The Thumbtack Theory

My Dad has this saying, “Stupidity is continually doing the same thing and expecting different results.” We all have our moments of stupidity. I had another moment today as I attempted once again to hang my son’s wall decorations back on his wall. Somewhere in my life I became convinced that the best way to hang anything is with thumbtacks…. I know I should get the hammer and put a nail in the wall. It’s just easier to use tacks. And more forgiving if you accidently hang the picture 2 inches too low. However, tacks definitely have their down side …

Finding the Balance When You Are the Boss

Cynthia emailed me this question a few weeks ago concerning the unique needs of trying to set up a budget when you own your own business or are on a commission based income. I have already written a few blogs on this subject ( Feast or Famine , Finally Breathing , Your Business , The Power of Percentages ) but I felt like this question is so relevant to so many people that is bares revisiting. Cynthia wrote, “We desperately need a budget and it has been difficult for us to budget because we own our own business. I need …

Showing Up for the Race

So I wrote a fun new section for my first chapter that I thought I would share. It’s not life changing in itself, but it made me laugh while I was writing it, so I hope it will make you laugh too. For those of you that have been following all along, it is going to the beginning, but maybe it will remind you how far you have come… I ran track in high school, and it still can cause me to break out in a cold sweat when I think of the moments right before a race. I was …

Parties, Taxes, and a Plan for the Infrequent

I had a question from my dear friend Kim posted on Sunday’s blog, and I just wanted to take today to answer it. Kim wrote,“Tracy!!! I love your blog. I have my notebook and I started my spreadsheet today. Where do I put things that are paid every few months?” I am so glad you asked this Kim. To illustrate my answer I am going to use my car insurance. Matt and I pay our car insurance every six months because we get a discount for paying it in advance rather than paying it monthly. So every month I have …

A Plan to Stop Juggling… Besides Dropping the Balls

One of the most difficult things about juggling finances is that you feel like you can never stop. Some people are constantly dropping balls, others just put some of the balls down until they can afford to pay them. The juggling act is constant and exhausting. You never know when the next ball is going to be thrown in or how many there will be. What I am going to be giving you today is so incredibly valuable because it is not just a way to manage the juggling act, it is way to end it. I am so excited …

The Power of Percentages

“Deride not what I say because of its simplicity. Truth is always simple. I told thee I would tell how I built my fortune. this was my beginning. I, too, carried a lean purse and cursed it because there was naught within to satisfy my desires. But when I began to take out from my purse but nine parts of ten I put in, it began to fatten. So will thine.” ~from “The Richest Man in Babylon” by George S. Clason. OK, I love this book so much that (although it is not Christian) I’m just going to say… You …

Your Business, Your Freedom, and Your Responsibility

Self-employment can be a liberating, extremely rewarding way to earn your income. Many people who are self-employed are doing exactly what they love and want to be doing. They are their own boss, set their own hours, and consequently have a lot of flexibility. However, it can be a very difficult venture when you are first getting your business going, and also when you are laboring in a business that may not go very far. When you are at the top and a huge contract doesn’t go through, or they are late on payment, it is you and your family …

Life on Commission: Finally Breathing

Some of my dearest friends in the world are realtors. And although they are wonderful at what they do, the realty business is a %100 commission business and is consequently very competitive and difficult to make a living in. However, it has very flexible hours, and can be extremely rewarding business. So how do you budget when you might have a $7,000.00 month one month and an $1200.00 month the next? I am going to lay out a plan for you today and I hope is going to help some of you finally come to a place of balance in …

Life on Commission: Feast or Famine

My husband Matt, is gifted at so many things, but sales is not one of them (he will tell you that himself :)). When we first started dating he was working at a Christian telemarketing company in which his paycheck was based largely on commission. He had to sell a certain number of commercials in order to even receive a commission and in the five months that he worked there he hit that commission exactly –once. It was a very difficult five months, but he learned a lot during that time. One of those things being, that he will never …

Every Other Friday

OK, I just need to warn you from the beginning, this blog is going to be a little bit long, but I really don’t see any way around it. But hang in there, because if you are paid every other week, you are going to love me today. The lightbulb is going to come on and by the end of this blog you will understand how to manage your previously unmanageable finances. Being paid every other week is a very common practice, but it can be very difficult to set a budget because your bills come on a certain day… …