Excerpt from our book “Teacher’s Guide to Money”

Here is a short except from our book “Teacher’s Guide to Money” written with John De Gree

“Three Types of Money
Each individual generally has three types of money:
1.   Lifestyle
2.   Accumulated
3.   Transferred

At the beginning of a teacher’s career, most of the paycheck will go towards supporting lifestyle. This refers to rent or mortgage, food, transportation costs, entertainment, etc. As the teacher continues to age (it’s a bummer, but we’re all getting older), there are opportunities to save or invest. This wealth is known as accumulated money. All teachers are very aware of lifestyle money, and the older teachers are more aware of accumulated wealth. One wealth that is often overlooked, however, is transferred money.
Transferred money is what we lose through money transfers, such as car loan interest, credit card interest, mortgage interest, and the largest of all of our transfers, taxes. If we have run up large credit card debt and are forced to pay the interest and late fees of a credit card, we can quickly lose control of our ability to be in charge of our financial situation. Instead of planning and saving for a future bright with opportunities for leisure and excitement, many of us spend our days worrying about how we will ever make our next payment. Worrying about money can be one of the worst forms of anxiety, breaking up quality human relationships and taking years off life expectancy. Mastering transferred money can bring you great peace and financial prosperity.”

To learn more about this book and our upcoming workshop on August 3rd – contact me!

July 16, 2009 Tags: interest, lifestyle, money Posted in: Teacher's Guide to Money