As you know my word for 2014 is “Consistent Action. One of the “big” areas I want to focus in 2014 revolves around my financial life.
What does it look like for me?
As I know the topic of money is incredibly personal and it evolves based on each person situation.
For me when it comes to my financial life this year, here are my intentions:
- Building my coaching business as my main source of income
- Paying down my credit card debt
- Building back an emergency fund and retirement account
Yup that’s a big undertaking. Yet it is totally do-able and possible! HOW?
- Getting honest about what my current financial life is; acknowledging where I am feeling the pain. I did a couple of exercises in this area that included: Current vs. Ideal Life audit; journaling on “how is this current life serving me?”; finally updated my LearnVest Profile to reflect my current spending habits as well as my income.
- I re-committed to LearnVest program. In this program I am paired up with Certified Financial Planner who helps me make progress on my money. Since my accounts are linked to their system (similar to mint.com), my CFP can see in real time where I am spending my money, provide advice on places where I can trim as well as give me advice on the debt. DISCLOSURE: Because I participated in the early start of LearnVest planning, they offered me to recommit to this work by waiving their one-time setup fee. I do have to pay $19 a month.
- Identified 3 new Habits that I would like to implement that will support this goal.
- Break the “credit card” habit because it’s only hurting me .
- Focus on creating various revenue streams that are in alignment with my business vision of building my coaching practice
- Maintaining spending plan that is in alignment with meeting ALL of my needs (not just basic/ or in the space of deprivation)
My Action Steps:
- For the credit cards, I had to do major housekeeping that included updating a lot of the accounts. Then storing them away from my wallet. I also deleted the credit card account from the various online stores I frequent.
- For the revenue streams this meant picking up high paying temp administrative projects, taking more business-oriented actions that included launching Thrive! 4-Week Adventure. On the flip side this has meant letting go of quite a few side projects that were no longer in alignment. Trust me it is scary to let go a steady paycheck but I know it’s a risk that I am willing to take.
- My spending plan is the hardest one because my go to pattern is restrict and then binge. Over the past few months, I’ve gotten extremely intimate with my budget so I am learning know how to be more flexible. This has meant adding more social time, money to cover cost for fitness classes, fresh flowers and mani/pedi. Practicing self-care will prevent me from having a money binge in the long-run.
What I know for sure…
- This is not a linear process. It’s about taking bite size actions that will add up in the end.
- There is still a lot to learn about this topic but it will get easier as I read, practice and learn more about it.
- The feeling I want to cultivate around money is trust and safety. I trust that all my needs are met and I feel safe.
- I have the support that I need as long as I ask for it.
I got a few fun perks for you!
February’s Thrive! 4-Week Adventure theme is all about Abundance + Money. I know the feeling of not having enough money or feeling you are drowning into debt is what keeps us in survival mode. Over the course of 4 week, we will do the internal work to attract and call in affluence + abundance in your life. Register today!
I got a giveaway! Yay if you are ready to dive deep and become Financially Fearless then you are in luck. As I am giving away a copy of Alexa Von Tobel, CFP new book “Financially Fearless The LearnVest Program for taking control of your money”