Financial Smarts
Posted on February 03, 2014 by Gina Sebastian, One of Thousands of Life Coaches on Noomii.
How are you at managing your money? If I asked you basic financial questions, would you know the answers? Do you know what Net Worth is?
There are many financial questions out there, many things to know and much to learn. But, I want you to go back to the basics so we have a foundation of financial smarts.
How long has it been since you checked in with your monthly revenue and expenditures for yourself and everyone who lives with you? Sometimes the answer is “it has been a very long time”. Sometimes the answer is “not so long ago” and then the “not so long ago” turns out to be a year or two. Much can change in a year, especially in today’s economy. Are you being smart with your money?
How much debt do you have? How much of it is good debt (debt that increases your net worth) and how much is bad debt (consumer spending)? Is this amount manageable for you? What are the interest rates you are paying? How much interest do you pay per month?
If you can easily answer all of these questions, I would say you are doing a great job of financial management. If this is not the case, start by answer the questions above and finding out where you are at. Then make a plan of where you want to go based on the reality of the situation.
If you are on top of your finances, are you moving yourself to the next level by building your Net Worth? Do you have residual and/or passive income structures in place? What are your long term plans for creating financial freedom?
By answering all these questions, increasing your knowledge and surrounding yourself with an effective financial team, you will be financially smart AND setting yourself up for a great future. Start today… before you are even more in debt.
Plan for the future and know what your plan is for Financial Freedom. The only way to create your dreams is by knowing where you are at, where you want to go and then taking steps to get there. Your future awaits!
“Money quite simply is an energy tool. Like all energy, it can be used to build or destroy. In itself, money is neither good nor bad—it is neutral. How it is handled is what counts. Understanding how to use it correctly-how to ethically make it, keep it and share it—can add a positive dimension to our lives. Our relationships, our comfort and our safety can be dramatically improved with money that is acquired and used in the right way.” ~ Robert Allen
Where are you at financially? Figure out the numbers and then create a plan.
What is your monthly income? There are two ways to have more money: make more and spend less.
What are you monthly expenditures? Do you choose to spend you money on all of these things? Or have you been unaware of where all the money has gone and now that you have awareness you are ready to make different choices?
Have you created passive income? Is this something you want? If yes, what does this look like? What is your plan? Who will help you increase your knowledge?
Take your control back! Decide that you are taking charge of your finances and take yourself to a whole new level. Increase your knowledge and financial smarts so that you make choices that work for you. The world is abundant… if you let it be.
Learn more at: http://www.onpurposetraining.ca
