By Nisha Jackson
If not now, when? It’s not too late to start, your journey to financial independence. If you are starting over, you may be in the valley, with what seems like a tough climb back to the peak. Just know that you are not alone and recovery is possible.
The key factors to recovery are: Mindset, Planning, and Action. These factors work in unison and must be used on a consistent basis. Mindset is an important component of money management. Look internally and see if your mindset is sabotaging your financially success. If so, work on self improvement in that area so that you don’t create your own glass ceiling in your financial success.
To create financial independence, it is imperative that we forgive any past transgressions and resolve any negative mindset issues before we can repair our finances. We must raise our wealth consciousness and believe we are entitled to a higher standard of living.
Start with a vision and a goal. Keep everything in one organized notebook. Be “courageous” and face every area of your finances. Gather all bills and sources of income and evaluate them. Separate them by what you owe (liabilities) and income (assets). Create a spending plan to see where you stand. If more money is going out than you are bringing in, it’s time to make adjustments in the variable expenses (expenses that change every month).
Take action! Use a small notebook to track EVERY purchase you make for 30 days. Evaluate those purchases to find holes in your pocket. If you have debt, eliminate it. You can eliminate debt in the fastest time possible using the money you already make. Make sure you have the correct tax exemptions, Instead of giving Uncle Sam a free loan during the year and getting a big refund, use that money that during the year.
Please “stop disrespecting your money”? Here’s how many are disrespecting their money:
They’re not balancing their checkbook regularly or worse, not checking their bank statements for errors. Avoid those hefty overdraft fees! Do you have bills that you haven’t opened? Is your insurance cost effective and adequate?
Is your Financial Advisor, Accountant or Insurance Agent, etc., not benefitting you by suggesting ways to save money when the economy changes or you have a change in a major life event (marriage, divorce, childbirth or 10 year advancement in your age)? If not, it may be time to change those governing your money. Become an active participant and have a say in how your money is being allocated.
Don’t stay in situations, because it’s comfortable. Just as the economy changes, so should your financial planning. Remember, you can’t fix what you don’t acknowledge. Here’s to your brilliant success!
Nisha Jackson is the CEO of Financially Brilliant Women’s Institute. She is a Wealth Strategist, speaker and bestselling author. Nisha helps women entrepreneurs maximize profits and effectively handle personal finances.