You know that good habits such as 'exercising', 'assessing', ‘nourishing' and 'reviewing' accelerate your wellness. These are essential for your health and vitality.
Many of you monitor your physical fitness and well-being. Do you monitor your financial wellness too?
You must define your financial wellness in more concrete terms than merely by your level of available personal finances. You must develop a healthy awareness and understanding of your personal circumstances and goals.
For some, the goal is quantified in terms of what they want to achieve financially. For others, it’s about thoughts of security, peace of mind, economic freedom and choice.
Are you aware of the steps needed to improve the state of your financial situation?
You must ‘Create’, ‘Manage’ and ‘Conserve’.
Here some tips to transform your financial wellness.
Pay yourself first: Set aside a portion of your income to save. You must do this before you pay your bills, before you buy groceries, before you do anything else.
Maintain a budget: A budget allows you to direct your money towards the things in life that are important to you. It helps you spend less than your income.
Live within your means: This is the first rule to establish financial independence. Living by this rule will allow you to reach your financial goals faster, with a lot less stress.
Protect from the unexpected: Whilst much attention is given to create ample wealth for retirement, too many of us underestimate three immediate risks - premature death, illness or injury, and the associated out-of-pocket expenses which could cripple us financially. You must implement appropriate personal insurance to mitigate these risks immediately.
Seek advice: Consult reputable financial advisors to help you achieve your financial wellness objectives.
To transform your financial wellness, you must know your current financial situation and future goals. You must take concrete actions now so that you are well prepared for any future planned or planned circumstances.
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