Spend Less And Earn More, You Should. Yes.

Luke Skywalker and Yoda. Star Wars

Eid Mubarak everyone. I have been gone for too long, but I have not forgotten! My new job is a little too crazy for me and during the holidays I had to catch up with a new book that I'm really excited to be working on (though it turns out to be a really big project) with some editing on Du'a, A Definitive Guide to Supplications from Al-Quran.

Anyways! Let's get things started again with step 25, revisiting your finances and documenting your desired spending. We talked about taking control of our own finances mean being the Chief Financial Officer of our money. It's a weird position to be in since we're also occupying position of manager, accountant, producer (of income) etc. The gist of a CFO in personal finance is either to cut spending or raise income. Ideally you'd like to do both, but both never occur on a continuous basis. You don't get a wage increase every month or year. So, the only option is to look at spending. Once your income increase, you either can keep costs the same (more money left!) or costs increase by spending on higher priced needs or wants. It all depends on your goals and time frame to reach it. You are cutting spending on certain things because you have a reason to cut it, to achieve a goal by the end of the week, month, months, year, and 5 years.

Whilst browsing, I found an interesting CFO mentoring website that got me wondering if there are a personal finance mentor program. There probably is, but at cost. The next best thing to a mentor might be a family member who might not mentor, but can tell it like it is. Another potential, is the local Islamic center to have more discussions about money and build a support program that meets weekly, bi-weekly or monthly.