The world had a wakeup call over the last few weeks. It’s been both amazing and heart breaking to witness. My voice mail is full of nervous investors, but I keep telling each one to walk to one drumbeat—steadiness by realizing that the markets will shift but we stay firm and know in the long term they will balance out.
Far too many people are becoming more invested in watching the news at night with fear and dread than they are in being proactive with their finances. Don’t fall into the “what if” trap!
When you are well-invested, you realize you have made a long-term decision. Nothing yields huge results over night. While we may watch ups and downs, we know the destination will bring a solid reward.
Evaluate where you are and where you want to go!
So, put away the idea and notion that you need to control the chaos of the world and simply do what you need to do right. I know that watching investments shrink is no fun; it’s a lot more energizing to see gains. This is where we are right now, and we always keep a forward stance.
But if you are someone who feels like you need to do something to gain some sense of control and balance, begin with the basics—with a budget. This is the best thing you can do now and at any other time in life. Evaluate where you are and any adjustments you may need to make. Readjust your course; watch what is coming in your personal accounts and going out. Build a shelter for yourself and your family by developing a six-month savings plan.
Once a year, I do something as simple as go through all my recurring charges on my credit card statement. Almost without hesitation, I find items that can be removed. My girls love to watch Netflix (many of us do) and it’s easy for automatic payments to snowball! Putting a stop to overspending in ways that help you feel lighter and more in control especially as you move through these tough times.
“Performance measured is is performance improved.” From investment returns to waistline to your annual savings, if you measure it, those stats tend to do better. Thankfully, technology can help! From downloading all of your financial transaction into Quickbooks (my best and most successful clients DO!) to a new app I’m using called Truebill you can jumpstart less spending TODAY.
Things will get tighter; Know where you are financially
When you budget correctly and manage your money wisely, you see life from a better perspective. To some, budgeting seems insignificant, but it is not. It’s especially to everything else life throws at us. Regardless of your “paygrade,” when you fill up your gas tank or shop at the grocery store, you see the difference in what we were paying a few months ago vs now. Be wise and plan, because this summer, gas will be more expensive for your boat, RV, or any other recreation item you have.
Begin to view annual spending as your life report card. Getting through difficult times is easier when you know where your money is going.
Work to pay off all debt. In fact, live debt free and you will worry less, sleep better, and experience more freedom.
Plan for the future by starting with the end of your life in mind. How do you want to be remembered? When you do, you make much better life decisions today and you will live your “epitaph focus” each day.
Get busy and plan. Plant that 20-year tree today!
The above statement is part of my exercise for you to become a Liberated Investor. The liberation comes when you learn to make wise decisions, right-size your spending, and have a budget in place that reflects who you are and where you want to go. (If you haven’t done this already, take three minutes to download my book Liberated Investor for free!)
Do you want to come away from this time with more? I do! Then take time to learn how to liberate your investments, your life, your business, and your relationships by reading this short book! Identify what you really want to do. Remember, the end goal is not just about a retirement plan or being financially secure. It’s about life and finding meaning that counts.
Dale Carnegie wrote: “Most of the important things in the world have been accomplished by people who have kept on trying when there seemed to be no hope at all.” But we have hope!
Move from scarcity to freedom! It is never too late to take charge of your life in 2022. Been procrastinating? Now is the time to set up a free 15-minute consult with me, and I will help you make a plan for your future—not just for a time when markets, inflation and geo-political risks are so high. A plan for tomorrow and next year, and then-some.