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May 02 newsletter

A shortage of residential rental property is proving a boon for some of our DIY investors. Unfortunately, it's not proving so popular with tenants. Increased rents and limited accommodation options is proving to be the harsh rental reality in many areas, especially the popular inner-city suburbs of Auckland and Wellington.

This month, we also continue our series of articles on the secrets of wealth.

Over recent months, we've completed work on two secrets: planning, and tuning the thinking machine. The next secret to wealth we'll cover is budgeting.

"Budgeting" is a word that can conjure up images of denial, of a boring lifestyle, or of missing out on all the fun of life.

But whatever your personal perception of budgeting might be, the reality is that you'll earn only a limited amount of money during your lifetime. This is your opportunity to maximize that amount.

As you progress through the secrets to wealth, you'll have to choose between spending freely - as you have in the past - and putting money aside to help meet your financial goals. It's time to start controlling your own destiny.

Why is it that someone on $35k can save more than someone earning $100k? If you've been waiting for your next pay rise to start saving, then ask yourself "what did I do with the last pay rise?" "And the one before that?"

The reason that someone on $35k can save more than someone on $100k is a budget.

Budgeting is about understanding and controlling

• How much you earn,
• How much you spend and on what, and
• The real difference between your income and expenditure.

If you don't have a budget, or don't use a budget regularly, you'll never achieve your financial dreams.

A budget is the only real means to gather all the information needed to be able to fully exploit the remaining secrets to wealth.

Over the last year, the Shape of Money has put together the most comprehensive information on budgeting that you'll find anywhere. The programme will take you from the very basics of budgeting through to weekly money management.

Why not take up the challenge? Tomorrow, click on "Budgeting - The First Cut". Don't forget to update your plan by including this task as one of your action points.

Tune your internal thinking machine with tip number 2: Re-read your financial plan daily. Reading your goals and actions will focus your mind on where you're going and how you're going to get there. Reviewing your plan every day will help reinforce the necessary life style changes.

Next month, join us for the next secret to wealth when we'll employ the "tempest" to help us squeeze extra money out of today's income.

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