Are you ready to achieve financial success? Let’s walk through it together.
Steps to Financial Success
Assess your Current Situation
Look at your situation. What is your income? What is your debt? More importantly where is your debt? (For example, credit cards, cars, house, student loans, etc.) More on this later but the source and kind are important. What is your cost of living? What are your monthly expenses?
Set Goals
This part is critical! Everyone’s financial journey is different. Know your goal so you can create a plan. Someone wanting to establish a budget will have different action steps than someone who wants to build long-term wealth or those who want to buy a home. The focus and effort will change depending on the end game. I believe time is your most important asset. Setting goals help you keep your focus and see tangible results.
Identify Areas of Improvement & Prioritize Them
My favorite part is identifying the obstacles that are standing in your way. I understand uncovering these pain points can be just that… Painful.
Find out what you need to look at based on your goal.
Do you want to buy a home? Maybe you should focus on savings and credit. This will help you decide what to prioritize.
Confession Time
I have a coffee problem. I was a barista for almost 3 years during college. At times coffee was its own food group and meal for me. Hence, the addiction began. Fast forward 5 years, I found myself buying coffees at least 4 to 5 days a week. My coffee averages about $7 with a tip.
Let’s do the math:
5 coffees x $7 = $35 a week
$35 X 52 weeks = $1,820 a year
For coffee?!
Why do I share this? To let you know this is a judgment-free zone. We all have pain points.
Create a Plan
Once you know your goal and identify your pain points it is
time to put a plan in motion. Use the 80-20 rule. Concentrate your efforts
for maximum execution. Work your way through your priorities. For example, if improving your credit is the top priority get a copy of your credit report and find the issues.
Need help? See my post “5 Basic Concepts of Credit” linked below. If debt to income ratio is an issue. Evaluate your debt. Can you apply a strategy to reducing debt?
Action
Last, take action. Implement your game plan. Remember to stay focused. I love to use a vision board to keep me focused.
I use the “Vision Board” app on my phone. I created a virtual vision board and saved it to my lock screen. It is private on my phone. No one else needs to see it on my wall but it is a constant personal reminder.
If you are interested in how to created a virtual visions board let me know! I would be happy to show a step-by-step tutorial.