August is Money Month at Ascentim. And we’re kicking off our blog series by mastering the fundamentals of financial security.
A strong foundation is essential to achieving long-term financial success and security. Just as a sturdy house requires a solid foundation, your financial journey requires a strong base to weather unexpected challenges and reach your goals. By mastering the fundamentals, such as budgeting, debt management, saving, and investing, you lay the groundwork for a brighter financial future. So let’s discuss each fundamental and explore their significance in building a solid financial foundation.
Mastering the Fundamentals
Fundamental 1: Budgeting
Budgeting is a cornerstone of financial success. It empowers you to take control of your finances and make informed decisions about your money. Creating a budget clarifies your income and expenses, enabling you to allocate funds wisely and prioritize your financial goals. A zero-sum budget that accounts for every dollar you earn yields the best results. With a well-planned budget, you can effectively manage your day-to-day spending and make progress toward long-term objectives.
Fundamental 2: Debt Management
The average U.S. consumer has over $90,000 in debt. And with economic uncertainties, debt management has never been more imperative. Managing debt is crucial for financial stability. Moreover, it has many benefits. By understanding and managing your debt effectively, you can avoid excessive interest payments, improve your credit score, and reduce financial stress. Do you want to regain control over your financial obligations and work to become debt-free? Try strategies like debt consolidation, refinancing, and disciplined repayment plans.
“Mastering the fundamentals of personal finance is the key to unlocking a world of financial freedom and security.”
Fundamental 3: Saving
Ask any money expert, and they will tell you that saving is a key to financial success; however, they differ on how much you need to save. My recommendation is to start by saving at least 10% of your income. Then over time, increase to 20% so that you can allocate it to building your emergency fund, planning for retirement, and achieving other goals. Saving provides a safety net for unexpected expenses, helps you achieve short-term goals, and paves the way for long-term financial security. The most important part is consistency. So set aside a portion of your income and automate your savings. That way, you can build an emergency fund, create investments, and gain peace of mind knowing you have financial reserves.
Fundamental 4: Investing
One of the best ways to secure your financial future is through investments. Investing is essential to growing your wealth and creating financial freedom. But before you dive in, educate yourself about different investment vehicles, risk management, and asset allocation to make informed investment decisions. By harnessing the power of compound interest and diversifying your investments, you can generate passive income, beat inflation, and achieve your long-term financial goals.
Client Success Story: Leanne’s Transformation
Leanne and her husband faced significant financial challenges before seeking expert financial guidance. In July 2021, they hired me as their financial coach. Leanne wanted a fresh perspective on their finances, and working with me proved to be a turning point. They made significant progress, achieving remarkable results in just a few months by following my signature G.R.O.W. coaching process. Leanne expressed her gratitude, emphasizing how coaching helped them achieve a financial turnaround beyond their expectations. She said:
“Working with Lisa has been one of our best financial decisions. We now see money as an instrument we control instead of allowing money to control us. We now decide where our money goes using a budget instead of spending without a plan. Since working with Lisa, we have been tithing faithfully to our church; and we have money in our savings account. We have also been able to pay a couple of bills off, and we are on track to have a few more paid off by the end of the year. We can’t thank Lisa enough for helping us turn our finances around.“
A Course of Action
Mastering the fundamentals of budgeting, debt management, saving, and investing is crucial for building a rock-solid financial foundation. By taking control of your finances and making informed decisions, you can navigate money challenges, achieve your goals, and secure your future.
Want help mastering the fundamentals?
I invite you to register for our award-winning G.R.O.W. Finance Course! This comprehensive 4-part on-demand course will jumpstart your journey to financial freedom. It covers essential topics such as getting out of debt, retaining more of your income through savvy money management, organizing and protecting your assets, and ultimately walking in wealth to achieve true financial freedom.
To register for the G.R.O.W. Finance Course and embark on this transformative journey, visit https://grow.ascentim.com. And be sure to take advantage of our Money Money discount.
Save $200 when you register by August 31 and use coupon code SAVE200.
A brighter financial future begins here!