By Stephen Rhodes, Founder Explain resources. Stephen Rhodes is a Certified Financial Planner and contributes to various media outlets.
The numbers do not lie. Athletes এবং and financial planners বোঝ understand this.
Whether it’s your bank account status or your last season’s statistics, the numbers reveal a part of reality that we often want to ignore. A glance at your spending tells me where your priorities are or aren’t Are you saving? Are you paying for your family’s future? Is your credit in a good place?
As a certified financial planner who specializes in working with professional athletes, I’ve spent the last 19+ years looking at it all: athletes make millions and still live their lives as if they were in college (with a huge, commendable investment portfolio to look at. ) And the boys earn millions and make a living, believe it or not, paycheck to paycheck.
It’s my job, and the work of my dedicated team at Signify Wealth, to figure out what’s under the financial condition of my clients. Money can still be a taboo subject. It’s just a fact that most people have no idea how they are doing financially.
Bad credit score? Any savings? Missing payment? I call that financial pollution. Indicators that shouldn’t be where you are financially.
I am passionate about helping to reduce every financial defaulter as close to zero as possible, with the understanding that true zero is not achievable. It’s a journey, constantly improving and perfecting your financial future over time.
So which financial corrupter should you be aware of? Here are a few:
A Additional costs: This is a classic example and the easiest way to see if you are in danger. Are you living beyond your means? Are you living from paycheck to paycheck?
A Loan: We all go into debt for a reasonable amount to buy our house and car, but are you over your head?
A Missing credit card payment: Repeatedly missed payments take a linebacker to his knees just like your credit score — repeatedly.
A No retirement plans: It seems that it is so far in the future… unless it is. Planning and preparing for retirement is a lifelong thing. If you do not plan to retire, start now.
A No financial goals: What do you want to provide for yourself one day? Some people have literally no idea. How can you save and control your spending without having a real goal in mind? If you are not actively swimming upstream, financially speaking, you are floating … and going down.
• Investment Ignorance: At the very least, you should contribute to long-term savings (e.g., 401 (k), IRA, etc.), but building a strong portfolio of investments is a proven way to reach a new level of wealth for you and your family. .
So what do you do next? Look in the financial mirror and face yourself. Look at your bottom line. Bring your numbers out of the darkness. Get a crystal clear picture of exactly where you are right now. It will not be comfortable — change will never happen — but it is absolutely necessary if you really want to get rid of it that corrupts your money. Here are some practical ways to get started.
1. Prepare mentally.
We can all recall the example of an athlete who had the necessary physical traits to succeed but who failed to show up when the game was on the line. Big play moments require both physical and mental preparation and achieving financial health is no different. Athletes spend time imagining success and you should too. Spend time imagining how good it will be to achieve your goals but also think about how uncomfortable it will feel when you start making lifestyle changes. Spending time thinking about these situations will give you the emotional representation you need to make progress.
2. Set realistic goals.
Every time an athlete steps on the court or field they have a clearly defined goal. The same should be true of your finances. Goals set milestones for us to celebrate and serve as motivation to keep working even when they are difficult. Before setting goals, it is important to first evaluate the contaminants that may affect your finances. These common pollutants can be turned into financial targets:
Pay off credit card debt.
• Stop paying student loans.
Start an emergency fund.
Improve financial literacy.
লক্ষ্য Set a goal to save a certain amount in six months.
3. Establish a routine.
Just as an athlete’s healthy eating, exercise, hydration, and sleep routine help them to function optimally, a realistic routine of good habits can help you reach your financial goals. Each person’s routine will look different based on their goals, but here are a few examples:
Track every dollar you spend.
রাখ Keep a running monthly or weekly total of the major “categories” you spend money on (e.g., groceries, gas, social activities, etc.).
শুরু At the beginning of each week, try to estimate the expenses that you think you can afford — and allocate your budget accordingly.
Prepare mentally, set realistic goals, set a routine, but most importantly start today. You deserve to survive with zero financial pollution.
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