What Is The First Step In The 10-step Consultation Method – Some of this is due to the financial industry’s shift towards lower investment minimums, lower fees and more resources.
Along with that are the emergence of amazing podcasters, YouTubers, and others like myself who are trying to help people achieve their financial best.
What Is The First Step In The 10-step Consultation Method
With the help of these resources, many people can manage their finances with more confidence, and I’m all for it.
Treasure The First Step
When we think about managing our finances, we immediately jump to investing, getting out of debt, or trying to budget.
The first step in the financial planning process is to “understand the client’s current personal and financial circumstances.”
When you do it yourself, it means taking inventory of where you are now before you jump.
Why is it important to know your starting point before figuring out how to get where you want to go?
Take The First Step, However Small The Step Is
The most common example I see is people jumping into budgeting before realizing how much they actually spend today.
If you want to spend $8,000 a month, there’s a big difference in getting there for someone who spends $8,500 versus $11,000.
In my experience, people underestimate how much they spend, which is the main reason they can’t stick to a budget.
Many people start spreading extra payments on their debt before looking at the bigger picture. How do they know that the money they have is going to the right place?
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I also see people end up in credit card debt because they are so focused on putting money away for retirement that they realize it will leave them in the red every month.
Those who know the full picture of where they are today can move toward their goals with more confidence.
There are three main steps you should take when planning your own finances. It all starts with managing your current financial health.
It doesn’t have to be that complicated. Thinking they will can make you feel overwhelmed and keep people from taking this crucial first step.
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Your personal balance sheet is a snapshot of your current financial situation, listing your assets and debts.
This will show you which buckets to fill and help you prioritize what to do with the extra cash.
If you’re not sure where to start or how to put this together, I have a free personal balance sheet template and instructions that you can access for free.
Cash flow (how much money is coming in) is the best thing you can do to achieve financial security and a strong financial future.
Image] The Hardest Thing In Life Is Always Taking The First Step
Start by signing up for a budgeting app like Mint or YNAB. Look for one that automatically connects to your bank and credit card accounts, as it typically pulls data from the past 90 days.
Once you’ve done this, review the data for 10 minutes to make sure all major inflows and outflows are correctly classified.
Then you can use their charts, graphs and numbers to see your total cash flow and total cash flow.
Now that you’ve completed the first step of the financial planning process, you can dive right in to where you want to end up.
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That’s all well and good, but it’s hard to think about achieving financial independence or planning for retirement when you have a fire to put out, like an emergency fund shortage or credit card debt.
Budgets will be more realistic because you’re not pulling numbers out of a hat. You know where your money goes and how much you spend in different budget categories.
Finally, you can create a very intentional budget where you can spend your hard-earned money on the things you care about, let go of things that don’t add value to your life, and put as much as you can into your finances. Goals like:
You should also work with a financial advisor if you don’t want to go it alone or feel you need a professional opinion to help you make financial decisions.
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Also stay away from people who try to buy you a permanent or lifetime policy unless you have pre-existing medical conditions.
Some of this information will be in the posts they ask for, but make sure they take the time to explain it to you, and then read it yourself.
This is the glaring gap in the financial planning industry around budgeting, which is why I started The Family Budget Expert.
My sole focus is to help couples and families finally pay off debt, build their savings and find the extra cash they need to invest for the future and help them get on the same page and strengthen their relationship.
Prepare To Mobilize
Let’s start by discussing your situation and see if working together to solve the problem is the kind of help you’re looking for. “Outside your embrace the tree grows from one tiny seed. The nine-story tower begins with a mound of earth. A journey of a thousand miles begins with a single step. Lao Tzu Tao Te Ching 64
It involves taking risks, learning new things and meeting new people. Making sure the direction is correct can also be an effort.
Soon Teo becomes fascinated with Tao’s power and wants to share it. In addition to writing about Tao and how it can be used to improve quality of life, he practices tai chi, qigong and meditation.
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