Bouncing Back while Propelling Forward
The past few months have been gruelling. Just about every area of life has been disrupted. Things that once were taken for granted now seem to matter more than ever. This has truly been a season of testing limits, learning and adjusting. The idea of “bouncing back” may seem out of reach.
The path going forward will be different from the one that got you to where you are today. Leverage the lessons learned over the past few months and propel forward with greater confidence. Rather than just survive and get by, you will thrive.
Bouncing back while propelling forward:
- Own your expenses! Track where your money is going and the purpose it serves. Reduce and eliminate anything that distracts from your goals.
- Own your income! Track your productivity and contributions. Be prepared to ask for a raise, promotion or seek new opportunities. Leverage your skills for side gigs and create other sources of income.
- Maximize any benefits at your disposal. Take care of your physical and mental wellbeing. Nutrition/Activity/Rest.
- Review your 401k allocations and discuss with your investment advisor. Be aware of mutual funds that carry heavy fees that eat into your earnings. Long term savings should not sit in a Money Market account.
- Live BELOW your means. Your total monthly commitments should be less than 70% of your actual take home pay. As you lower expenses and increase income, you will have more disposable cash.
- Pay yourself first. Transfer at least 5% of all earnings into a savings account. Protect your financial stability and health by building up a six-month reserve.
- Keep your total debt below 30% of your total income. As you pay off small balances, roll those payments into the next debt you want to pay off.
- Stay connected. Offer your skills to your friends and network. Become the go-to-expert on the thing you do really well.
One of the best ways to get started in the right direction and stay on track is to work with a Financial Coach. Just like a fitness coach, a Financial Coach will help you create a strategy and keep you focused on reaching your goals. Want to learn more? Schedule a free info session today.