Michael Nichols | Leadership Made Simple

Leadership Made Simple

money

5 Essential Tools For Managing Your Finances

When you have the right tools, the job is ALWAYS easier. And it’s no different with your finances – the right tools make all the difference.

In the past few weeks, I’ve received a number of questions from readers about the specific tools that we use to manage our finances. Many of the questions are the result of my previous posts about money. You may want to review them – they’ll add value to this post:

  1. How We Saved More Than $50,000 in 4 Months. This is the story of our journey early in our marriage from debt to financial freedom. It’s not a get-rich-quick post – not by any stretch.
  2. Our 8-year-old buys her own clothes, has saved thousands for college, & has ½ of her first car paid for. In this post I explain how we are actively teaching our children how to manage money.

Now, here are the 5 essential tools for managing money:

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Spending and Savings – Live Like No One Else

When it comes to spending and savings, I always considered myself fiscally conservative. I was wrong.

In grade school I learned to leverage small sums of money to make more. My dad helped me start a company with $300 at 11 years old. This same company paid my way through college. In fact, I’ve leveraged debt to invest in businesses, homes, and commercial real estate without ever losing money on a significant investment.

After several substantial pay increases, we still felt like we were living month to month. We couldn’t seem to find margin in our budget. At the same time, like you, we watched as stock prices and real estate values plummeted. At that point I realized 3 things…

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