Financial health stems from the relationship you have with your money. Do you get warm shivers when you think of the great things money can get you or stabs of pain when you think of your debt? Do you avoid talking about money at all costs or welcome the conversation? How you answered those two questions can tell me how money healthy you are! See which of the below areas you need to “checkup” on?
1. Respect Your Money: This is the single most important lesson to be a savvy money manager. The ability to know exactly how much you have and how much you owe is crucial. The personal power that you gain by knowing where every dollar is going, how much you are paying in interest and how much you are making in any given investment is the first step. Understanding how money can be saved and made gives confidence. Confidence for you to go forth and make more money!
2. Know What Financial Success Looks Like: If you don’t know exactly where you want to end up you’ll always be lost. Figure out exactly what success looks like for you in detail. $1 Million in investable assets or more? Debt free? The freedom to travel at a whim? We all have a desired financial future and knowing what that is in detail is halfway to getting there. Dream it, then make it happen!
3. Invest Like You’re Already Wealthy: The best way to be rich is to emulate the rich. How do they invest? How do they save? How do they think about money? How do they live? Once you re-code your brain to ponder, play, and plan like they do you’ll get closer to your goal. Money is what money does.
4. Chuck Your Limiting Beliefs: What is keeping your from being wealthy right now? Do you you have negative associations towards wealth? Have you taken old beliefs from parents or social groups that aren’t true to your core beliefs? Once you know what they are and know that they no longer serve you, you can leave them behind and wade in the warm warm waters of wealth.
5. Determine What Money will REALLY Give Me: Money just for the sake of having money won’t make you happy. Fulfilling your life long dream to dive off the great barrier reef, spoil grand kids, take the entire family on trips, or have the freedom to live around the world really will. Money is just a means to something more. Decide up front what you will really have if you have this money – respect, freedom, creativity, achievement maybe? Remembering what value the money will bring you will motivate you to be the best investor you can at the same time it will encourage you to keep plugging when markets are lousy.
A healthy association with your money can bring so much to life. Hope you all have an awesome week,
Dave
