Category: Tips

Categories
blog Inspiration Leadership Leadership Principles Mentor Motivation positive Tips Training Walking Leader Weekend Challenge

Weekend Challenge #05 (02/22/2020): A FINANCIAL REVIEW

HERE IS YOUR WEEKEND CHALLENGE: A FINANCIAL REVIEW

you weekend challenge has arrived

 
Listen to this weekend’s Weekend Challenge

The weekend is the perfect time to get do a FINANCIAL REVIEW.

The way I see it, as part of being a leader in your professional life, you must be a great leader in your personal life. The best way to be a great leader in your personal life is to keep your house in order. The less you can stress about your personal life, the less you stress with your professional life.

YES, they are a symbiotic. The two live and exist because of the other. Do NOT kid yourself and think otherwise. Simply break it down, if you cannot manage your own person finances, how are you expected to be a good steward at work?

While I am a complete and total advocate for keeping WORK at WORK and HOME at HOME. You are still one person and the events of one will impact how you act and react with the other. That is why you have to be aware and cognizant of both.

So, what does this have to do with finances?

Simple. You have to ensure that you know how much money you have, how much you need, where it is coming from and most importantly where it is going. Stress levels decrease when finances are in order. In just about anything and everything we do, when there is less ambiguity there is more confidence. Having more confidence means being less stressed. Being less stressed at home means being less stressed at work. All that confidence means a lot less anxiety. Doing what it takes to be less anxious is key to being an Authentic Leader.

I hope you can see how that works?

Don’t worry this WEEKEND CHALLENGE is relatively simple.

  1. Make a list of all your money holding accounts (Savings, Checking, Stocks, Mutual Funds, ETFs, etc.). If you only have a couple well then things just got a lot easier.
  2. Determine the amount of money you have in each account.
  3. Make a list of ALL outstanding debt (who you owe money to): Credit Cards, Loans, Mortgage, Car, Liens, etc. (again, if you have a couple of these debt items, CONGRATULATIONS things just got a lot easier).
  4. Determine and list ALL your sources of income (DO NOT INCLUDE ANY ITEM FROM #1)
  5. Here comes the cold hard truth: Determine how much money you have and how much you owe. This is the one thing most people refuse to see and admit. For most of us, this realization is going to sting. Let it sting.
  6. Now, here comes another difficult thing to do. Determine what you need to do to increase your income and decrease your debt and NOT paying on your debt is NOT the correct answer.
    1. Create a budget
      1. Pay yourself first (if you can, make $100 your monthly allowance)
      2. Save some $$$ (buy assets (saving it in the bank is not an asset (remember your money in the bank is an ASSET FOR THE BANK!))
        1. Buy Precious Metals (I.e., Gold, Silver, Platinum, Rhodium)
        2. Buy Financials such as Stocks, Funds, etc. (do your homework)
        3. Real Estate (Rental Property)
      3. Live off the budget
    2. Create a pay-off debt plan
      1. I recommend the SNOWBALL plan
        1. Pay on all your debt the minimum
        2. Select the one debt (DEBT#1) you owe the least and pay extra until all paid
        3. Once DEBT#1 is paid off, take the COMPLETE amount you were sending to DEBT#1 and ADD it to DEBT#2 and keeping doing that until it is also paid in full.
        4. Now take DEBT#1 and DEBT#2 amounts and apply them to DEBT#3 and repeat the process until you are completely debt free.
      2. DO NOT CREATE ANY NEW DEBT.
        1. If your only reason to create new debt is because you are buying CRAP to impress not the family, not the friends, but totally complete strangers then you are WRONG and nothing anyone, including me, can say or do will help you become a Great Leader.
        2. However, if you must CREATE new debt then make absolutely certain it is for the right reason (such as):
          1. Transportation (old one cost too much to fix or constantly breaking down)
          2. Housing (previous one was TOO expensive to live in)
          3. Appliances (only if the previous item no longer works, buy the bare minimum (a.k.a., Absolutely NO touchscreen refrigerator)
          4. Clothing (only if you shop at Thrift stores, 2nd Hand, Goodwill (lots of great stuff there)
          5. Food (STOP GOING OUT TO EAT! Buy and Cook Your Own Food)
          6. Entertainment. Going out is OUT OF THE QUESTION! Stay in and save a ton coin by subscribing to Netflix, Hulu, Disney+, Amazon Prime (this cost way far less than table service in the Velvet Room)
        3. STOP WASTING MONEY!
      3. LIVE LIKE A PAUPER until you are debt free, then you will be surprised how you will live like ROYALTY later.
      4. There is NO BAD TIME TO BEGIN on taking care of your finances. Well there is a bad time and that BAD TIME IS NEVER TAKING CARE OF YOUR FINANCES.

Remember, just because the app on your fancy schmancy smartphone says you have money does NOT mean you have money to waste.

NOW, GET TO WORK!

Categories
Accountability blog Change communication Decisionmaking Entrepreneurship Followership In The News Inspiration Leadership Leadership Principles MBWA Mentor Motivation Podcast Tips Training Walking Leader Work Ethic

NOW ONLINE: WALKING LEADER PODCAST #162 with your host, David Guerra

Friday, January 15, 2020 – DAVEGUERRA.com announces the online posting of the latest episode of the Walking Leader Podcast.

Episode 162 of the Walking Leader Podcast titled, “As The Walking Leader, Either You Lead By Example or You Don’t Lead At All“, host and author of the Walking Leader book series, David G. Guerra, MBA talks about How leading by example is a non-negotiable leadership principle. “Leaders comes in all shapes and sizes. Each leader is unique. That being the case that uniqueness is what makes leaders become great. It is when they use that uniqueness to go beyond the ordinary day-to-day grind of leadership. Yes, I said that. It can be a grind, if individuals just want to go through the motions. However, to be greater than the ordinary those unique leaders know that what they do is mission critical. Leading by example is at the tip of the leadership iceberg. The Walking Leader knows that walking their talk is critical to developing, creating, and motivating future leaders. As those future leaders see the success of their leaders because they lead by example, thus up and coming leaders can do nothing else because their leaders are executing on the lead by example mindset. Thus, leading by example is non-negotiable because the ONLY option is to NOT lead at all.”

 

Click here to visit podcast #162 page and listen to the episode with the online player.

Categories
blog Change Decisionmaking Entrepreneurship Followership Her & Him Inspiration Leadership Leadership Principles MBWA Motivation Podcast Tips Training Walking Leader Work Ethic

Developing Your Grit!

There comes a time when ALL leaders will face certain challenges. Not the everyday kind of challenges but those challenges that in the end will set you apart from the rest of the crowd; the pack. Those challenges are those that require you (as a leader) to step up and take the reins of the situation. People that follow you or will eventually follow you will see that you have the GRIT (courage and resolve; strength of character) to a leader worthy of their followership.

Developing your grit as early as possible is something that will most certainly benefit you for all the days and challenges to come. As a leader that has developed their GRIT also knows that those future challenges will NOT be easy nor will be difficult. They will be faced head on by that leader because she or he knows that the challenges must be addressed in the most direct and appropriate manner. Developing that GRIT allows leaders to see beyond the barriers and through the walls those unique challenges bring. Followers want a leader that is already working beyond the barriers long before the walls and barriers are breached. Leaders that have moved beyond those obstacles are the leaders that are continuously honing their TRUE GRIT and as always when it comes to being a better leader, a Walking Leader, honing your True Grit is NON-NEGOTIABLE.

Take a listen to episode 155 of the Walking Leader podcast as I talk about how as the Walking Leader you must develop your True Grit.