When it comes to being on top of personal finances, many people are confused. People have no financial direction and, frustrated, take no action. People are buried under debt and think there's no way out. One way to overcome this is for people to educate themselves on the basics and promote financial literacy and the attitude that helps people help themselves.
What To Start Doing
Start a good course of action. Instead of repeating a negative cycle of staying in debt, not opening up an investment or crypto account, pretending not to know what to do, etc., start a positive process of being mindful, saving, and not spending. One sensible action leads to the next; consistency feeds consistency.
Save some money. Set up your investment accounts and crypto accounts now. Pay down your debt and figure out how to cover your essential bills.
Find the silver lining in your situation. If you haven't started saving for retirement yet, know that you can. Don't sit and complain that you don't know what to do. Trust me; the process is more straightforward once you get started. The key is to start.
What To Stop Doing
Maybe it's not what you do this year, but what you don't do. Here's what a professional's nightmare - complaints and excuses. This behavior needs to stop.
I have known people all my life who wait until the very last minute to take care of their adult issues. One of my friends would wait until the final day before the cancellation of his car insurance to pay the premium. Of course, getting up and going to the insurance office to drop off the check was a full-day project for him. That's not the way to be a successful, productive person. Get ahead of your business. Start using the calendar on your phone to set reminders in advance.
Stop blaming others for the job that you hate. Take a class that will build on your skills. Go to school at night for a higher-paying career. Make yourself marketable and find alternatives.
I am constantly looking for inspiration. You Are a Badass by Jen Sincero is my latest choice. I finished You Are a Badass At Making Money. In both, the author uses artful language to instill a sense of invincibility. The basic Badass message is to embrace your innate talents and go for it.
In the money sequel, my takeaway message was not only to think about money (pretty much generic) but to go ahead with spending what you need to launch your venture. If it means coaching, training, acquiring a skillset, do it. Simply dreaming about a lucrative venture will not get you there; you have to do something and step on the path to wealth. It's something to work toward, and the effort is all that matters.
Advancing Financial Knowledge
Mass-marketed financial books include those by Suze Orman, David Bach, and Dave Ramsey. Those provide excellent roadmaps for the basics. I'm looking for deeper analyses, like what I read in The Big Retirement Risk. This pick was something that I impulsively pulled off the library shelf. To my pleasant surprise, Erin Botsford explained a significant theory. When you retire, you can own a copious amount of assets, but if you don't generate enough income to pay your monthly electric bill, you won't get by. The book outlined her recommendations for meeting monthly income needs when a salary is no longer a given.
That's how I plan on picking my next set of financial books and potentially crypto finance books, unknown authors with extensive career experience that educate past the fundamentals.
It's always important to stay open to new ideas. Take on some new habits, leave the old behind, and never stop looking for answers.
Thank you for reading and hope you have a good rest of the day!
Posted Using LeoFinance Beta