It’s important for you to try and look at the role of managing your financial situation as becoming the CEO of the “YOU Corporation.” This doesn’t mean that you will be acting as a financial advisor, but you should be active in the decision-making process. According to research by business theorist, Thomas Stanley, millionaires will spend an average of 8.4 hours a month managing and planning out their finances. You were active in the earning years, so try to stay active and take control over your personal financial situation in the preservation and growth years as well.
For the most part, it’s important that you stick to the basics just like any other investor. Start by thinking about the goals you have now, and for the future. Then, write your goals down and prioritize them so that you can make sure you’re consistently paying attention to those most important to you. This is where the help of a financial professional and their team of experts comes into play, as they will help you to outline a strategy for achieving those goals. CLICK HERE to learn more about us and request your complimentary, no obligation financial review!
Solidifying your involvement in your own wealth is the first step in taking control over your financial situation. One of the easiest things you can do to increase your involvement is to set aside time to go over your finances. Whether it’s once per week or once per month, schedule a recurring event in your calendar to update your budget, review any previous or upcoming expenses, pay any bills that haven’t been paid, review your accounts for accuracy, and handle any other pressing financial matters. Try not to think of this time as just another day, and make it as enjoyable as possible. It’s difficult when it comes to personal finance, but throw on some music and create a fun atmosphere that makes you enjoy (or tolerate) the “wealth review” date in your schedule.
Another scheduling adjustment you can make is to set aside 30 minutes or an hour every week to read about personal finance. Maybe you wake up a little earlier one day and incorporate it into your morning routine. Or, try printing out an article or bring a book with you to work and read it during your lunch break. There are several areas of opportunity within your week, and while you don’t need to learn everything at once, making this commitment will allow you to digest chunks of financial education as you go, which will allow you to become a better “CEO” of your wealth. Try choosing one topic a week and read about that topic until you fully understand it before moving on to something else. If you find yourself struggling with where to begin, then perhaps you’re better off starting with a basic overview on personal finance or a general guide to investing to see where your interests and lack of knowledge lie.
Another way to help get you more involved in your personal wealth is to try and reach out and talk to the people you look up to most. Seek out financial mentors who you respect and discuss their successes, failures, and what their goals were when they first started out as their own “CEO” of their wealth. Ultimately, it’s important that in whatever you decide to do, the process is comfortable for you. Start small with a new article a week on finance, a brief review of your expenses in the week previous, and with your budget for the upcoming week. With these small steps, you’ll be well on your way to taking control over your financial situation and becoming the CEO of the “YOU Corporation.”