KEEPING THE MONEY YOU MAKE

The 5 Things You Should Do With Your Finances So You Have More Control Over Your Radio Career By Loyd Ford www.middleclassmoney.com I’m probably like you. I’ve been in the radio business since I was 14 years old. I think about the future all the time, and I still love this business and many of the people in it. It is hard to see the economic realities of “employment reductions” that you know happen disproportionally to programming because of how bean counters see this business. However, there is more stress now because of the realities associated with budget strain and overall company debt in the radio business. If you feel stressed about your job, your income, your future and your ability to continue to stay employed, you probably wish you had more control or a secret weapon to help your family navigate these tougher times. The truth is that most Americans are likely not prepared for the next ten to fifteen years. It’s not just the broadcast business. Without getting dramatic, we have had the wind at our back in the global economy for the last sixty plus years and the wind has just changed. Many Americans don’t yet understand that. You shouldn’t be one of them. The new more global economy means that millions of people in other places in the world are willing to work for so much less than you and me that we are not in the same position we were in just fifteen years ago. This impacts every job in the U.S. now and especially in the future, and it impacts income in the future. How do you gain more control of your life? That’s what you want, isn’t it? No broadcast company (or anyone else) is going to be responsible for your personal finances, and success with personal finances will give you more freedom to seek better jobs and have more security in today’s volatile broadcast business. We all need that. You may already know that I write two personal finance blogs and am involved with helping people develop their own plan for financial security in any economy. This is not my day job, and I spend very little time doing it. However, I do enjoy it. No, I am not a stock broker or a financial planner. However, if you spend some time with either of my free blogs (www.stickyasset.com/blog and the secondary Word Press blog located at www.boostmywealth.wordpress.com), you will see that I offer easy-to-understand strategies that work to help you develop more savings, better investments and can put you and your family on the path to financial stability and freedom – even in the radio business! Who does not need that IN or OUT of the radio business in 2009? SHOW PREP-LISTENTER CONTENT OPPORTUNITY As you read the five steps below, think about how this information is helpful to you and to your listeners. Consider linking our blogs on your blog (if you do one). We encourage you to use our blogs and group with your Facebook interactions with listeners or as on-air content. After all, the idea that the middle class needs help in fighting back in this economy is universal. We consider this the #1 topic for adult listeners. Imagine if you are the one in your market who shares this information with them? That’s one of the reasons we offer fresh blog content about every two to three days. WELCOME TO YOUR STEPS TO FREEDOM You have to see the money you make, the bills you pay and even your own checking account from a different perspective if you want to survive and thrive in the next ten years. Here are some tips to get you thinking like the rich think about money. If we are successful, we will encourage you to move you from paycheck-to-paycheck over to seizing more control of your life. Ultimately, you will build security for your family. Here is a fast-primer: 1. Review the last six months of your personal finances. Look at what you spent. Every penny. Separate things into wants, needs and bills. Look at the things you spent money on that you could have done without. Add it up. Take that amount of money on a monthly average and put it in savings as soon as you get paid. This will be the beginning of your savings. 2. Do you have a proper emergency fund for 2010? That old line about 3 to 6 months of expenses is 1980s and 1990s advice in a 21st Century World. Do you know how long it may take you to get a new job and actually replace your income if you lose your job today? Longer. We recommend that you develop a plan for having 15 to 18 months of expenses in savings. The first six months should be in money market savings (with an FDIC-insured bank). The balance should be in laddered certificates of deposit. You won’t do this overnight, but you should commit to it and you will be surprised how quickly it adds up! Imagine how different your work stress will be once you have built up the proper emergency fund. 3. You should have a plan for reducing and eliminating debt, and that plan should begin with credit cards. Do you have credit cards? Do you know the interest rates on each credit card you have? Call the credit card companies and tell them you have “been hit hard by the economic meltdown.” Tell them you don’t want to go bankrupt and that you just need them to take your credit card interest rate to zero. Stay firm and expect a lot of back talk. Ask for a supervisor. Don’t be concerned that you will have to call back again and again to wear them down. Remember – your goal is to get them to “give.” Be open to suggestions. The goal is to see what they will give you. It is very possible they will not take your interest rate to zero, but they may lower it substantially. And you must stop using your credit cards. Then, you can start paying the minimum payment on all but your highest interest credit card. When you pay that off, move to the next one until you have no credit card debt. Debt is the biggest wealth creation killer out there. If you don’t believe me, ask the broadcast company you work for today. 4. Begin to see your checking account for what it is: A money laundering account for other people’s money. Any excuse you can use to take money out of that account as soon as it hits and relocate it to savings, you should do it! Your life will improve every time you do this. 5. A lot of people ask: How can I save money on my income or with my bills? The first thing I tell them is to start with your next paycheck. Take only 1% of your after-tax income as soon as you get paid and REMOVE that amount to savings (Your after tax paycheck X .01 = XXX). Then, each paycheck after that add another 1% going to savings. Make this the first thing you do when you get paid. That way, you don’t “shock your lifestyle” and you build your automatic savings each month eventually to 20% of your income (which is what it should be). The key is to stop thinking about what you earn (paychecks are not important) and find additional ways to save (what you save from what you earn is 70% of what that matters). Focus on what you save and focus on purchasing assets after you have built your proper emergency savings fund. Think about living paycheck-to-paycheck. Try these strategies and you will have more strength in the coming months. Your savings will build faster than you think. Seek knowledge on things like purchasing pure assets and generating passive income and you may find yourself in a completely different place. Want more ways to boost savings and build wealth? You can sign up for our free monthly e-saver @ www.stickyasset.com/blog. Just look for the e-mail sign up window to the right-hand side of the current blog entry. We have written a personal finance e-book. It is the only thing we sell on any of the blogs or in any association with the personal finance projects we are involved with today. The e-book is called “How To Survive Any Financial Crisis” and it is only $4.95 at www.MiddleClassMoney.com. Why such a small price? Because we want this information to be accessible to everyone who has an interest. It’s about the cost of a cup of coffee at Starbucks. If you like, you can join our Facebook group. Just do a search for Live The Lifestyle Your Family Deserves™. It’s free to join and we tie all the free blogs and other information on saving and investing for the 21st Century on that group page. Feel free to link our blogs to your sites or content and tell listeners how they can join our free Facebook group Live The Lifestyle Your Family Deserves™. Remember: It’s free. Your listeners will appreciate your favor by showing them this group on Facebook. There is no such thing as get rich quick for most of us, but if you focus on building your own plan for surviving this financial mess that is impacting everyone, you will build wealth for your family. You will be the hero, and it will make you feel empowered to have more control over your career, your life and your fears. That’s worth it. Thank you. Loyd Ford www.middleclassmoney.com www.stickyasset.com/blog www.boostmywealth.wordpress.com www.stickyasset.com www.squidoo.com/boostmywealth Loyd Ford is the marketing and ratings strategist with Americalist Media Marketing. He works with radio stations in all market sizes and all formats to boost ratings. Loyd has programmed in a variety of medium, small and large markets in the U.S. and has programmed some of America’s best country stations (including WSSL, KRMD and WBEE). Loyd and his wife, Theresa, have also written a personal finance e-book for his children that friends encouraged him to share with adults. This is why Loyd created www.MiddleClassMoney.com and the blogs and free Facebook groups a