As a money coach, I often help people who feel they are not financially strong to witness a financial breakthrough.
Some worry about their career status or the size of their paychecks. Others worry that they could or should do more, such as saving more money, investing more aggressively, or better planning their own future or that of their families. I know from first-hand experience what these feelings look like.
Fortunately, I have also learned that it is always possible to take your finances to the next level. You just need to know the right steps to take.
Here are five essential things you need to do to achieve a financial breakthrough.
1. WRITE IT
Whether it’s your current monthly expenses or your long-term financial goals, writing things makes them more tangible, adds clarity to your financial situation, and can catapult you into action.
For example, many years ago, I made a lot of money, but I spent more than I ever made – for travel, restaurant meals, gadgets, children’s stuff, and so on. As a result of excessive spending, I had accumulated $ 100,000 in credit card bills!
In 2001, I finally decided to do something for my debt. I started by writing exactly what I needed. Seeing my detailed bills prevented me from guessing how much total debt I had. It was also the first crucial step in realizing a plan to pay off all these bills. Three years later, I was completely debt free.
2. TAKE RESPONSIBILITY FOR YOUR SITUATION
When I coach clients, I often hear them blame others for their financial situation. Maybe a partner sabotaged their finances or did a boss falsely fire them?
We all know that bad things can happen to good people. But even if I have empathy – after experiencing a downsizing and a previous divorce – I ask them: What did you do – or did not do – that contributed to your situation current financial situation?
At the end of the day, as adults, each of us is personally responsible for our own finances. So, do not let others have as much power as you are stuck and are unable to repair everything that afflicts you. Besides, nobody will ever care more about your money than you.
3. KNOW YOUR VALUE AND ASK FOR IT
For many of us, the financial breakthrough we want or need is just waiting for us to ask for it. This is called an increase.
It can be a job where you are currently underpaid, or with clients if you are an entrepreneur or if you have a side-hustle. Whatever the case, if your salary does not reflect your skills and abilities, it’s time to demonstrate your value and then speak up to ask for the earnings you deserve.
When I was in the US business, I regularly asked my bosses for more money based on my job performance. These demands have been met with salary increases, bonuses, stock options and more.
4. TAKE A CALCULATED RISK
When I wrote my very first book on money management, Investing Success, I refused a nice contract from a major publisher. Why? I decided to self-publish and start my own business. This crucial decision paid off – financially, professionally and personally.
For starters, I reaped 100 percent of the economic benefits of writing and selling my book, without giving any profits to a publisher. This first book also allowed me to publish my next book, Zero Debt, which became a bestseller and put me on the path to entrepreneurship.
Not to mention that self-publishing allowed me to meet my wonderful husband, Earl, a book publishing consultant!
5. GET THE RIGHT TEAM
In addition to Earl, I am lucky to have my mother, my sisters and two close friends I know and can call for anything. As a human, it’s really important to have your team. But do not forget to cultivate your “financial success team” too.
Your financial success team is made up of two groups of people: those who have already achieved what you want to accomplish, such as mentors and colleagues who are at your professional and higher level.
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