Financial To Do List for Shawn Michaels & You Too

by seanrefer

I wrote a post yesterday on Shawn Michael’s financial issues and thought I would follow up with a To Do list to get him back on the right financial track.  These are mostly things that all of us should do but as you will see a few are just for Shawn.

1. Ditch the cowboy! There are some things that one just shouldn’t do for money.  You still have to go home at night and look yourself in the eye.  Making more money is certainly one solution for financial troubles but one wouldn’t recommend prostitution, bank robbery, mugging or drug sales or throwing fights. Maybe you can design a new Tshirt that says:  “Ditch the Cowboy” with a bucking horse and LBJ in the dust.
2. Start an emergency fund.  Even if you make millions of dollars, you still need to have enough in liquid funds to pay for a few months of living expenses.  For the average person, the recommended starter emergency fund is $1000, in your case, you might want to work on $100,000.
3. Reduce your expenses. Keep track of your expenses and living costs for a few weeks and look for ways to cut out the fat.  It may not be as sensational as groveling at LBJ’s feet but it will keep your head above water.
4. Once you have  an emergency fund, start putting money into your retirement fund.  Let’s face it in your profession, your career could end at any time and it’s best to be prepared.
5. Invest wisely in things which you are familiar.  Maybe you should think about investing in body building equipment, medical equipment, pharmaceuticals, or even a health club.
6. Pay off your debts.  Make a concerted effort to pay off all consumer debt such as credit cards, personal loans, etc.  Once the consumer debt is done, start working on the mortgages.  Interest will eat your budget up!
7. Pay cash!! Pay cash for things or don’t buy them.  If you don’t have cash enough to pay for it, you probably don’t need it.

Following these steps will have your budget in the black in no time at all.

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Tags: budget, emergency fund, shawn michaels