making you more money.

• Rule number four. Protect your money! Invest in businesses you are familiar with. I have heard it said that the truly wealthy hate to lose money. That should be the case for everyone, regardless of financial position, but unfortunately it is not. Your money will stay in your control if you are careful how it's handled. Capital preservation is more important than the hope of capital appreciation. A wise man will do his homework and take advice from those who have successfully managed their own finances in order not to jeopardize his capital. He will learn about a particular business by surrounding himself with people knowledgeable in that field and skilled in the handling of money. Protect your hard-earned dollars by knowing your business.

• Rule number five. Singles are better than home runs! Don't chase fancy investments that promise unrealistic returns on your money. Exercise caution, and remember that wealth is created over time — there is no magic pill. There are lots of tricksters plotting to take your money. So look for reasonable and consistent gains on your money over time, because in this ball game singles are better than home runs.

I've outlined the steps that have been used by millions before you to accumulate wealth and win the money game. The rest is up to you. You can ignore the teachings in this book and continue to live life as a spectator, or you can start working on a bright financial future. Remember our smart choices will accompany us through our lives and serve to remind us of our journey. Our foolish acts will also accompany us, but the memories they leave are often bitter and laced with regret.

Taking Stock

Before we go any further I want you to take a few minutes to reflect on the questions below. I would suggest that you use a journal to record your answers, as this will allow you to see where changes are needed, when analyzing your personal philosophy about money.

• Have you laid out a personal plan for achieving financial success?

• What does that plan look like? Do you have an income goal in mind, a cash-flow target, or net-worth amount you wish to achieve? Write it down!

• Are you living the life you've dreamed of? Or the one you have settled for?

• If you have not created your life by design, whose plans are you following, and why?

• Have you allowed other people's negative comments to cripple your imagination and stop you from laying a foundation for your financial success?

• Do you blame others for your current financial position, or have you taken total responsibility for where you are today?

Your answers will give you clues about your personal philosophy. It's important that you spend a few minutes to accurately reflect on these answers before moving on. As with most things in life, progress comes when we know where we are starting from.

So have you settled — or are you charting your own course? An easy way to find out is to take a close look at your finances. The consequences of your personal outlook about money cannot be disputed and will show up there. Your bank account, although not the only indicator of success, will reveal the effects of your personal philosophy.

(Continues...)

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Excerpted from The Financial Fitness Blueprint by Courtney Carroll Copyright © 2012 by Courtney Carroll. Excerpted by permission of iUniverse, Inc.. All rights reserved. No part of this excerpt may be reproduced or reprinted without permission in writing from the publisher.
Excerpts are provided by Dial-A-Book Inc. solely for the personal use of visitors to this web site.

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Table of Contents

Contents

Acknowledgements....................v
Preface....................xi
The Change....................xiv
Take Action Now....................xv
Chapter 1. Mindset....................1
Born to Win....................1
The Right Connections....................3
Nurturing our Dreams....................4
Thinking Wealthy....................4
Habits of the Rich....................5
The Rules of Money....................6
Taking Stock....................8
Chapter 2. The Saving Habit....................9
Lost Decades of Saving....................10
Born to be Rich....................11
Pay yourself first....................12
Saving Pays....................13
You Need to Become a Saver....................14
Roger's Story....................16
How Much Should You Save?....................17
Make Time Work for You....................20
The Cost of Retirement....................21
How to Get $500,000 for Your Retirement....................22
Late to the Party....................23
Perspective....................27
Chapter 3. Taking Control of Your Cash....................31
The Causes of Debt....................33
Reining in your spending....................36
Assets and Liabilities....................37
How do you spend your money?....................41
Budgeting for Success....................42
The 60, 15, 5, 20 Formula....................42
Delayed Gratification....................44
Where Does the Money Go?....................45
Tips to Reduce Your Expenses....................46
The Skinny on Debt....................48
Credit Card Blues....................50
Leveraging debt....................52
Reduce Your Debt Ratio....................53
Jennifer's Story....................55
Financial Literacy....................57
Billionaire Secrets to Wealth....................59
How to Make $1 Billion....................60
Key Takeaway....................62
Chapter 4. Protect Your Money....................63
Guard your money like a lion....................64
Eric's Story....................65
Stay on track....................68
Watch out for Sharks in Suits....................70
Singles Are Better Than Home Runs....................72
Chapter 5. Put Your Money to Work....................75
How not to live your life....................77
Rachel's Story....................78
The Love of Money....................79
It's not what you make....................80
Building blocks for success....................82
Maximize your returns....................85
The Snowball Effect....................88
Momentum....................90
Chapter 6. Income Protection....................93
Why insurance makes sense....................96
Who Needs It?....................96
What Type of Insurance Should You Buy?....................97
Buy Term Insurance and Invest the Difference....................99
Mortgage insurance: Yes or No?....................100
Give your family peace of mind....................101
Keep your guard up....................101
Nancy's Story....................101
Chapter 7. Financial Fitness....................107
Why you must become financially fit....................108
Goals....................111
Setting Goals....................111
Chapter 8. Personal Development....................115
Increase Your Ability to Earn....................117
Turn Your House into a Cash Machine....................120
Chapter 9. Profits Are Better Than Wages....................127
Romeo's Story....................129
Chapter 10. Business Ownership....................133
Pros....................136
Cons....................137
Multi-level marketing (MLM)....................138
Advantages of the MLM Industry....................139
Who Should Consider This Opportunity?....................140
What You Should Look for in a Company....................141
Chapter 11. Stock Market....................143
Stock Market Pros....................145
Stock Market Cons....................147
Learn the Basics....................148
Avoid Speculation....................149
Buying the Index makes Dollars and Cents....................152
Asset Allocation – Diversification for Profit....................154
A Winning Strategy....................155
Chapter 12. Real Estate Investing....................161
A Seed is Planted....................163
The Pros of Real Estate Investing....................165
Financial Fitness Formula....................168
Chapter 13. My Story....................171
Chapter 14. Charity: Give and you shall receive....................181
The Power of Giving....................182
Make Giving Automatic....................187
Ways of Giving....................188
Chapter 15. The Blueprint....................191
Bibliography....................195
Index....................197