Are you struggling to take control of your finances? Do you feel like you’re stuck in an endless cycle of debt and financial insecurity? If so, it’s time to make a change. With the right plan in place, it is possible to step into your money power in 2023. In addition, taking action now can put you on the path to success over the next few years – giving yourself the freedom and peace of mind that comes with being financially secure.
Today, I’m going to share 5 Essential Steps to Creating Long-Term Financial Success that will help you take control of your finances and start building a strong foundation for the financial success you desire.
🌟Watch the full show (👇link at the end of the article) or read this show note for the most important nuggets of money wisdom.
Hi! I’m Pamela Plick. I help purpose-driven women to overcome feeling anxious, overwhelmed or stuck related to their personal relationship with money so they can become confident, achieve peace of mind, financial freedom and impact without fear. I do this through my signature programs and services, events and community.
Create an empowered relationship with money
The way to create an empowered relationship with money is to first gain clarity. Why do you make the financial decisions you do? What are your limiting beliefs around money? You need to understand those voices in your head that are driving your financial decisions and how they impact your money beliefs and behavior. Once you gain clarity on this, you can start to create an empowered relationship with money by taking action.
Stop procrastinating on financial decisions
One of the main obstacles to planning effectively for your long-term financial goals is procrastination. We sometimes have a tendency to put off making important financial decisions due to lack of confidence. Typically, the lack of confidence is due to the fear of making a mistake. In this situation, you can easily overcome this obstacle by educating yourself. Enroll in financial classes or workshops. If you need more guidance or mentoring, consider working with a financial professional.
Create a monthly spending plan
Do you know where your money goes? Do you have a positive cash flow? If your answer is ‘no’ to either of these questions (or I don’t know!), you need to create a spending plan (budget). We all know how important it is to live within our means, but it is equally important to identify where your money is being spent. Creating a spending plan also helps you identify areas where you can potentially reallocate to fund your goals.
Set solid goals
It’s important to have a clear understanding of what you want to accomplish with your money and set realistic goals that are achievable within a certain time frame. Having concrete, measurable objectives will help motivate you to stay on track and keep working towards your ultimate goal. Setting solid goals can also help you identify potential obstacles and create strategies to overcome them.
Create a wealth building strategy
Once you have built your foundation you should focus on building wealth. But what’s involved? Are you building wealth or just saving money? It’s important to understand the difference. Saving is important for building your emergency fund or for short term goals. But what’s involved in building wealth? Building wealth is about making your money work for you. You need to understand the basics of investing, how to make investment decisions and the process of creating an investment plan. In addition, it is also important to build a longevity plan to protect your wealth.
Financial success starts with understanding your beliefs and behavior around money. Once you gain clarity, it’s important to stop procrastinating on financial decisions and know exactly where your money is going. Creating a monthly spending plan and a wealth building strategy are key steps to help you achieve greater financial freedom. With these five essential steps, you can take control of your finances and make progress towards creating a solid foundation for long-term success.
To learn more about your relationship with money and what may be holding you back from achieving the financial freedom you desire, take my Money Type Quiz. It’s free and only takes 5 minutes! https://pamelaplick.com/take-money-type-quiz/
You can watch my full Rise To Your MONEY POWER Show episode here: