It’s that time of year again! Time for your financial checkup. What is a financial checkup you ask? It is an opportunity to take a step back and review your financial situation to determine where you have been, currently stand, and more importantly where you need to go.
So you want to be a millionaire? Retire before you are young but not restless? Travel the world before you are married with children? Before you realize your financial dreams, you have to take time to plan your financial future.
If You Fail to Plan, You Plan to Fail
With anything preparation is key. Determine what your financial goals are. Take a moment reflect on these goals and list them on paper. You will be amazed about the power writing can bring about.
Post your goals on your refrigerator, mirror, or any place you will be able to see it everyday. This simple process will serve as a constant reminder, so if you get the urge to purchase that couture dress, you are reminded of your financial goals and will have the power to stay on course.
Visualize to Actualize
Take time to meditate and pray about your financial goals. Each morning before you get out of bed, declare you are debt free! declare you are financially free! declare you are on your way to a healthy retirement!
Close your eyes and vision yourself where you want to be. You will be surprise how just seeing your future can help you into your future.
Put Your Plan in Action
Remember, faith without works is dead, so it’s not enough to write down your goals and see yourself in the future. It is time to take a financial checkout to see what areas need improvement and what steps should be taken. Take a moment to answer these financial questions to analyze your financial situation.
1. Do I have too much debt?
2. Do I carry balances on my credit cards with high interest rates?
3. If an unexpected expense arises, will I need to borrow from friends and family?
4. Do I spend aimlessly, without creating a budget on a monthly basis?
5. Do I only rely on one source of income?
6. Do I have a negative net worth (assets – liabilities)?
7. Do I neglect to save for retirement?
If you answer “yes” to any of these questions, take a moment, consider setting your goals with a financial advisor or certified public accountant. Keep reviewing your goals and making adjustments as necessary. No matter what, don’t get discouraged! If it took you years to get into a financial mess, keep in mind it is going to take some time to get you out.
Remember Your Choice, Your Future!