Assess and consider where you are by taking a self-reflective view of yourself. Understand that, financially, where you are is where you are. Many times, we get discouraged because we look around at our peers and it seems like they are passing us by. Life is not a competitive sport. We must assess where we are without any subtle comparisons to the Joneses.’
Often, during my money coaching sessions with my clients, I hear “please help me, I am all over the place.” I do not understand where my money is going, and I feel like I am living from paycheck to paycheck. I also hear, “I have nothing to show for my hard work.” The challenge with many is that we do not understand how to assess where we are because we are too busy trying to make someone else’s plan work for us. What exactly do you mean? We listen to money advice and finance tips from anyone who seems credible, and we never stop to think if this will work for us. Does this financial advice align with my financial attributes and financial blueprint? We try to implement multiple plans, tips, and strategies at the same time; and we have no primary focus. What we must realize is that a broken focus will leave you broke.
Identify your top three primary goals and focus on them first. It is very difficult to try to save money, rebuild your credit, save for home ownership, save for retirement, pay off student loans, pay down credit card debit, invest, start a business, develop multiple streams of income, change careers, and enroll in college for a Master’s program. Whew, that is a lot!!! Yet, that is what we attempt to do, all at the same time. Remember, a broken focus will leave you broke.
Secondly, you have to change your mindset about money. It has often been said that five percent of the population controls 95% of the wealth. If we were to take the wealth of the top five percent and evenly redistribute it to the 95%, the top five percent would regain that same wealth in less than 10 years. Why? It is because of the mindset. Money is a tool or resource; it is not a rare commodity that is in shortage. We also have to watch our words because they are so powerful. Oftentimes we speak lack over our finances, instead of abundance.
Thirdly, you have to do the work. Introspectively view yourself with your own financial lens. Take this introspective look at yourself in privacy. Money and finance are delicate subjects and many feel ashamed and/or embarrassed about where they are. This is an opportunity to be honest with yourself. Capitalize on this opportunity and moment in time to change your financial future. But remember, you have to do the work. There are no short cuts. Redefine your philosophy of money. Develop a customized financial plan and roadmap that accommodates your financial truth and incorporates the level of discipline you are willing to implement. Pay your dues and eventually your dues will pay you!
To schedule a consultation with Nicole Michelle, feel free to connect with her on the Home Page.
Nicole Michelle
Finance and Money Wiz
April 12, 2019
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