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Hi. I'm Cynthia Cox, with Cox and Associates, CPAs LLC, and this is The Nonprofit Mile. I...I mean Minute [music] Well, now that I've got my steps in for the day I want to help you become financially fit. The first thing I want to talk about is the principle of delayed gratification. Delayed gratification is not when you don't spend money because you don't have money. It's when you have the money but wait to make a purchase, or invest in something, for a specific time or purpose. So, let's take and use an example and let's take you personally. So, you are driving in that car that you've had a while and you're nine months out from having it completely paid off. You think, "Wow. I'm gonna have this car paid off and I'm gonna go get that other car that I've had my eye on for a while." Wait! Your accountant says, "Delay gratification." 'Course then you immediately leave my office when I say that. But, if you don't and you...you want to hear what I have to say my plan would be pay your car off, take the payments you're not paying the financing company anymore, put it in a savings account for 12 months, 24 months, however long you can delay, and then use that money on a purchase of a car that you can afford and start building up that cash till you can finally go get that car debt-free that you really have had your eye on. That's delayed gratification. Let me give you an example for your nonprofit organization. You need to expand. You're trying to determine what that's going to look like. Delay gratification. Go rent a portable building for extra classroom space. Find a way to hold off on that new building until you start saving those payments and then you can take...put a large cash amount down, maybe pay for the building completely without debt and you will save yourself so much money in the long run just by delaying gratification. Then, you use the power of compounding in there and, hey, that was another video wasn't it? The Slight Edge, the book review. Look at that. If you want to dig into more financial principles I recommend the Financial Fitness Program. Forty-seven principles of financial fitness--a book, a workbook and eight CDs. Check out this link and you can find out more about it. I'm Cynthia Cox with Cox and Associates CPAs LLC, and we look forward to seeing you financially fit. Cox and Associates CPAs LLC 21960 Hwy 242 New Caney, TX 77357 (281) 399-8153 30.190777 -95.211677
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