Tips For Improving Your Financial Wellness in 2022
The best investment you can make is an investment in yourself. The more you learn the more you’ll earn. Whatever the mind can conceive and believe, it can achieve. Believe in yourself and you will be unstoppable.
There’s something so empowering about a financially smart woman. You know the ones that seem to have it all together. They’re dressed to the nines, they’re never late to work, their credit cards are paid in full and they’re fearless about money. Financially smart women take control of their finances to get what they want; it doesn’t control them.
The topic of money can be tough especially when you’re trying to improve your financial wellness. If the last 2 years taught us anything it’s that life can change quickly and flip us on our head literally overnight. Don’t commit to your future income today because you never know what tomorrow brings.
2022 is all about smart spending and intentional living. No matter where you are financially, it’s never too late to start living out your dreams. Whether you’re living paycheck to paycheck, looking to pay off student loan debt, start up a new business, or work towards building wealth, there’s simple steps you can take to get on top of your financial situation.
If you’re feeling overwhelmed and don’t know where to start, I get it. With all the uncertainty out there, you may be wondering where to move your chess pieces next. It may seem scary to put your hard earned money into the market if you don’t know much about investing. That’s why I’m really excited to introduce you to my investment group Monarch Investing – one of the best online investment communities out there. I partnered with this group of highly motivated traders just over a year ago with the goal of building a community of likeminded individuals. Whether you’re new to the markets or an experienced trader, we provide charting, news, education, and a fresh perspective that helps navigate choppy and unpredictable markets. With professional mentorship, we teach our members how to trade ordinary stocks, stock options, cryptocurrency and NFTs. Learning to trade isn’t easy but neither is winning, and we look forward to winning alongside our members!
If you feel like you’ve missed the boat on investments, this post is for you. You may not know this, but we are currently living through one of the greatest, most pivotal transformations in history and the opportunity around us is abundant. Hello digital revolution! We are about to witness one of the greatest transfers of wealth of our lifetime and the financial decisions you make today will shape your future for years to come.
This is not investment advice, so use your own discernment. I’m just a girl that spends a lot of time studying the market learning how to trade and invest.
If you’re curious about joining and have any questions, we’d love to hear from you! We are offering a special discount for new members throughout the month of December with code OULAVIX15
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Alright, now let’s get back into it. Here’s how you can get a jump start on a financially healthy 2022.
Know The Difference: Assets vs Liabilities
One of my favorite lessons from one of my favorite books, Rich Dad Poor Dad. If you haven’t read this book before I highly recommend getting yourself a copy. It’s about the same price as a venti latte and it will literally change your life. It’s not about how much money you make, it’s about how much you keep. This concept is the number 1 principle that the financially literate live and breathe by: The poor and the middle class work for money. The rich have money work for them. What are you spending your money on? Are you acquiring income-generating assets or are you acquiring liabilities that burn a hole through your pocket?
Examples of assets: digital assets, real estate, stocks, bonds, notes, and intellectual property.
Examples of liabilities: mortgages, consumer loans, and credit card debt.
Don’t Show Off. Show Up!
In the flashy world of social media, it’s easy to get sucked into this pseudo-flexer lifestyle and live beyond your means. Appearing wealthy on social media has become its own industry and it’s a toxic warped reality.
“Be known for your work ethic, not the trinkets that you buy,” writes Cardone. Warren Buffett also lives by this philosophy and we should all take a page from his book. After all, the legendary investor prefers to eat at McDonald’s and never spends more than $3.17 on a breakfast sandwich. The best tip for younger people in my opinion is to live below your means. Your older self will thank you for it.
Change your mindset
If you’re someone that dreads looking at your bank statement or credit card bills every month, it may be time to rewire your thoughts about money. If you want to attain financial freedom you have to be willing to get uncomfortable and think outside-of-the-box. Build a foundation off of strong financial principles and don’t jump into a purchase unless you fully understand it. $0 down on a car sounds great until you realize you’re financing at a 16% APR!
Create Multiple Sources of Income
The key to building wealth and achieving financial freedom is creating multiple sources of income. In fact, the average millionaire has seven sources of income! In today’s digital age, it’s never been easier to create multiple sources of income. Blogging and affiliate marketing are examples of side hustles that work as hard as you do. The more you put in, the more you get out. Some expert bloggers make $10,000+/month!
Automate Your Finances
ACH all day baby! Once you’ve made the commitment to be a more savvy investor, the easiest way to stick to the plan is to make the process automatic. Allow a portion of your paycheck to be withdrawn automatically straight into an investment account without ever seeing it. It’s harder to do the responsible thing and sock that money away if it’s in our bank account first.
Commit 20 Minutes a Day to Learning a New Skill
Wealthy people share one important trait: They are dedicated to self-improvement. If you’re like me, finding the time to invest in something new is challenging. In the age of never-ending distractions, finding your focus is hard. Very hard. In his #1 best-selling book, Deep Work, Professor Cal Newport proposes strategies to help you commit to moments of deep work. Doing things outside of what’s familiar causes discomfort, but each time you expand your ability, you grow as an individual.