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Know Your Value

I am valuable

What value do you place on financial freedom? If you place a high value on being debt-free and are consciously choosing how to manage your finances, you can start to mentally “pay yourself.”

Reward yourself for taking the time to map out your plan.

By questioning and evaluating your process of handling money, you can turn off the autopilot mode you were in and begin to explore new options. Navigating this new course may feel strange and uncomfortable at first. Stick with this action plan; you’ll develop new habits to support your dreams, and very quickly, this new lifestyle will become second nature to you.

Find the value in yourself, your relationships and your financial future. If you track your progress, you will see a series of small successful steps – all pointing toward your goals. If you find there are areas where you need help, enlist the guidance of a friend, colleague or family member who can be a champion. For example, if you are not sure how to start saving for retirement or need help setting markers for that big goal, a champion or a mentor can be valuable helping you navigate new territory and get you on the right track.

Explore your value in the workplace as well. Ask yourself, “Do I do everything possible in my position to demonstrate my value?” Determine what level of compensation others in your industry and at your level receive. Is there an industry standard of pay and is there a documented skill level or list of job descriptions you can use to compare with your current position?

You may find that you are under-valued at work and need to share what you contribute each day with your upper management. Do you have advanced skills? Have you taken extra training classes? Worked on special projects? Make a list of what makes you a more valuable employee and ask to be compensated. There are many people who wait for someone to recognize them or offer them a raise. If you ask for higher compensation, you have a better chance of boosting your wages. Ask and you may get it! You really have nothing to lose.

After making industry comparisons, you may also find that you need to update skills or invest in yourself. Take the initiative to make yourself more valuable. Conversely, you may find that it is time to move on.

Exploring, calculating and defining your value gives you the power to control your options. Whether you stay, change jobs, get more education or work harder to be the best at your current position, you have empowered yourself by knowing your value. Now you are better able to choose the best life for you and your family.

Here’s to a life of value!

Bob

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Tools For Success

3x3 Financial Toolbox

Last week we investigated your personal definition of success and this week I would like to give you a tool to assist you with defining how your money ebbs and flows.

Watch: A true story, finding an solution for a successful outcome! 

Once you know where your money comes from and where it goes, you can take steps to change the flow if needed. You may find that your current spending habits keep you from getting ahead.

It took me a year to eliminate a kickboxing gym membership!

I wanted to be able to kick butt, but the fees were the only thing kicking butt. I didn’t even have time to go to the classes. I held on to the membership because I wanted to envision myself as an active kickboxer. I spent over a hundred dollars per month to pretend I was Jean Claude Van Damme. The only weight some people lose by having a gym membership is the money weight they lose from their wallet each month.

Now that you are aware of your Money Nerve, you can begin to assess which expenses really serve to feed your financial growth—and which expenses really starve your financial future.

ASSESS YOUR BUDGET

1. What are some of your beliefs that block financial success?

2. Write the following at the top of your weekly budget: “I am going to list all my money, in and out, for the week of April 24- May 1. I will be completely honest and without judgment.” Lay out Income and Expenses side by side.

3. Make two columns:       Income             Expenses

Make a list of the income & expenses under each title

4. After you lay out your budget, determine whether the final amount you have is an accurate representation of your cash on hand at the end of that week. How does it look?

5. Determine which expenses you can cut.

6. Begin to analyze the income side of your budgeting and find possible adjustments.

7. Write down the steps you will take to begin building an emergency fund.

8. Have a contingency plan in place.

Write it here.

9. Continue writing in your daily journal.

Download a PDF of the Budget Worksheet here:

Remember, you are taking a snapshot of the money flow. No guilt, no blame, just an assessment of your money. You can take back the power to make new or different money choices to create the life you really desire!

Best of luck & if you have questions, just follow me on Twitter and ask! @themoneynerve

~ Bob

 

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Timeline For Success

Appearance of Success

Thirty years ago, success may have been defined as working at one company for a lifetime and being a loyal worker. I believe that today success can be found in the idea of increasing personal viability – searching for opportunities that allow you to grow within an organization, seeking new ventures and being open to emerging fields.

You have reviewed your inner dialogue and you are ready to define your concept of success. What steps do you need to take to fulfill your goals? Be prepared, there will probably be some frustrating moments.

Take a moment to assess your talents, your time and your budget. The more honest you are in assessing your current situation, the more secure you will be in moving forward on your path.

To turn around feelings of insecurity:
• Evaluate your social circle
• Surround yourself with like-minded people who support you
• Budget truthfully to know your current financial position

Your choices and accomplishments have gotten you exactly where you are today. This is where you wanted to be! Every decision you have made has led you to this place. If this is a shock and your “real life” doesn’t synch with what you say you want – this might be the very best day to formulate a fresh plan.

This is your personal space to make some Money Magic appear. You control the numbers and you define how and where you want to divert your money. Don’t let the media, advertisers, family or friends tell you what YOU want. Declare what is most important to you and create a roadmap to execute the outcome.

Take this moment to acknowledge:
“I am passionate about ________ and my goal is to someday _________!”

You will find that your timeline for success is built one day at a time as you execute small successful goals. Achieving goals consistently enables you to build a meaningful and prosperous life in your own time, even when roadblocks and detours pop up along the way!

Overall, you will be charting your own course with thoughtful intention. Your budget ebbs and flows as you invest in your future; planting seeds and making conscious choices to purchasing a home or taking that big trip; as you harvest the rewards. Living an abundant life becomes a way of life, not just a one-time destination.

Let your journey begin!
~Bob

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Visualize Success

Key to success

You know you want “more” in your life! In order to get that, you need to make changes in how you manage your choices to bring new results. Not always knowing what those changes will be or how they will affect you can be uncomfortable. It is quite possible to want financial success and still be afraid of going after it and achieving it.

You may feel like you do not have all the right tools – you may not be confident that you can handle money, make a budget or manage your assets. Many people feel this way! Here’s a thought: just being rich is not a destination.

 

SUCCESS consists of three things:
• Know what is available to you
• Know what you want
• Know what the next step is once you are successful

Success is not a destination. Each of us has our unique perspective and vision of what success means to us. What is your image of success? Can you visualize yourself in a prosperous place in life? Define what is most important to you for the next year. If you can see it, you stand a much better chance of creating it.

Some people value a good steady job as a sign of success; others may value more time with family, a big annual vacation, a new car for their spouse or saving to purchase a home. As you state what is important, you will be more aware of your daily activities and begin to focus your attention on actions that will make your goals materialize. 

Pursuing a new path toward financial success can create unexpected reactions and results: you may get some pushback from friends, coworkers or family members. That is okay! You are not staying in the same comfortable path. You are evolving toward a new direction, and that can make others uneasy.

You may also have some old habits or thoughts that pop up; these emotional reactions (roadblocks) that pinch your money nerve will test you. Don’t worry, these barriers are temporary. Think of them as new opportunities to stay focused on your goals. There is usually a detour to get you where you want to go.

As you become aware of what pinches your money nerve, you may need to develop contingency plans to stay on your path. Others could attempt to derail you or mold you back into the person they want you to be. With a sharp long-term focus, other people’s opinions have less power, you have the ability to be more “in the moment” in your daily life and can be more flexible as new possibilities arise.

Having a clear vision of what is important and keeping your focus on that goal often leads to strategic decisions, more doors opening, and a mindset of financial freedom based on conscious choices. Harness that positive energy. You will discover that the positive energy of your life increases and rebounds back to you, manifesting a more abundant life.

I hope your week is rewarding and full of confident energy!

Bob