We’ve given you a few weeks to settle into 2022 and start working on your goals so that you will THRIVE in 2022 – not just survive. In this part, we’ll address Needs versus Wants as they relate to your goals.

Identification of Your Needs and Wants

           The next step in GOAL BASED BUDGETING is to write down a list of each need and want for each of your goals. Alternative ways of achieving each goal should also be written down. Your list of needs and wants should contain a description of how it contributes to the goals of the family. Other than that, no judgments should be made at this point.

It should be noted that self-interest motivates both buyers and sellers in a society based upon capitalism such as the United States. This self-interest, or selfishness, will become evident very quickly as each member of the family contributes to the lists. Using the family’s goals that have been agreed to as a benchmark for identifying needs and wants will help redirect individual selfishness towards the welfare of the family.

         There are four basic needs that people have in today’s society:

Creating Goals Is a “Wealthy” Habit (Refer back to part 1 for “Wealthy” vs. “Poor” habits.)

 

Goals are specific, measurable tasks or activities in which you, (individual/family), will engage. There is no limit to the number of goals you may or should set. There should be a combination of both long-term and short-term goals. Goals should address both needs and wants. Ideally, each goal will have two or three alternative ways of achieving it.

Plan now for a GREAT 2022

Create a Plan

It’s hard to thrive spontaneously. You need to plan how you are going to thrive. The steps to success are:

  • Get Clear.
  • Get Confident.
  • Get Excited.
  • Get Focused.
  • Get Committed.
  • Get a Game Plan.
  • Check and Adjust with a mentor/coach

As you seek clarity, take an honest assessment of your habits. Those with rich habits will thrive. Those with poor habits will survive – just barely.

Fuel prices are soaring to record highs amid natural gas, oil, and coal supply shortages which are expected to last through the winter. Home heating costs in the coming months are expected to be much higher than last year. In addition to wearing sweaters indoors, sealing leaky windows and doors, hanging heavier window coverings, replacing dirty heater filters, and making smarter decisions about energy usage, some people are considering becoming their own energy producers by installing small wind turbines and/or solar panels on their homes.

CARES ACT STUDENT LOAN RELIEF EXTENDED AGAIN THROUGH JANUARY 31, 2022

 

On August 6th, the Education Department announced they will extend student relief for millions of Americans. In what the department is calling the final extension, the moratorium on federal student loan payments, initially instituted by the Trump administration in March 2020, will now continue through January of 2022.

The FCRA permits credit bureaus to list positive information on your credit report indefinitely. Accurate negative information, such as a late payment or an account turned over to a collection agency, can remain on credit reports for 7 years. Bankruptcies may remain on credit reports for up to 10 years. Unpaid tax liens may remain for up to 15 years.