5 Empire Building Tips for 2018
The beautiful chaos of the holidays is almost behind us. Whew!
There are only five more days in 2017 and if you’re anything like me, you’re already thinking about all the things you can do to make next year a really kick ass year.
Dreaming big about our Empire is an important step to building it.
In fact, imagination is one of the best ways to find our motivation.
Being financially savvy has everything to do with how we see ourselves and where we see ourselves in the future.
When we take a moment for reflection and let ourselves imagine how our life looks at the end we can get a BIG picture understanding of the road we need to travel. This is where we begin our financial journey.
Of course, every dream needs practical implementation and the new year is a perfect fresh start for us all.
Here are 5 ways to kick it off right!
Check your 2017 spending habits: Take inventory of what you spent and where you spent it. Are there any obvious red flags? Understanding your spending habits is critical to getting on track for the new year.
Create your budget and savings goals: After checking your spending habits and calculating your essential expenses, allocate a set amount to savings. A great way to do this is by following the 50/20/30 rule. 50% of your income goes to fixed expenses, such as housing and living expenses. 20% goes to financial priorities, such as savings and retirement. The other 30% is everything else!
Savings: Savings is a healthy habit! Divvy up that 20% of savings into your savings account, emergency fund and 401(k). Automation is the best way to ensure that you keep up with savings. Out of sight, out of mind.
Reduce your debt: We can all probably relate to over indulging during the holidays (and it’s not just on food!). We may have over spent, but now is the time to reel it in and course correct for the new year. Always pay more than the minimum and pay off those higher interest cards first!
Organize and discard: Go through your documents and separate what you need from what you can discard. Tax time is around the corner so start a folder with all the pertinent docs needed for your appointment. Throw away any old bill, bank and credit card statements, but don’t forget to shred them. Identity theft is REAL! The process of cleaning up creates an organized space and clear mind.
Empire building is a process made up of many small steps and tasks.
Create your Empire. Your Way.
To gear up for your 2018 journey access our Powerful Guided Meditation and Financial Habit Assessment here.