About Donell Edwards: Donell Edwards is President of CWR Media and is also founder and publisher of The College World Reporter (CWR) magazine and CWR World News & Information Service. He is also a professional speaker, freelance writer, and entrepreneur.
Know Your Money
Thursday – March 13, 2014
A Time For Meditation
By Donell Edwards
Meditation is defined as “continued or extended thought; reflection; contemplation (Dictionary.com). After encouraging readers who are really serious about making a major transformation in their money-management methods to first keep a thorough and accurate record of their spending, to perform an objective evaluation of their spending over a period of at least a month based on their findings, to either develop a budget based on what is learned from monitoring spending or adjust an existing budget, to ensure that the budget is realistic, to submit to a reality check to make sure there is no denial of one’s need for help and to make changes in administering personal money-management, and developing a backup plan, after all of that, now is a time for meditation. A time for extended thought about how to process and implement what has been discussed, and contemplation about all of the possibilities resulting from moving forward through this process to do more and get more with your money.
In our first week we have suggested multiple, major changes that have a far-reaching impact not only on money-management, but on many related aspects of life. Those changes will require commitment and determination in order to achieve success. We also discussed the importance of eliminating bad habits and developing good habits. It is imperative that strict self-discipline is administered in order to resist temptation to splurge, engage in wasteful spending, and to excuse bad money-management habits.
If you are reading this blog and you have a problem with self-discipline, it is incumbent upon you to put forth the effort to overcome your lack of self-discipline. American Olympic pole vaulting champion Bob Richards said about discipline, “One of the great lessons I’ve learned in athletics is that you’ve got to discipline your life. No matter how good you may be, you’ve got to be willing to cut out of your life those things that keep you from going to the top.” The importance of self-discipline cannot be overstated and is essential in any endeavor in life. The profound words of American businessman and writer William Feather about self-discipline leave no doubt about its importance, Mr. Feather said, “If we do not discipline ourselves the world will do it for us.” So, learn to become self-disciplined and it will help you succeed in all aspects of life.
Another aid is repetition. In order for actions to become habits they must be repeated. In order to master a new methodology of doing things, those things must be repeated over-and-over again until they are thoroughly learned. American clergyman and writer Norman Vincent Peale once said, “Repetition of the same thought or physical action develops into a habit which, repeated frequently enough, becomes an automatic reflex.” That is why you will see much of what we recommend repeated over-and-over again in this blog. So that important qualities and practices are learned and become habits.
Take some time now for self reflection, think about all we have discussed, contemplate your current position as a committed, dedicated, self-disciplined individual, and how you can improve in these areas. Reserve time each day for meditation and you will be successful.
Tomorrow I share my confessions as a spendaholic.
Brave Souls Wanted:
If you would like to share with our readers how “bad” spending habits have affected you, anonymously or otherwise, for our upcoming special, “Confessions Of Spendaholics,” please send your experience to email@example.com.
Why You Should Start Seeing A Financial Therapist
Follow us on Twitter for more information about personal money management
Copyright © 2014 CWR Media – All Rights Reserved