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As we come to the close of another year, and the world gets into the swing of end of year celebrations, it’s time to reflect on what’s facing your finances as we head towards 2014.
It’s clear that we will need to continue to need to balance the challenge of efficiently managing your day to day finances with the same or better effectiveness and also have an external focus on helping to create the wealth and savings you and your loved ones need to prosper.
If you were born in the 60’s or 70’s a recent study indicates that, unless you are due to get an inheritance, you will probably be ‘poorer’ than your parent’s generation because the cost of living is going up faster than salaries and other income.
Affordable and sensible finance plans must therefore be your new reality. If you are going to have any chance of re-balancing your books, plans to adjust by becoming more proactive with your financial plans and ‘doing more with less’ (or ‘doing less for less’) – is the only way to get fit for the financial future. It will also mean you start to focus on how to achieve what you need and start to get what you want along your wealth cycle journey.
At the latest P31 Sorority meeting, members discussed and shared the three main issues women (and men) often fail to deal with to make sure they can avoid the road to financial meltdown:
- You don’t Set a Priority – insufficient attention is often paid to deciding in an objective and critical way what you really should be in the business of doing – your purpose. When you fail to do this, you risk gathering a legacy of activities that are not relevant to your current needs or where you want to go in life.
- You don’t measure and celebrate your Progress – unlike in work or diets, often we do not set out progress measures in a well developed way. This leads to focussing on vey high level outcomes than can often look daunting and unachievable. Rather, pick a few specific areas that show an understanding of what financial activity or objectives you are trying to achieve, and that will function as your programme of how you will do it. Commit to regular and objective review of your progress and ask for help if needed. Joining a group of likeminded people like the P31 Sorority can boost your success rate.
- You don’t align your financial goals to the rest of your life goals – regardless of your financial status at the moment, your capacity to connect your financial strategy and execute it is often limited if it is not matched to the other goals you have in life. This mis-match creates a a confused approach to your money, or worse, you tend to have high aversion to risk, a reluctance to drive forward any wide-ranging changes you may need in your life, and risk a life of unmet expectations in your financial and personal relationships as well as in service to your local community.
As noted in earlier blogs, everyone, but women in particular, have an important role to play in creating a foundation of good money management through using the simple skills and practical tips from life – this is as much a priority for your business or employed life as it is for your personal goals and relationships.
All of this also needs to be achieved while improving your quality of life and living standards.
This can sometimes means taking a hard look at the relationships that hold you back and cost you in terms of time and effort as well as money… and then tackling them.
We’ll look at how to handle these impossible people in the final part of this blog later this month. But whilst you are waiting why not add a comment or thought that has struck you when you read this blog – comments are always most welcomed and thanks for following this blog
Until later then, onwards and upwards!