Sellery, a columnist for Moneysense and author of two books on wealth management, took time to answer questions from Digital Journal’s Twitter feed recently. He explained why “money is only a tool. It doesn’t reflect your worth” and how best to plan for the future.
Managing your money and assets isn’t simple, he notes, but laying out a strategy should be a top priority for any savvy income-earner. Be aware of what’s in your account, he advises, and don’t waste precious funds on high-priced shoes or a night of binge drinking.
.digitaljournal Being OBLIVIOUS to income & expenses. Not $$ shoes or drinking. Dumbest thing is not knowing WTF is going on in your acct.
— Bruce Sellery (@brucesellery) August 14, 2014
With that advice, then, shouldn’t we all be tallying our expenses and earnings like we were taught in school? No, Sellery replies, instead offering his own take on money management: his approach, dubbed “sustainable spending”, is summed up with a simple ABC. First, analyze spending. Figure out, over 6 months, how much is coming in and out. Then brainstorm ways to change any painful expenses and adjust income accordingly. Then, actually make those changes happen.
.digitaljournal A=Analyze spending. Over 6 mnths how much is coming in/out. B=Brainstorm was to chg income/expenses. C=Change 2-3 things.
— Bruce Sellery (@brucesellery) August 14, 2014
Sellery, who often appears on Canadian TV shows to share his take on personal finance, also answered several other questions that can be seen in this Twitter Q&A thread.
Digital Journal’s next Twitter chat (what we dub #digitalchat) will take place on September 4 at 3 p.m. ET with Twitter Canada’s Steve Ladurantaye.
