Introduction
So last week we discuss our financial past, and provided some tips on how to recover from it. This week we will be looking at getting control of your present.
What’s going on in your financial life now?
Having a Heart-to-Heart with Yourself
Good money management helps you financially, like eating healthy and exercise benefits you physically. The effects aren’t always immediate, but with consistency and over time the benefits are seen as improved health, more energy and stronger mentally. Financially, it looks like financial stability and security, low or no debt, less stress and better options.
So, it’s time to be honest with you. Do you want that? Now, I know you may feel pressure to say, “Yes”, because, well, that’s what you are supposed to say right? All “sane” people would think that is the correct answer, but it depends. Mainly because of my follow up question.
Are you willing to do what you need to do to get what you want? If the answer to the second question is no, then the TRUE answer to the first question is no as well.
As William Shakespeare said, “To thine own self be true.” You have to make the decision for yourself and have your own why. It can be related to other people, but it has to be real and solid to you.
Where are you…financially speaking?
So after a good heart-to-heart, it’s time to get busy determining your current financial situation. Good or bad, reviewing your current money status is critical for you. You’ve got to know where you are, in order to determine how to get to where you want to be. Start with a snapshot of your current finances. This is simply gathering all income and expenses, then comparing the two. This is your starting point. If it is not where you want to be, no worries. You don’t have to stay where you are.
Begin thinking ahead, but not too far.
Even though you are in the present and may be trying to get things under control, I want you to take several breaks to dream about where you want to be in three, six, or twelve months? This is the “X” on our treasure map, because once you know where you are, the next step is to decide where you want to go. This provides you with two points to build your plan upon. Your wealth management plan is where you work out the details of what it will take to position yourself correctly to accomplish your goals.
Lastly, don’t overwhelm yourself by thinking too far ahead and cause yourself unnecessary anxiety and/or stress. Your focus should be the present, with the next steps coming after you have a good view or outline of your financial now.
Until Next Time…
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