There's often so much pressure placed on our physical health and wellness but not so much on our finances. Ask yourself “how financially fit am I?” In a world of hustle and bustle our financial health is often overlooked. I've created a few short steps to help you assess your overall financial health.
The Big Picture
Are you dreaming of a condo in Manhattan or an estate in Napa? Well, what exactly will it take to support your desired lifestyle? Find out what your big picture or end goal is and consider everything from where you want to live, places you want to go, and things you want to do. Then, ask yourself how much money do I need to support these dreams.
After you've painted your big picture and know all the supplies needed to create this masterpiece, begin taking steps towards it. Create the accounts needed for your dreams. For example, you could create a savings account solely for a vacation fund. You can also sign yourself up for automatic savings and your financial institution will automatically move a specified amount of money to your “special” savings account each month.
Take a look at how much money you're raking in versus how much you're dishing out. Can you truly afford your overall goals or are there adjustments you need to make? Should you begin investing or do you need to start tackling high interest debt that you currently owe?
Lastly, go for a financial checkup. Go into all of your accounts and review your spending. Look at things you can eliminate.
Just like any regimen financial muscles develop over time, but if you continue to keep your future goals in mind you're more inclined to achieve them.
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Stay Young & Be Free,