Have financial goals you want to work toward
You can do this by thinking more deeply about the future and what you want to see happen with your money in 3 to 5 years.
Have a budget and stick to it. Do you have a plan for what you want to spend each month? You will need to write down your expenses to know for sure if you have stuck to your spending plan.
Protect your credit. You can check your credit score at Credit Karma. A score of less than 650 means you will have difficulty borrowing at reasonable interest rates.
Avoid high-interest rate debt. Most people keep a balance on their credit card where interest rates average 19 percent or more. You are better off to transfer credit card debt to a line of credit where interests rates average 7 percent or less (as long as you have good credit). This will save you thousands in interest costs.
Pay yourself first. Set up a monthly deposit plan where funds for your savings goals are withdrawn directly from your bank account before the funds can be spent.
Learn how to make money work for you vs. you working for money.
Think of your dollars as employees working on your behalf. How can you get more mileage? A travel rewards plan, income from your investments, or rental income are examples of using
Be mindful of the tax you pay. Aim to pay as little tax as possible. Meet with your accountant/financial advisor before tax time to identify opportunities to do this.
Have a long-term approach to investing. Have a 3/ 5 and 10-year investment plan so that funds can be invested in the right products where you can make the most return based on your time horizon.
Monitor your goals regularly. At least once per year.
Document your wishes for money and protect cash flow for your dependents. You need to set up a will and power of attorney to address who you want to look after your children and assets and to name who will care for you should you pass away or lose your ability to function.
GET UNSTUCK… TAKE CONTROL… MOVE FORWARD…
HAVE YOU JOINED #TRIBETHRIVE YET?
I’LL BE SHARING MORE AWESOME MINDSET CONTENT THERE.
I INVITE YOU TO JOIN US SO YOU TOO CAN REACH YOUR POTENTIAL BY 2025.