There’s a lie many of us believe that tells us in order to be financially successful and get out of debt, we must make more money. But that simply isn’t true. In fact, being successful and breaking out of the debt cycle has very little to do with how much money you make — and everything to do with how your money is working for you.
The easiest way to tell if your money is working for you is to look at your bank account. What emotions come up in your heart? If you feel secure, wealthy, empowered, or successful — then your money is working for you! If you don’t feel that way (but you want to), then keep reading because you’re in the right place!
When you look at your bank account and you start feeling shaky or even a little panicky, then you are feeling financially insecure. Insecurity often times stems from not knowing. This is why the easiest way to feel secure when you look at your bank account is to understand what is going on. Knowing how much money comes in (and when), and where your money goes every month is a really good first step. The key is to not guess or write it down using generalities. The more specific you are, the more secure you will feel.
Interestingly, wealth and income are not the same thing. Along the same lines, being wealthy and being completely debt-free are not the same thing, either. Your financial wealth is a cumulation of your cash, investments, and property. You need to look at your finances from a birds-eye view. Instead of hopping into a plane and looking down at your bank, the easiest way to be wealthy is to look at the types of assets and debts you have. When you understand the differences in your types of debt you’ll know that not all debt is “bad”. For example, if you have a mortgage or student loans, you’re investing in your future wealth potential.
Empowerment is not a word that people often use when they talk about their money, but here at T&H Financial Coaching, we love financially empowering our clients! Empowerment is what leads to financial confidence, stress-free living, and true financial freedom! The quickest way to feel empowered when you look at your bank account is to have a plan of action for your future. Preparing for large expenses that occur every year, knowing the exact steps you will take to pay off your credit cards, and building a substantial “Rainy Day Fund” are all great ways to be empowered and in control when you look at your bank account!
Success is defined differently for every person, and it’s important to know what your kind of success looks like. Knowing where you want to end up, both in life and finances, makes it a lot easier to plan the steps you need to take to get you there. The fastest way to feel successful when you look at your bank account is to understand what is holding you back, and then gain the knowledge you need so you can move your financial situation forward towards your goals. To make your path stress-free, add on the accountability of your own personal Financial Coach! Walking towards the success you dream of is always easier to achieve when you don’t go at it alone.
Which of these do you want to feel the most when you look at your bank account? Whether you want to be secure, wealthy, empowered, successful, or all of the above, your next step is to make an action plan that includes learning what you need to know and finding someone to keep you accountable.
If you would like help with any part of your action plan (or the whole thing!) you’re invited to schedule a Q&A phone call with one of our Financial Coaches. We want you to receive support, accountability, and personalized knowledge so you can love your finances, manifest your goals, and experience the possibilities of feeling successful every single time you look at your bank account!
Owner, Financial Coach
T&H Financial Coaching