GF¢ 004 – 5 Ways to Reboot Your Financial Life

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Are your finances struggling to stay above water?

Many Americans deal with this struggle daily. My mission is to try and help.

Karyn Lisk from Future Purpose Coaching asked that I come on her webinar series called “The 5 Series’. I had to create my own concept.

The result was “The 5 Ways to Reboot Your Financial Life”. Clever, huh? 🙂

Karyn was gracious enough to give me the audio file for the presentation which is now officially GF¢ podcast episode 004. I’ve included my notes from the presentation below for your convenience. Enjoy!

You’re here because you’re like me – you’ve screwed up.

Took out loans when you shouldn’t have, bought crap on your credit card you couldn’t afford, didn’t start saving when you knew you should okay. It’s okay. You’re not the only one. I’ve done it. 87% of your Facebook friends have done it. We’ve all done it. First things first, that was then, THIS is now.

It’s not time to dwell on the past. It’s time to take action. It’s time to Reboot Your Financial Life.

Step 1: The Recognition Factor

Before we stress out we first need to highlight the positive things in our life. Answer the following two questions:

1. On a scale of 1-10 (10 being the best-case scenario), how would you rate how you’re doing financially?
2. Why did you choose your number instead of a lower number? For example, if you chose 5, what made me pick that instead of a 4?

The point of this exercise is to point out to you that you have positive things going on in your life but sometimes we lose sight of that because of What are 3 things that you’re thankful for? (roof over your head, awesome family, good job, good friends, etc.) List those now:

Step 2: The Situation Report

Okay, it’s time to fess up. We now have some awesome things to be proud of and thankful for. Don’t forget those. But we also know we’ve got some things to fix. Don’t worry. No judging here.

Before we can reboot our financial life we need an honest assessment of where we’re at. Does it pay off your credit card, boost your savings, or open a Roth IRA? Make a list of everything that you want to accomplish.

List those here: Now we need to identify the #1 thing that you want to focus on. How do you pick just one? Easy.

What’s the #1 with your finances that’s stressing you out the most? Write it down.

Put it somewhere you see it every day.

• Dealing with Debt
• Get Started Saving/Investing

Step 3: Credit Smackdown

Know Thy Credit Score

Most people have no idea what their credit score is or how much it can impact their finances. We’ll show you the easy-to-find out where you’re at and some simple steps you can do to improve it.

Get Your Free Credit Report

A lot of that depends on what you find out in your credit report. A mistake on your credit report can cost you money. It can increase the interest you pay on loans, prevent you from getting a mortgage or buying a car, landing a job, or getting a security clearance.

It’s reported that 40 million Americans have a mistake an error on theirs. Are you one? We’ll show you where to get it, how to read it and identify any major blows that are hurting you.

Make Sure You Have the Best Credit Cards (maximize points, rewards, no fees) Credit cards can be our best friends offering us cashback, free airline miles, and other great perks. They can also be our worst enemy having to pay ridiculous interest charges and account fees.

We’ll help you navigate the maze to make sure you’re getting the best deal. We’ll also give you tips on how to negotiate with your credit card company to lower rates, increase limits, etc.

Step 4: Savings Strategy

Beware: The Entitlement Syndrome Be careful of this statement: “I deserve because I did ”. You’ve had a long week at the office so you head to the mall to do some therapy shopping. Or you just got a raise at work so you now feel you need to upgrade to a BMW. Before you get your savings strategy in place you have to put your spending in check. We buy things to make ourselves feel better. Remember The Recognition Factor above? You have so much to be thankful for that wasting money on meaningless possessions does nothing.

The Money Map If you like to budget, you’re a better person than I am. Truth be told I hate budgeting if there was only an easier way. On wait, there is….

Track Your Money Online tools like YNAB and Mint allow you to set up a budget that doesn’t feel like you’re budgeting. How cool is that? Even though I hate budgeting, to get your finances on track you have to know where your money is going. No excuses.

Find Easy Money Now that you have a pretty good of where you’re money is going Reduce household expenses (cable, Internet, cell phone) Improving your credit score can reduce rates Frago Fund (Financial Reserve and Goal Fund)

Step 5: The Wealth Builder Strategy

Start investing in yourself. There are many ways you can invest in yourself. Investing doesn’t always have to be opening a Roth IRA or buying mutual funds.

Educate yourself on your investing options.
Never stop learning.
Surround yourself with positive people.
Hire a coach.
Freelance.
Explore business options.