Personal finances are easy to mess-up, and some people think you need special education to know how to manage your money well. The truth is you can learn everything you need to know for free online. So why would people need financial coaches, advisors, or mentors? Because they need a specific plan tailor to their lifestyle and goals. General budget information, paying off debt, and investing are available widely on the internet. When starting your journey, I would recommend checking those free online resources first before trying to find a financial advisor.
You first need to understand where you are and what you need help with. Plus, if you don’t have any basic personal finance knowledge, you are not coachable. It would be hard for someone to give you directions if you don’t know where you are trying to go. Coaches should guide you, but they won’t do the work for you; that’s why you need to learn and not leave everything up to your advisor.
You are a winner
So how do you start winning with this money thing? Well, the good news is that it starts and ends with you. You have more control than you think. You might say that you don’t have control over how much you make or how much groceries/ rent cost. That’s right; you don’t! But you have control over how you think about money, how you respond to life circumstances, and more importantly, your habits and behaviors.
The first step in winning with your finances is the mindset
Your victories and failures are won or lost in your mind before they are won or lost in real life. I’m not trying to be deep here; I know this from personal experience. There are a lot of people who were in a financial mess and thought they were not good with managing money, but they came out and are now thriving. If you are drowning in debt or struggling with saving, I want you to think that you CAN still win.
I also don’t want you to associate WHAT you do with WHO you are. We tend to let things slightly because “that’s who we are” but there is nothing that can’t be changed about what you do. Think positive! Some people meditate, some read the Bible or listen to music, some people exercise, and others listen to inspirational messages, whatever it takes. Your mindset determines your action, motivation, and focus. You are a good steward; you just need to find the right method.
The second step in winning with your finances is to take action
You are learning all these new skills, but you don’t feel confident yet to put them into practice. Let me tell you this: if you want to be 100% sure or ready, you will never do anything. Life is a learning experience, and we grow more through our failure than our success. So, go ahead and take that first step in paying down debt or investing.
For you to invest, you will need to open a brokerage account, for example. Unless you open that account and make the first contribution, you won’t see the growth through the compound interest that you read in your research. You might learn that there is a better fund or investment vehicle down the line, but at least you took advantage of the market while you were still learning. Perfection is not the goal, you just need to try and improve as you go.
The third and last step in winning with your finances is consistency
Consistency builds habits, and good habits are what you need when it comes to your finances. Although there are a lot of things we can automate, your finances shouldn’t be on autopilot. I usually suggest people set up automatic transfers to savings account monthly or per pay period. It is just to build the habit of saving, but you will need to adjust the frequency or amount to match your goal.
Consistency will also determine how successful you are. This financial journey is a long one, and the longer you can sustain good habits, the more successful you will be.
I hope these tips help you feel empowered to take control of your finances. It’s not easy, but it’s doable if you try. More importantly, I want you to keep going no matter what. Don’t stop, don’t give up, don’t even slow down. Your future depends on your present; don’t you dare waste any more time postponing your progress. Thank me later! Reach out and find people who inspire you to be the best version of yourself. There is no financial mess that you can’t fix; you have to want it bad enough and work at it hard enough. I can’t wait to see you win!
“Success isn’t always about greatness. It’s about consistency. Consistent hard work leads to success. Greatness will come.” Dwayne Johnson (The Rock)
