29 Jul 6 Steps to Unlocking Financial Gridlock at Any Stage
My three children all have savings accounts at our bank. As each child has a unique personality, each has a different “money personality”.
When my sons were small, I’d take them to the bank, and they’d toddle to the teller window, pudgy hands releasing their small bills and change on the counter.
One son keeps a solid balance and always knows exactly how much money is in his account down to the cent. He’s been that way since he understood the value of a coin.
My other son knows roughly the small amount that’s in there. If he saves enough to purchase something, he’ll withdraw the money and spend it on his siblings. He enjoys seeing their happy faces and the feeling he gets from being generous.
My 5-year-old daughter is still grasping the difference between putting her savings into her Hello Kitty bank at home and going to local bank to give her money to an abstract account that can be accessed at any teller in any state we travel. It’s a big concept for her age.
The point is, no matter what stage they’re at or how much they have to deposit, they are working with money and learning how to make it grow.
Simple concepts apply to both personal and business finance. You’ve likely heard them before, but sometimes we forget that we can make financial change at any stage of life with these basic steps.
Find what interests you
Career . . . profession . . . activity. Doing so motivates you to invest in and care for your financial well-being. Then there’s reason for interest in life and the potential that abundance brings. You can make money doing something you enjoy.
Invest in companies you believe in
Are you interested in a company? Research it. Ask yourself, are they stable or showing growth? Follow their earnings forecast and weigh those against deliverables. Have they delivered on financial forecasts consistently? Is there brand established and trustworthy? Most importantly, do you feel good about the company? Companies are underrated by analysts for different reasons and that may not be a reason not to invest in them. Gut-level reactions happen in us when we get serious about where to put our hard-earned money. Trust your instincts combined with research.
There is no age limit to investing
Fledgling or Senior, now is a good time to begin.
Always know where you stand financially. If you are rebuilding your personal or professional financial health, keep accurate records. Visit your accounts daily. This is sound advice even when you’ve reached financial goals. You need to know what you have in order to manage financial decisions and grow wealth.
Need advice? Find someone you trust to help you get started
There’s no shortage of financial advice out there. Find free advice if you are beginning. Know your sources. There are plenty of certified planners, brokers, and financial advisors who will gladly take your money in return for advice. Here’s the thing. It may not always be in your best interest. If you choose to work with someone, do research, and know that you are ultimately responsible for knowing where your money goes.
Open a savings account and save consistently with a goal in mind
The age-old concept of piling your coins and cash in one spot still works today. The best part is that the more you accrue, the more advanced you become with concepts like reinvesting and knowing your cash/investment ratios. Set a goal. You’re more likely to save if you have an end in sight.
Start saving today
It could be the smallest amount that gets transferred into your account every few weeks. Just put it in and allow it to grow. Soon you’ll have a nest egg that will allow you to make bigger investments than you thought possible.
What helps you grow money? Leave a comment with your best tip.
Planning Your Future: Money & Investment Series