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You probably figured it out by now that I am big believer in taking charge of your own wealth.
That’s why I encourage my clients to believe in this concept of creating your own economy and now more than ever!
The effects on personal finances from unprecedented economic events like what we’re going through right now can actually be managed with planning, purpose and persistence.
We need to look at how we can all take action on our income and create a contingency plan for the future.
While we can’t control the macro economy, we can create our own micro economy so we will be better prepared for an economic challenge.
First, control your savings.
Spend less, save more, and keep an emergency fund. No brainer there! Think brown bags, not sandwich shops and daily take out coffee.
Second, control your income.
If you have a job, keep yourself valuable by updating your skill set, going above and beyond your job, and working hard for a raise and then asking for it. A little of the HR Manager in me:)
If you’ve lost your job, work hard to find one asap. Take a job that might not be your dream job, because your skills are transferable and can apply to something new and different.
The side gig economy is now the new normal. Take a part-time side job; those extra dollars add up if you don’t blow them on a designer clothes.
Another great way is to start your own side business inside a leveraged business model. You’ll earn more money, create a residual income, and still remain in control of your time.
Third, invest your money with a good night’s sleep in mind.
And don’t buy a house you can’t afford, no matter how much you love the open floor plan and movie theatre room.
Fourth, have your own economic plan, and don’t leave it solely to a financial planner.
While you don’t have to be a slave to the business news, you do have to review your assets monthly. Then question, research, and act.
Waiting for that slow-moving fund to recover may not be the best course of action. I decided to look at those funds and made decisions to move my money forward. (I can help you do that too).
To create your own economy and control your economic destiny, think like an entrepreneur with purpose, vision and intention. You’ve got this!
Empower yourself to make it happen.
If you need help doing it, message me here for a coaching call… I would love to hear from you.
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