A few years ago, the average person was satisfied with securing a good-paying job with benefits. We now understand that it is no longer an option to have one income to achieve financial freedom. Having multiple income streams is just as crucial as having low to no debt, having good credit.
While much emphasis is now placed on multiple income streams, it should not be overlooked that the key to obtaining financial health is by mastering the economic fundamentals. This includes habits like keeping debt and expenses low, focusing on long-term goals and always remaining aware of how much money you actually have.
I share practical strategies to help you manage your money in my book that you can get here.
And then there is credit. Credit is an essential factor in becoming financially healthy because good credit and using credit responsibly can help you save money. Unfortunately, many people shy away from it because of the abundance of misinformation and misconceptions surrounding credit. But it is essential to understand how credit works so you can use it responsibly. Two of the most significant purchases that most people make are a car and a home, and having a good credit score will save you money on each of these. If you need to rebuild your credit or just starting with credit for the first time, a good option is a secure credit card. I share an overview of them here. Once you're ready, try this one by clicking here.
Remember achieving financial health does take time and patience. But it's never too early to start with what you already have. This can be as simple as having a positive mindset about money because how we speak and think about money directly affects how we interact with it. Release the old things you heard of on why your financial situation is the way it is and BELIEVE that it can be better.
Starting now can also include starting side hustles to increase streams of income. You can check your benefits package to see if your employer offers things like 401 match money and if not, perhaps include benefits like these as things to look for in your next job.
Furthermore, there are some excellent free resources to help you begin to budget and get a clear sense of your current money habits so that you can decide your next steps on your journey to financial wellness. Blogs and podcasts are great because they are free. You can also use apps or a system to build a savings nest egg. And, of course, seek help from a financial coach if needed.
Working on these fundamental habits is also the best way to build generational wealth. They ensure that you are making a plan so that your money is working for you and that you do not have to continually trade your time for money. This means making as much passive income as possible. And own your assets so that generations after you can benefit from your hard work and intelligent choices.
Now a little more about side hustles so that you can maximize your financial health. When turning your side hustle into a business, be sure to go about it the right way. This will ensure that you can take advantage of opportunities to make additional income with your business. Whether participating in affiliate marketing or applying to grants, your business needs to be set up correctly to participate. And remember not to mix personal and business funds together and manage your finances on your own or hire a bookkeeper.
Remember to trust the process, have patience and appreciate delayed gratification. Taking control of your finances could help take you all over the world. Follow me across all platforms @itsmoney_ and get on my weekly newsletter list to get more education, tips, resources, and grants for small businesses. Sign up for the newsletter Here.
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