If you want to change your financial situation, control is key. But it's not always easy to feel in control, especially if you're, say, drowning in debt. But writer Trent Hamm explains how one little word can make a difference. Photo by PublicDomainPictures.
Over at the Simple Dollar, Hamm says that by embracing the word "if," you start to see what's possible for your financial situation. He explains:
"If" is the single most important word in personal finance.
It's the word that everything hinges on, and it's also the reason that, in the end, your personal finance success rides on your shoulders, not anyone else's.
That can be a difficult thing for many to hear, but it's true. Every situation you're in is a mix of factors that you control and factors outside of your control. If you take charge of a situation and make the most of the factors you can control, you maximise your chances of success. It's never a guarantee, of course, but over time it makes all of the difference in the world.
This can work even if you're in debt. What if you tossed ten extra bucks at your debt every month? You can ask yourself that question, then do the maths to see how that would add up over time. And what if you were out of debt completely? I like this exercise because it focuses on possibilities, not what's holding you back. Those possibilities put you in control, and control is essential to managing your money. Hamm offers more insight on this topic, so be sure to read the full post at the link below.