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Financial Action Plan, Game Time!


Financial Action Plan

The final step to a complete financial overhaul is the Action Plan.   The action plan is where the “rubber meets the road.”  If you have followed the previous lessons in the series, you have grown in knowledge.   You have also grown in determination to live your financial life in totally new ways.  It’s game time!  Now you need to make a reasonable action plan that you can carry out in the next year.  This section is critically important for a true financial overhaul after bankruptcy!

Make a Simple Plan You Can Commit to Follow

In order for your action plan to be successful, make sure it is simple and easy to follow.  Set your goals out 3-6 months.  Set goals out for one year.   Never exceed these amounts – at least at the beginning.

Do not set complex goals where you do not understand certain steps in how they will be completed.  Keep it simple!   Plan to learn about a topic before you set goals within it.

For instance, do not make a plan where you will be a successful marketer or web designer making $150,000 by the end of the year.  Instead, plan to attend every web and marketing conference within the Midwest area, learning what it takes to be a successful marketer.   Then, plan on engaging 5 clients within the year with excellent results.  This goal is an example of a goal that is achievable.  With a goal like this, you are not leaving out several steps.   Then, set your $150,000 goal for the next year or the year following.

As another example, do not plan on increasing your passive income by $3,000 by the end of the year.   Instead, plan on decreasing your expenses to the absolute lowest amount possible.   Then, set a plan to pursue any form of passive income within the near future – no matter how small.  If you have drastically decreased your expenses and obtained any form of passive income, this is still a major accomplishment within a one-year time frame.

Set High Goals

Although your goals need to be simple, you can set them high goals when the time is right.  Acquire knowledge and experience within a particular area.  Then, the sky is the limit!   Make sure to set high goals.  These goals may not follow what other people are doing around you.  Still, if your goals are well-thought out, you may be able to excel in areas where other people only settle for much less.

Make Sure Your Action Plan is Also Possible and Reasonable

While you set high goals, always keep your action plan possible and reasonable.  If you cannot reasonably think out a set of circumstances where your goal will come true, then you are possibly thinking too much “in the clouds.”   Keep your goals down-to-earth and base them on observable facts.   For instance, if your local market cannot sustain your goal, your goal may simply be ill-thought or impossible.  Adapt to the financial knowledge that you obtain and then act on it with well-thought-out plan.

Plan to Make a New Action Plan Every Six Months

Even if you have year-long and multi-year goals, it is important to review your situation and adjust your plan every six months.  This six-months principle will allow you to adjust and stay focused, but also give you sufficient time to make headway in your goals.   Goals must change and circumstances change and your financial knowledge increases.  Make sure to use this six-month principle to make your goals adapt accordingly.

Conclusion: The Sky is The Limit!

If you have truly applied the principles taught in this financial overhaul series, then the sky is the limit!   Instead of money always working against you, the future will have money working for you.  Make plans every year for your net worth and your passive income to increase.   They will.   Make plans to increase in useful financial and business knowledge each year.  It will increase.   Being responsible and productive with financial matters will take you to new heights that you never thought were possible before.  Go all in – it will be worth it!


Never Take the “Easy” Way – Course #5

Why does everyone take the easy way in life?  It’s simple – it’s easy!   It is much easier to do things the fast “easy” way instead of doing things correctly and thoughtfully.   The easy way has an immediate reward.   The correct and thoughtful may reward you many-fold over a life time.  One of the most important lessons to learn for financial success is to never take the “easy way.”

Taking the “Easy” Way Destroys your Chances for a Financial Future

Taking the “east way” destroys most people’s chances at a successful financial future.  By taking the easy way, you are essentially trading your future financial success for the “now.”  If you want a car “now” by financing it, then you are destroying your chances at saving for investments in the future.  If you buy a mortgaged house, then you are destroying your chance to learn how to acquire a house (or many house) paid-in-full by careful financial planning.

Almost every time you take out a loan, you are trading your financial future for the immediate.   Credit Cards and loans are an easy way to pay for life expenses, but they doom you to financial failure almost every time.   In fact, if you are taking out loans for living expenses, you are likely already to financial planning and are “taking the easy way out.”

Taking the “Easy” Way Destroys your Motivation for Learning About Financial Things

If mortgage loans were outlawed next week, do you think that would end most people’s desire to own a home?  Absolutely not!   Most people would immediately seek knowledge or understanding on how to buy a home paid-in-full over some short period of time.   Perhaps, they would create other creative ways for purchasing a home that would not involve mortgages.  In any case, the public would quickly be forced to gain considerable financial knowledge and discipline in order to achieve the now “harder” goal of purchasing a house.

Financial Education Course 5 - Never take the easy wayMortgages or other financial practices do not need to be outlawed: you can chose to gain considerable financial knowledge and discipline to take the “harder” way even if “easier” options are still available.  The real twist to the “easy” versus the “hard” debate  is the very words in which they are described.  In reality, the “hard” way of doing things is actually much easier over time if it is applied.   The “hard” way is actually not hard at all: it is just the correct and moral way of living your financial life.

We all have heard of the concept of being a good steward with our lives.   We all have the moral responsibility to manage our lives in the most productive and orderly way possible.   This is the very fabric on which our society is built.  When you do things the hard or correct way, then you get to very much take advantage of the peaceful financial systems that our present in our world.  You essentially are able to allow “money to work for you” – instead of just “working for money” your whole life.

For example, a person that diligently studies and saves to buy a paid-in-full home will be much benefited by not having to pay mortgage payments.  If he was able to acquire the paid-in-full home over two to three years, then what is stopping him in the future?   The same person can acquire one, two, or maybe thirty more paid-in-full properties over a lifetime.  He can receive rental income from these properties.  From this income, the decreased demand for “job” income can even give the person more time to build their financial knowledge.  Later in life, this same person could have a multitude of real estate or business-based assets generating income.

Or, the same person could have gotten a mortgage.  His financial “mind” would have stopped there.  He would probably still be paying on the same mortgage twenty years later.  He would only partially own one mortgaged house.

Conclusion: The “Easy” Way is Dangerous

Do you understand now the danger of doing things the “easy” way with finances?   The “easy” way is actually a deception: it is much, much harder over a lifetime.   If your financial past is dominated by the “easy” way, you may need to completely start over in life.   Your commitment to following the “harder,” correct way of approaching finances may require you to make some drastic changes.  These changes may be incompatible with your previous, “easy” way of going about your financial life.

Test Your Knowledge!  Take The Quiz!

Quiz 5 – Never Take “Easy” Way

Future Courses Will Be Released Soon!

Do the Opposite of Everyone Else – Course #6
Action Plan – It’s Game Time!  – Course #7

Income Up! Expenses Down!

Financial Education Course #3

Income Up Expenses Down

One fundamental concept to financial success is simple: increase income and decrease expenses. Although this concept is very simple, most people do not apply it. Throughout your life, your focus should be on increasing your personal income and decreasing your personal expenses.

Decreasing Expenses

Most people have misplaced goals when it comes to finances. One misplaced goal is to get the nicest house possible. Another misplaced goal may be to finally save enough money to buy a dream car. The problem is this: most people focus on what they want instead of the best way to get it. This focus – on achieving your financial goal without focusing on the method for achieving it – is doomed to failure.

Increasing Income

Increasing income is kind of a “no-brainer.” We all know the benefits of increased income. However, have you ever really studied diligently how you could run a business or increase your knowledge towards the goal of increasing income? Knowledge is power. Acquiring assets and financial knowledge almost always increases your income. For instance, when was the last time you went to a seminar about marketing or website building? How much time do you spend learning about how to acquire and manage assets? If you constantly “build” yourself up with personal abilities and knowledge, your income will increase. However, an important warning is necessary here. If you do not first apply the principle of decreasing expenses, all of your increased income will be worth absolutely nothing. The tendency of most people is to immediately find ways to spend increased income. A nicer house, better cars, indulging in hobbies and other personal habits – these things have a natural way of immediately exhausting additional income. First make a commitment to decreasing expenses. Make them as low as possible! Then, make a commitment to only use your increased income for new assets and other investments. If you do this, a better overall financial life will naturally follow.


Math Never Lies. We have all found ourselves in the dynamic of wanting nicer things in life. Houses, cars, vacations – we want it all and we want it now. Sometimes the “right- now” desire to live life overcomes our math skills. In order to truly have an easier financial life, we need to always be focusing on increasing our income and decreasing our expenses. The math of this truth never lies.

Take the Quiz!

Take Financial Education Quiz 3

Get Dynamic! Get Serious!  – Course #4
Never Take the “Easy” Way – Course #5
Do the Opposite of Everyone Else – Course #6
Action Plan – It’s Game Time!  – Course #7

How to Change your Financial Worldview

Financial Education Course #2

Indianapolis Bankruptcy Attorney John Bymaster explains the importance of changing your financial worldview.

Changing your financial worldview is a much larger task than what you may first anticipate. It requires a tremendous amount of dedication. It requires you to make drastic changes to how you approach life. It usually also requires you to do the exact opposite of what most other people are doing around you. You may feel like a loner, the only person in the crowd with vastly different financial goals.

The best way to explain how to change your financial worldview is to give some examples that will start moving the way you think in the right direction. Remember, changing your financial worldview is something that takes commitment. Massive changes to your life will be required. Below we have explained five examples of how your financial worldview will may need to change.

1. Be Productive and Make “Work” Your New Best Friend

There are no limits to those who choose a good attitude about work and business. The popular personal finance book, “The Richest Man in Babylon” by George Samuel Clason, gives an example of someone who worked from the bottom to the top by making work into a “best friend” instead of a mortal enemy.

If we fear work or make it our enemy, we will never be able to open a business or be successful in our employment. If we drop all our fears and bad attitudes relating to finances, we can start truly be productive and excited about financial things instead of dreading them.

2. Make it your Goal to Learn About Money the Same Amount of Time That You Work for It

How many people do you know that will punch in and out faithfully everyday for work, spending at least 40 hours towards working each week? Out of those people, how many people do you know who spend even 15-30 minutes each week learning about money or how it works? The answer is not too many – almost none at all.

Why is this? Learning about business, financial skills, and how money works – these are all very easy and enjoyable ways of making your financial life much easier. If you spent as much time learning about business, new skills or abilities, and money as you worked each week, your net worth and financial understanding would drastically increase in a short time.

3. The Working Hard and Working Smart Equation

After you have decided to gain financial knowledge, you can start putting that financial knowledge into effect. Two parts exist in the financial equation. In this equation, your hard work is essentially multiplied by the “smartness” of your work. These two factors multiplied together are what determines how financially successful you will be.

How many people have you seen working hard but getting nowhere financially in life? How many easy-going, intelligent people have you seen who have some financial knowledge but are unwilling to work to be successful? These two factors, hard work and smart work, must always be used in conjunction with each other in order to achieve financial success.

4. Decrease Personal Expenses and Increase Income

Many people are thrilled to purchase a beautiful house on mortgage and new financed cars whenever they find themselves able to make such payments. Unfortunately, such thinking usually leads to either financial mediocrity or even financial failure. Instead of such goals, your primary financial goal should be to decrease your personal expenses to as low as possible.

With the goal of decreasing your personal expenses, you can still many times achieve the purchase of such items such as nice accommodations and vehicles. However, the route to these desired items is vastly different. Many financially successful people pay very little (or virtually nothing) for the lifestyles they enjoy. Their corporations or rental income frequently offsets all of their personal expenses.

With your expenses as low as possible, you can use anywhere from 50% to even 80-90% of your income for investing in new sources of income. The process of wealth accumulation never ends in such an equation. However, if you start out with high personal expenses, you will never be able to break free of the monthly bill payment cycle that dominates the entirety of most people’s income.

5. Do Not Care About Appearances. Do not “Keep up with the Jones’s”

Many people purchase automobiles and houses in order to help their self-esteem. They know that they work hard and feel like they “deserve” some nice things in life. However, this way of thinking is very detrimental to gaining financial knowledge and breaking out of the monthly-payment cycle.

The only thing that ultimately matters is the reality to your finances. If you have hundreds of thousands saved but drive a modest car, does it matter what other people think? From now on, judge how much your net worth is gaining each year in order to determine your financial or other “worth” you desire. Remember, financed items are really only “on rent” anyway. You do not own any part of them unless you are taking drastic steps to quickly pay off the debt. Do not let financed items be your self-esteem booster. Make responsible financial choices that will lead to genuine accumulation of wealth.

Assignment: Read or Listen to the Book, “The Richest Man in Babylon” by George Samuel Clason

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To move on to Financial Education Course #3 click here!

Stay tuned for Indianapolis Attorney John Bymaster’s next Financial Education Courses!

Income UP – Expenses DOWN! – Course #3
Get Dynamic! Get Serious!  – Course #4
Never Take the “Easy” Way – Course #5
Do the Opposite of Everyone Else – Course #6
Action Plan – It’s Game Time!  – Course #7

How to Identify and Avoid Loan Forgiveness Scams

Loan Forgiveness Scam

Large loans make the borrower feel trapped.  With this trapped feeling brings desperation to find any route of escape.  Loan forgiveness scams prey on this desperate, “trapped” feeling.  This is especially true for student loans.   Student loans create the perfect dynamic for loan forgiveness scams.   A loan forgiveness scam claims that you will be able to have your loans forgiven if you offer them payments or personal information.    To protect yourself, you must be able to quickly identify and avoid loan forgiveness scams.

How to Identify a Loan Forgiveness Scam: Know How Scammers Operate

The signs of a loan forgiveness scammer easily identifiable.  You just need to know the way they operate.  Below are a few common signs that you are dealing with a loan forgiveness scam.

Scammers Want Personal Information

Loan forgiveness scams focus on collecting personal information.  The person on the other side of the phone may sound convincing.  They will ask for your personal information such as your social security number, date of birth, or even bank account information.

You should never give anybody this information over the phone if at all possible.  This especially applies when someone you cannot identify initiates the contact with you over the phone.   If they are offering to enter you into a “loan forgiveness” program after you give them your personal information, then you are likely falling victim to a loan forgiveness scam.

Scammers Need Payments

Loan forgiveness scams will attempt to set up either a single payment or a series of future payments over the phone.  The scammer will claim that the payment(s) will qualify you for debt forgiveness of the entire loan.  Any attempt from an outside caller to collect payments over the phone should immediately serve as a warning sign.  Never give payments over the phone unless you initiate the call. The tell-tale sign of a scam artist is a request for payments over the phone.

Scammers Will “Promise the World”

If it sounds “too good to be true,” then you are probably dealing with a scammer.   Loan forgiveness scams sound convincing.   Many times there is even a fake application process that allows you to build your comfort level with the caller.  Make sure to analyze the entire situation.  By the end, they will promise an unbelievable benefit by your participation.  If what they promise is disproportionate to regular reality in some way, you are probably being scammed.

Scammers use Former President Obama’s and other Politicians’ Names

Scammers will frequently use Obama or other politicians’ names in order to make their claim of loan forgiveness more believable.  It is all part of the “act.”  The scammers will use well known names, cite legal programs, or use official-sounding language.  It is all part of the scam to make it sound more appealing and believable.   Do not be fooled. Learn how to identify scammers.   Get them off your phone or email feed as quickly as possible.