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Posts Tagged ‘finances’

Five long days and I’m tired of working
I’m going to see my boss today
In fifteen minutes I’ll be on the train
‘Cause I just got my pay

Now I could take and sock away my dough
And make me six percent a year
But it’s not much fun to wait around for that
When I can spend it while it’s here

“Just Got My Pay” – The Beach Boys

I had a great conversation with Angela Yasulitis and Dr. Nikki Pellas the brains behind Styrve Lifecoaching. These two women have become an incredible resource for networking and creating abundance in all areas of life. Angie has a great philosphy for creating more abundance and decreasing financial stress. I think these tips are practical and are part of a great foundation in personal finances. Once again Angie you’ve given me a lot to think about!

The economy has clearly taken a turn for the worse.  I am sure many of you think that is an understatment.  My question for you is, “what have you done about it?” In a study done in the 90’s over 85% of Americans suffering from anxiety and depression admitted that the anxiety they were feeling came mainly from financial stress. This stress carried over into the workplace in the form of absenteeism and low productivity.  With that in mind, at strYve, we believe those figures are even higher today.  It is time that every family and every company implements a Financial Wellness Program as part of their overall Wellness Campaign.
It is important to know that being a Financial Wellness Coach or expert is NOT the same as being a Financial Planner.  Financial Wellness is creating a plan that will get you through the hard economic times.  That same plan will help you prosper during the up times.  It may include working with a trusted Financial Advisor – but that is only one component.
Strong Financial Well Being Programs include the following components:
1.) Do you have a Household Budget? If so – do you track it and use it – making changes based upon your current economic status. In other words, many families say they have a budget – but they do NOT update it weekly – nor do they allow it to impact financial decisions.  If your budget says you can not afford an item – you should NOT buy it.
2) Do you have a plan for saving money RIGHT NOW? This plan can include anything and everything from putting energy savings light bulbs throughout your house, cutting coupons, taking your own coffee in the AM, packing your lunch, and shopping at discount stores.   This savings plan can greatly impact your future.  Many households, taking this serously can come up with $300-$500 extra dollars each month.  That money can and should be part of your savings plan and for many can create an emergency fund that is so needed in today’s economy.
3) Do you know your Net Worth? Even if it is not what you want it to be – you should know it.  You should have a feel for what you own outright with equity and what you have coming in – versus what you have going out.   Knowledge is power and it will not get any better without taking the first step to acknowledge where you are.  Once you do that – you can create a plan for where you are going.
4) Do you know your Credit Score? It is imperative that you know your credit score.  You may have mistakes on your report.  In addition, it can give you insight into past mistakes – so you do not make the same mistakes again.   Once again, it is part of the path…part of being better.
5) Don’t Rely on More Credit. If you can help it – try to address your financial issues by changing your household budget and your lifestyle.  I know it may not be fun, but if you use #1 and #2 to address these issues – you can avoid borrowing money to get through the tough times. This is a big contributor to our current financial crises.  Getting more money is often too easy.
6) Make sure you trust your Financial Advisor and know what he/she is doing for you. Ask about their education, years in the business, designations, professional affiliations, and their belief about what to do with your money during hard economic times.  Make sure they are asking you questions – instead of telling you what to do.  A trusted advisor should always know your current situation and where you want to be in 5 years, 10 years, at retirement.   Don’t wait until you have money to seek out an advisor.  I talk to so many people who tell me they never consulted anyone because they didn’t have enough to put away.  I say it is your right to put away something – $100/month, $50/month – get something started. And if that is not enough money for the advisor you are speaking to – they are not the right person for you.
Just like your own health and fitness – you are in control of your Financial Well Being.   Start today – by putting yourself on a 90 Day Financial Well Being Program – you may be surprised that knowledge is power.
strYve recommended reading – The Millionaire Next Door – by Thomas Stanley and William Danko.

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