Are you tired of feeling “stuck” financially? Are you ready to start making significant moves in your financial journey and even have your best financial year ever? There is no better time than 2019 to achieve just that. You still have a couple days to add your financial goals to your list of New Year’s Resolutions.
You can start by identifying your current status. We know that most people can identify with one of the three categories: struggling, stable, or surplus. Once you know where you fall, you can clearly determine your next steps.
Here at I Was Broke. Now I’m Not., we follow a financial ladder in order to have a fully funded life. Check out a copy of the ladder so that you can identify what rung you are currently on and what your next step is. CLICK HERE TO DOWNLOAD YOUR COPY TODAY!
If you feel like you are in the struggling category, you should strive to achieve rungs one, two, and three this upcoming year. In doing so you would have set goals, built financial margin with a baseline savings account and start to see your money working for you in your investments.
For those who identify with the stable category, you should be position yourself to be able to move to the surplus category. You can do this by completing rungs four and five of the ladder. If you were able to complete those two steps in 2019, you would have eliminated all of your non-house, non-business debt (bye credit cards!) and have built up significant margin with three months worth of expenses in savings. This will allow you to launch into the next category and upwards on the ladder.
If you are currently enjoying the blessings of the surplus category, you are almost ready to live a fully funded life and have the ability to positively impact the lives of all those around you. At this point, you can strive to achieve rungs six, seven, and eight of the ladder. You will not only be debt free, but you will also be investing 30% of your gross income into investments.
You should also set five key financial goals for the year. If you don’t set any goals, you are far less likely to accomplish anything at all. Consider setting goals in each of the following categories: income, giving, saving, investing and debt elimination. I explain each of these in detail Episode 25 on the Monday Money Tip Podcast. You can check it out HERE.
Once you have set your goals, make sure you establish accountability. If you share your goals with someone who has similar goals as you, you will be less likely to falter and give up along the way. Many people have workout buddies when they are trying to get into shape. Consider this a workout buddy for your finances!
Lastly, make sure you are taking steps to increase your financial education. This step is not one that ends in 2019 but should be continued year after year. Read some financial books, hire a financial coach. Start learning and don’t ever stop. You won’t regret it.
No matter where you are financially, you can make significant strides this upcoming year and position yourself to prosper. Make 2019 the year that you accomplish more than you ever did before on your financial journey.
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