Tag Archives | money management; financial plan; financial freedom

Creating More Income to Accelerate Your Financial Plan

By on April 3, 2014 in Financial Plan

When I put together a financial plan for my clients, they often get excited to see the possibilities of finally getting out of debt once and for all and also saving more money so that they can live a more financially stable life.

Typically, reducing spending is the first place that I look to support others in building a solid new plan, however there are two sides to the stability equation!  The other place to look at is creating more income, and that can happen in several different key ways:

  1. Ask for a performance review (and maybe even a raise!) – When I used to work in a corporate job, it was pretty standard to have at least an annual performance review, and sometimes there were even check-in points mid-way through the year to see how things were going.  However, it always surprises me that while there is generally a process in place for such reviews that most people don’t see these reviews as the massive opportunity that they really are and they end up simply going through the motions to comply with the required paperwork.  If you’re the one being reviewed, this is a HUGE chance for you to stand on the top of the mountain and shout as loudly as possible just how your results have contributed to results.  Don’t be shy, and make sure that you invest some time connecting your contributions to either increased income or decreased expenses for the Company.  Also, make sure that at least once a year that you’re checking in with your immediate boss to better understand his/her goals so that you can align yourself directly with what they’re looking to accomplish.  If you’re aligned with his/her efforts and can make him/her look good, then there’s a better chance that you’ll be taken care of both in terms of getting the right roles and assignments as well as being financially compensated for your efforts.  Lastly, don’t be shy about asking for feedback in between formal reviews – sometimes the best feedback that I received about my performance and how I could improve came in the casual moments where there wasn’t a formal process or form involved!
  2. Leverage your skills – We all have certain skills that we give away for free regularly, and while I’m a big fan of generosity of course, I’m also a fan of valuing your worth and being paid well for your skills and results.  Is there something that you’re doing in your life right now for free that you could be getting paid for?  Is there something that you’re really good at that your friends and family would absolutely love it if you’d just create something or share some information with them and they’d gladly pay you for it?  Spend some quiet time to think about where you might be leaving money on the table, and start to see whether you might even be able to earn a few extra hundred dollars each month to support accelerating paying down your debt and strengthening your savings account too.  And who knows, perhaps you’ll be able to earn a sizable living from something that you’re already doing yet never really stopped to think about monetizing it! (This is by far one of my favorite things that I love to do with people…seeing their eyes light up with excitement to think about being paid to do something they love is awesome!)
  3. Ditch the clutter – It’s my favorite time of the year to just go absolutely nuts and start getting rid of things that you don’t need! Some folks call it “spring cleaning,” and it’s a great chance to look at what you can donate or give away to someone in need while also thinking about what items of substance you might be able to actually sell to someone who needs it.  In fact, just earlier this week a friend and I decided to host a yard sale at her house later this month to get rid of some of the things that we just don’t need anymore – what a great way to ditch the clutter and make some money while having fun with your family and friends!

While there are certainly more ways to create income than the 3 presented above, these 3 will most definitely support you in getting started earning more money.  The combination of a solid money management approach fueled by extra income can be an exciting way to accelerate your timeline to financial freedom!

 

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How Financial Procrastination Can Cost You Your Dreams

By on March 20, 2014 in financial imperfection, financial procrastination

There has been a theme showing up with my private clients lately — what I like to call “financial imperfection.”

What does financial imperfection mean exactly? The best way that I can describe it is that people are feeling afraid to move forward toward financial clarity for fear of making a mistake, or that they’ll manage their money incorrectly. They’re holding themselves accountable to having all of the answers when the reality is that surrendering to being in the discomfort of learning what they haven’t yet been taught is often times a better answer (even if it doesn’t feel great at the time).

I bring this up to shed light on the desire to be financially “perfect,” because this is an impossible state and an impossible standard to hold oneself up against. Each of us, including myself, are on a journey to the next level of whatever it is that we’re working on — whether it’s money, love, career/business, or something else. There’s an old saying that “practice makes perfect” — I prefer to say that “practice makes improvement.”

Another way the desire to be financially perfect shows up is that people are waiting until they have “enough” to proactively manage their money. It is never too early to demonstrate that you’re a good steward of the money that flows through your life, and when you’re able to show that you can manage what you have you will be able to attract more. The Universe suddenly knows that you can handle what you’re given, and so it provides you with more of it.

The end result? In trying to be financially perfect, I see that many people hesitate to step into handling their finances in a powerful way. Sometimes that’s from fear of honestly looking at their situation, sometimes that’s from feeling like they don’t understand how money works, and sometimes it’s from the fear of being judged or embarrassed.

Whatever the reason is for not stepping in powerfully, the result is what I like to call financial procrastination.

Financial procrastination can have a significant and lasting impact on the quality of your life…so let me say more about that. I’ve shared before that I believe that money can be a divine tool to support your life and what you’re up to, and I do believe that with all of my heart. Money has the potential to be fuel for your dreams, and to provide you with the ability to unlock and unleash your potential. Pretty powerful, right?

So what is it saying if you’re allowing the desire to be financially perfect hold you back from the life you’ve always wanted to live? Are you able to step into the “mess” of financial imperfection to get to the other side to reclaim your life and step fully into all of who you’re meant to be?

In a more functional capacity, any financial expert will be quick to explain that the longer you wait to get a handle on your finances, the more it will cost you in terms of the ability to invest the money and earn a greater return on it (you may have heard of this as the “time value of money” concept). And while this is true and the left side of my brain agrees with the mathematical calculation of this concept, I have to stop and ask the more important question here.

Can you stand to be with the imperfection of looking at your financial situation in order to breakthrough to the other side of abundance and living your life full out with everything you have?

This is most certainly not an easy question to answer, yet it’s one that I was called to ask today — of myself as well as of you. In the end, a solid financial plan and accompanying proactive money management skills are the backbone of your financial freedom as well as the freedom to be all that you were meant to be.

Are you ready?

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