If your Finances were a plant would it be Growing or Withering?
Having Financial stability and growth is not something that is acquired by luck or chance. It happens as a result of intentionally investing in key habits and principles coupled with the mindset of a winner, this will attract and cultivate the results you desire.
A key lesson we can all learn from gardening and the six plant growth stages is that the growth of a plant does not happen over night, a plant develops throughout time in various stages. This growth is dependent on the plant having the correct nutrients and environment in order to develop from the Sprout stage until the Ripening stage.
Similarly our Financial life requires essential 'nutrients' and the right environment in order to thrive. I'll be sharing 3 Key Nutrients that our Finances requires for there to be stability and growth over the course of the next 3 weeks.
NUTRIENT 1:
Effective Cash flow Management: it's important for you to manage your Expense to Income ratio effectively (if you want to know more about what that is, click the link https://www.instagram.com/p/CDHdJhxpwr3/ to a post on my Instagram that explains what it is and how to calculate it). You need to know where your money is going each month and putting strategies in place to minimise your expenses, increase your income and allocating your money in accordance to your Financial goals.
In order to be successful in your personal finances, you have to manage it as you would if it were a successful Business. If you are the kind of person who does not regularly review your expenses, assess your purchases or make assessments on affordability before making financial commitments to contracts, it is very easy to overspend or fall behind on payments if you are not reviewing and managing your cash flow. A lot of people are struggling in their finances because they mismanaged their money and in moments of desperation took out loans which they are reaping the consequences of today.
Every purchase that you make is an investment. In most cases, that 'investment' will simply meet a need or desire that you have short term, but it will not be something that will transform your life. This is why it is key, to always ensure that you are an intentional spender as opposed to an impulsive one. Impulsive buyers tend to hemorrhage money on things that are not assets, that will not benefit their lives long term. This increases the likelihood of you incurring debt which could be avoided if you were more rational with your spending.
If your current Financial situation feels like you are Withering as opposed to growing in your finances there is always hope, if you begin to take control of your finances by taking actions that will improve your situation, you will make progress! But you have to be committed to your transformation.
If you want to have 1-1 support and guidance on how to build a solid foundation in your Finances check out the Financial Coaching page or the Coaching Plans page for more information on the sessions that I provide and you can also view the amazing testimonials. You can also send me a message via the contact page.
Have a great day and next week Monday I will be sharing the 2nd nutrient that we need for our Finances to thrive.
Your Finance P.T