Great news! You just received an auto insurance claim settlement and will now receive $218,000. Or is it good news? If normal behavior holds true, within a few short years (possibly sooner), all of this money will be gone and you will be worse off financially than you were when you received the money.
How is that you ask? By not having personal budget planning strategies in place for how you will spend that auto insurance claim settlement money over time. A financial plan. A budget. A spending plan. Call it what you will, but the unique solution discovery is being prepared to tell your money what to do, not having the money dictate to you how it will be spent.
I have learned that money is not fun for most people because most people do not realize that you have to understand it and if you are negative about money, or are consumed by it, you are never going to be happy or have a lot of it. Your financial plans are never going to succeed.
And it does not matter if your auto accident insurance settlement is $20,000, $100,000, or $800,000. The principal still applies. Unfortunately, most people tend to become consumed by having so much so quickly as a result of their auto accident insurance settlement that resisting the extravagant spending almost becomes futile. Financial restraint flies out the window.
But you know something? This is not going to be you. Why? Because with a plan, you are going to start telling your money what to do. You are going to live within your means and thrive, taking the money from the auto accident insurance settlement you are about to receive and make it last for years to come.
Effective budget planning involves making the right choices. We make them every day, from the mundane ones, deciding to get out of bed or what will be for dinner, to the more complex such as not spending money eating out or deciding to begin following the dream held deep inside.
There are three people to talk to help you get informed about that auto accident insurance settlement coming your way:
The success you will experience when looking back years from now is in the staying power and taking action by laying effective groundwork. And a great place to start is by reading an article series on personal budget planning and learn how to go from pipe dream financial goals to effective personal budget planning that will help you thrive in any economy.
In this series you will learn about setting financial goals, financial juggling act, living debt free, defining your net worth, and much more!
So get going now and do not let your coming auto insurance claim settlement be a cause of discontent and sorrow. Make it one of planning, joy, and thriving!