5 Steps to Educate Yourself to Financial Success

#1 Consider Your Values, Goals, & Dreams

How do you want financial success to feel in your life? To answer this question, consider your values. These are the touchstones that will remind you of your desired feelings.

Now, let’s consider: What are your life goals? To quote my free e-Book Reach Your Life Goals: A Business Owner’s Guide, “they are not only possible, they are financeable.” And the more you know about money and how to use it, the more easily you can reach those goals.

For more ideas on this step, check out my article “Why Your Should Always Base Your Goals on Your Values.”

Once you’re clear on your goals, winnow them down by asking the question at the crux of Gary Keller’s book, The One Thing: “What’s the one thing I can do, such that by doing it everything else is easier or unnecessary?” This question will help point you in the direction you want to go.

#2 Choose a Learning Objective

Once you’ve considered all the above questions, you’ll likely have an idea of where you’re headed in life, and what financial steps you’ll need to take to get there. Based on your ONE big goal, choose a learning objective to focus your financial education efforts on.

For example, if you decide your one big goal is buying a house for you and your family, then your financial learning objective would be learning everything you can about home-buying. From here, you can resolve to research mortgage types, savings strategies, etc.

If you have clear life goals but are unsure what financial moves you need to get savvy on, make figuring this out your first learning objective. Start by researching financial strategies of people who have done what you want to do, talking to a money buddy about your goals, or speaking with experts to get some resources.

#3 Set Up Some Weekly Financial Learning Time

If you’ve been reading my blog for any length of time, then you know that I advocate for doing a weekly money check-in. Not only is this strategy a great way to get tuned into your money and start making better financial decisions, it’s also a my #1 strategy for achieving financial goals.

Why? Because if you set up a system to make time for something, you will accomplish it. The key is setting aside that time regularly and protecting it.

#4 Optional: Make a Timeline

Depending on your learning objective or the style of goal-setting you prefer, you may or may not feel called to do this. I’m including it as an option because making a timeline can be especially helpful in cases where things are time sensitive, such as in the case of contributing to an IRA.

Or, perhaps you’re the type of person who does better with finite timelines. It’s absolutely true that many of us do better with deadlines or milestones ahead of us. I work in 3- and 6-month coaching engagements with people in part because sometimes commitment to drastic financial change feels more possible over a shorter span of time.

If you know this about yourself, you might like to investigate setting 12-week learning goals. This idea comes from the book The 12-Week Year by Brian Moran and Michael Lennington, and might be worth checking out.

#5 Gather Your Resources and Begin!

This is the fun part! Start gathering your learning resources, and then get going. I have a couple recommendations to start you off:

If you enjoyed this post, you’ll almost certainly like reading my free e-Book, Reach Your Life Goals: A Business Owner’s Guide. Click here to download.

Financial Advice: How to Avoid the Bad and Find the Good

Financial advice is important, but the wrong resources can steer you in a rough direction. You don’t want the resources you’re looking at to lead you to a place of boredom or despair due to unrealistic goals. Last time, I gave some tips on finding the right financial advice for you, but today I want to break down some red flags to avoid. Then, we’ll look at some signs that show you’re on the right path!

How to Discern an Unhelpful Resources

A financial resource may not be right for you if:

  • The resource is targeted to an income level higher than yours. Even if you aspire to increase your income, financial advice will provide you with feasible next steps if it acknowledges your starting point. Starting out by reading investing guides for people with a $100k to distribute might leave you feeling alienated.
  • The resource chastises you or shames you for habits or behaviors. While many of us do carry emotional baggage around money, I firmly believe we should not be put down for this, or for our financial habits. Shame and blame do not facilitate financial learning. If a resource is telling you to quit things that make life enjoyable, or scrimp every penny as a path to wealth, evaluate these strategies carefully.
  • The resource uses financial jargon you don’t understand. Something like this can quickly lead you to boredom or discouragement. You can always look up the vocabulary words you don’t know, but finding something more accessible makes for a more pleasant and sustainable learning experience.
  • The resource doesn’t reflect your vision for your business or personal finances. Not everyone needs or wants piles of cash – so you won’t enjoy a book about how to get that if that’s not what you want!

Signs the Resource is a Good Fit

Alright, we’ve looked at red flags, now let’s talk green flags. A resource can be great for you if:

  • The resource acknowledges and takes time to help you work on your emotional stories and stressors around money. (One of my faves for this is The Art of Money by Bari Tessler)
  • The resource is accessible, easy to read or consume, and enjoyable. The more you want to come back to something or refer to it, the more helpful it will actually be!
  • The resource is tailored to your version of financial success and gives you steps for moving towards it.
  • The resource is targeted towards your income level.
  • The resource focuses on long-term solutions like mindset changes, money systems, and improved habits rather than “hacks” or penny-pinching.

If a resource ticks all these boxes for you, it will probably set you down the path to financial wellbeing! And it will feel a lot better than trying to read something that just isn’t for you. Next time, we’ll talk about starting the search for resources. For now, feel free to do some good ol’ googling. You can also check out my article on some of my favorite resources. I post more resources and video summaries of important concepts on Facebook, so check that out and see if you get green flags!

☮

Angela

Image Sources:  David Iskander, Thought Catalog

A Brief Guide to Finding the Right Financial Advice

Determining what kind of financial advice you’re really looking for is more important that you might suspect. A lot advice out there is targeted to people who already are or who want to be wealthy. If the advice you’re trying to follow is geared towards a vision that ultimately differs from yours, that can be an issue.The fact that so many financial resources assume their audience has a certain income level is also an issue. If you’re looking for financial help but you can only find resources that are geared towards people who make $50,000 more than you, you’re going to feel left in the dust.

One of my big goals with At Peace With Money is to help solopreneurs who don’t manage enormous accounts feel like they too can take steps down a helpful financial path. I strongly believe that no matter what amount of money you make, there are steps you can take to improve your situation and take care of yourself in the long term. I also believe you can do this without hugely sacrificing your quality of life. It doesn’t feel good to be chastised for your income level or your lifestyle, especially when class structure in the U.S. effects us in a way that means we are often not fully responsible for our financial standing. I don’t think that’s the role of financial advice anyway! Instead, good advice meets you where you’re at, and helps you get where you want to go.

 Know What You Need

Once you’ve decided to find financial advice resources that are relevant to your lifestyle, it’s important to know where you’re at personally. So, be sure to check in with your own finances. If you need a simple process to get clear, check out my Three Steps to Financial Clarity exercise.

Once you’ve done that, you should have a clear idea of your current income level and your hopes for your financial future. Both of these things will help you determine what financial resources are best for you. At the beginning of your journey, you might not be interested in people who talk about managing large investments. That can always come later! Instead, you might be interested in resources that cater specifically to small businesses just getting started, or people who’ve just opened an IRA.

Find Your Teachers

Now it’s time to find some good resources that meet your criteria. Some googling might help with this, but you can also check out my post on my favorite resources. There are tons of people and helpful guides out there. If Suze Orman’s not your style, don’t let her throw you off the path of learning how to make and manage wealth. You don’t have to already be making $100K a year or give up coffee forever to invest in your future – I promise.

I hope this guide has been helpful for you! If you like these ideas or you’d like to work with me for a little guidance, head on over to my Services page, where you can book a call with me.

Angela

Image Source:  Sharon McCutcheon , Luis Quintero

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