The last 3 months I have talked about 3 basic elements of your financial life that can either cause great stress and worry or form a solid foundation to the rest of your life: cash flow & budget, saving, and debt. This month I would like to put these 3 elements together with 5 steps to follow to give you that solid financial foundation and build good financial habits for the rest of your life. None of the ideas are revolutionary or new. In fact, I am sure that you have heard them before. The difficulty lies, as in most things, in the implementation and continued follow up. It is easy to get off track and give up. How often have you started a project with the best of intentions on to abandon it? Be honest. We all have.
Luckily it is just as easy to start again or pick up where you left off. These steps do not need to take a large commitment of time or money. They just need a small and consistent application of their principles. And don’t forget that you are not alone. If you need help staying focused, help is available. Professional athletes have coaches for a reason: to keep them focused and provide a perspective that they cannot see for themselves.
This month’s article comes again from Peter Wouters. I have had Peter as a guest speaker for my clients several times. He is always insightful and provides a wealth of knowledge.
I hope you implement these ideas in your own finances. If you need some advice, resources, or even just someone to help keep you on track, I would be happy to help.
5 tips for financial success in later life
Sincerely,
Chris Meyler
Financial Advisor & President