Stepping into Financial Leadership

You must be the one to make the decision and take charge of your financial life and well-being because no one else is going to do it for you. However, this doesn’t have to be a scary process! Follow the steps below to ‘feed the pig’ and ensure that you will have a healthy and happy financial life well into the future.

1. Bust the fairy tale myth: no one will come to take care of you. You’re going to have to take the initiative and do this on your own. There is no fairy godmother to lead along the path of financial success.

2. Be willing to learn: in a recent survey of the financial literacy of high school schoolers, 60% of high school seniors failed a basic economic literacy test. Don’t let this happen to you or you family! Take charge of your life and make saving a habit. Start with your children when they’re young so saving will be a life-long behavior for them.

3. Delegate: think about hiring an advisor. However, keep in mind that your advisor should educate YOU. If you have any questions or concerns, you should never feel afraid or intimidated to share them with your advisor. If you are, then you are not with the right advisor. Don’t be afraid to shop around for an advisor. An advisor should be someone you’re comfortable with, not someone who makes you feel scared to ask for advice. Also, make sure the advisor is concerned first and foremost with your goals. You are the most important person in the advisor/advisee relationship. Don’t ever doubt that!

4. Lead by example: be a financial leader, not a follower. Don’t be afraid to share what you have learned with your friends and family. Being a financial leader will not happen overnight, but once others start to notice your helpful financial habits, they will be able to follow your example.

5. Be on PURPOSE: you have to know your financial goal and want to achieve it.

6. Never say never: set your sights HIGH and keep working; don’t worry about a super-strict timeline.

7. Make savings a habit: make small changes. Saving is like dieting—take it slow!! Pick a dollar amount per week that you want to save and then stick with it.

Consider other ways to save money, like drinking from the tap instead of paying for bottled water all the time. See my previous blogs for more savings tips.

And remember… Success breeds success. Start small and see where you end up!