Do you have a financial foundation?
by Jonathan Taylor
You don’t have to be an architect to understand you cannot build a house on sticks.
A good house needs a solid foundation; it’s where the home-building process begins. A strong foundation is also how you should approach your life financial plan. We are no longer hunter/gatherers. We trade our time for money and money is in control of how and where we spend our time. What a cycle - if I had enough money, I could control my time!
To begin to think about a Financial Foundation you need to answer some questions like: Is your career profitable? Are your wages livable? Do you pay yourself first? Do you have a good ratio of personal life and career?
Did you intentionally put the pieces in place or did a financial foundation haphazardly build itself around you? Are you satisfied with your answers?
It has always been difficult to balance a successful career and a rewarding personal life. If you are questioning how to find time for your goals in life, these three areas can be a great place to start.
Cash flow management
Are your wages reliable, predictable, and increasing annually?
Are you comfortable with the placement and do you understand the investments?
Tax Reduction Strategies
Are you taking full advantage of the tax codes?
Our society has put great emphasis on healthy lifestyle choices, but they have mostly pertained to nutrition, exercise, and preventative medicine. Let’s not overlook financial status; the number one stressor for many people is actually money, and stress can be as much a detriment to our health as a poor diet and inactivity. And just as health and medical solutions differ from one individual to another, no single financial solution fits every situation. There are, however common issues and answers.
That’s why it’s important to focus on financial wellness, which starts with a solid foundation.
The resources needed to build a strong financial foundation are available, but most people simply accept the one that naturally develops around them. That’s a sure way to relinquish control of your time, freedom, and future goals.
Fortunately, it’s not too late to figure out what you need to build your foundation and find the perfect solution for your case. Like any educational process, it will take your time and your attention. But do the work now and years later you will rest easy on your solid foundation.