As we move along in this new decade many are attempting to make a serious turn in the direction in their life and achieve lasting success in the management of their credit and finances.
Speaking of turns, I had the unexpected occurrence of meeting one of my favorite athletes (Lee Haney earlier this month on January 18th) after I forgot some grocery and had to return to the health food store.
As you turn in the direction of making your life more prosperous you must realize that a key component to achieving the success that you desire is how you look at your past, present and future. And it is more important than ever that you have confidence in your future regardless of the political and economic climate that you find yourself in.
In this discussion TheWealthIncreaser.com will discuss the importance of why you must have confidence in your future and will detail ways that you can take steps to bring the confidence that you now have or will soon gain–to build wealth now –and in the coming years.
You must want (in your heart and mind) to see how you can use personal financial statements to your advantage, know how you can master your credit effectively and know how you can address all of the important areas of your finances in a way that will take you to where you want—or need to be.
It is beneficial for you to have the knowledge of how you can use personal financial statements for the greater benefit of yourself and your family. By knowing your monthly income and the monthly outflow of cash (cash flow) that you utilize to pay your monthly expenses you can get a clearer picture of how you manage your finances now–and how you can make improvements.
In addition, you want to see how your yearly income and yearly outflow of cash that you utilize to pay your yearly expenses affect your household.
A personal income statement will help you do just that and will also provide you an even clearer picture of your overall finances and where you can possibly go in your future.
In addition you want to take a serious look at your assets and your liabilities so that you can determine your net worth and a balance sheet will assist you in this process.
Your net worth is a key metric that can be used at the various stages of your life to help you see how you are doing financially!
By doing the above you are showing a real commitment to improve your financial condition and the success or goals that you desire to occur will be made more realistic for you if you utilize the knowledge gained from those statements in the right way.
You will put yourself in position to operate daily with more confidence and optimism and a feeling of joy can live inside of your heart and mind on a continuous basis.
It is important that you have working knowledge of how you manage your credit and how you can manage your credit more effectively. You must have a “meaningful understanding” of how credit works and you must have working knowledge of the “5 credit factors” so that you can apply that knowledge throughout your lifetime.
By keeping your “payment history positive” and your “utilization rate” or the amount of your available credit that you use below 15% you will be on a good path toward credit management.
You must also manage your credit effectively “over time” and you must have several “types” of credit (your credit mix) and seek new credit sparingly to keep your “hard inquiries” at an acceptable level if you desire to maximize your credit and credit score throughout your lifetime or during the period in your life that you desire to utilize credit.
It is important that you know what you must address financially and you must use that knowledge to actually manage the areas of your finances in a comprehensive manner and in a manner that is more beneficial for you and your family.
You must insure that your insurance coverage (no pun intended) in all areas that can benefit you has at least been looked at–and where appropriate added to your insurance profile. You must invest both inside and outside of your retirement accounts so that you can achieve the goals that you desire.
You must minimize the taxes that you pay in as effective a legal manner as possible. You must establish an emergency fund that is appropriate for you and your family.
You must establish an education plan for your children if necessary at the earliest time possible, and finally you must complete your estate plan/will(s) in a timely manner as well.
Your determination to look at your finances in a proactive manner can lead to you gaining “added confidence” in the way that you look at and respond to financial occurrences at this time and throughout your lifetime. There is no reason to fear your financial future or let distractions in your life rule the day.
Now is the time that you use your “new found or newly created confidence” as it relates to your finances to worry less, let go of anxiety, leave frustration in your past, put forth more effort, and leave all excuses behind.
By using personal financial statements, mastering your credit and improving your finances in all areas you can confidently look at your future and pursue the success that you desire in a more definite way. You can then pursue other goals or your life purpose in a manner that is empowering and can really take you to where you need or desire to be.
It is important that you understand what is best for your long-term financial health and you must organize your thoughts with awareness of where you want to go and you must have a steady confidence as you move toward where you want to go!
However, it is you who must find a way (possibly with the assistance of others) to come through your adversity and recognize that you are now stronger and you can achieve more.
You must realize that adversity has occurred and you can grow from it if you believe you can and you take steps to make it happen.
You must be “proactive” (notice the emphasis on proactive), formulate and execute your goals in a manner where you have the right frame of mind (cultivate success qualities to a higher level in your life) as you build wealth.
All the best toward your increased confidence, starting today…
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