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Saving will not make you wealthy. Does that surprise you? It’s investing that will help you build the abundant life you really want. But, if you are having difficulty financially, investing might not be your first step. That’s why I want to share the steps to take to improve your financial wellness.
Step #1 DON’T BUDGET! Do this instead….
For most of us, the thought of making a budget makes us cringe or feel depressed. That is because budgeting makes us think of scarcity and all the things we have to give up. It is hard to build a life of abundance from that place of lack.
That’s why we need a spending plan instead. A spending plan will help to guide you on your way to the life you so richly deserve. You create a spending plan by doing three things:
- Identify where you spend money. Where does your money go each month? Go back several months to get a better overview of your spending habits.
- Once you determine that, think about the things in your life that are important to you and your bigger vision. Do your current spending habits align with them? Sometimes we spend money on things that we don’t really need, or things that are just habitual spending practices, rather than the things that help us build the lives we want. If you haven’t taken the time to design your big vision, or you haven’t checked in with it recently, book it into your calendar today. It will be a great tool to help you decide where your money is best invested when you make purchases of any kind.
- And the final step in developing your spending plan is to ensure you aren’t spending more than you are making. It’s a simple one, but one that can easily be missed if you aren’t giving your finances the time and attention it deserves.
Step #2 Prepare for the unexpected.
Life is life, and things always happen. That’s why, with my clients, one of the first places we start is with building an emergency fund. I suggest putting away at least six months worth of expenses into a savings account, so if the unexpected happens, you won’t have to go into debt to get through it.
Some people like to build their emergency fund first, before they start to pay down debt, and others like to contribute their funds into both places at the same time. Either way, creating that emergency fund can deliver peace of mind financially, making it easier to move ahead faster.
Step #3 Start investing.
True financial freedom comes when you bring in more money from your assets than you spend each month. Acquiring and investing in assets should definitely be part of your spending plan because they will help you build a truly abundant life.
You can buy, build and create assets! Most people know about investments like stocks, bonds, and equities. There are also real estate trusts, rental and vacation properties, small businesses or franchises that can also be considered. And there is one area that many people don’t think about when it comes to investing and that’s creating your own assets!
We all have gifts and talents we can share to make someone else’s life easier. That is a valuable resource for them and for you! You could write a book, create a course, develop cheat sheets, or share a unique process that can make someone more effective in an area of their personal or professional life. Those are all assets you make once and can sell over and over again, which is a worthy investment of your time and money.
The steps to improve your financial wellness are simple, and once you have the knowledge it really is your determination to stick to the steps that makes the difference. As you work your way through each step and stick to your personal financial strategy, you just might find that it’s easier than you think to build the abundant life you want.
Building an abundant life is all about mindset. The more focused and positive you are the easier it will be. That is why I would like to invite you to get daily deposits of Abundance, Tips and Mentoring from my ATM. When you start your account, you will get a daily audio file delivered via text and email. To access my ATM CLICK HERE NOW!
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