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Building Your Financial Foundation Utilizing the Financial Framework I Created
Today we are talking about building your financial foundation by utilizing the financial framework that I created and used to pay off $100,000 of debt in less than 2 years! It is so important to have a plan and framework to fall back on and follow when beginning your financial journey. As a money Coach, this is the framework I use when working with my clients.
When starting your financial journey, the first step in the financial framework is that you need to formulate and set SMART goals. You get to set the goals and detail the actions required to propel you toward your ideal life.
SMART goals are Specific, Measurable, Achievable, Realistic, and they have a Time-Frame attached to them.
The next step in the financial framework is to Create a customized budget, which is a tool, to come up with a plan for your money. Everyone needs to have a budget, no matter if they make $30,000 or $300,000 a year. A budget is simply a plan for your money and it allows you to know where your money is going.
The 3rd step in the financial framework is to pay off your debt quickly, but you can also save money in your savings accounts and still enjoy life! You only live once, and you don’t want to miss out on making memories with your loved ones because you are so focused on paying off your debt as quickly as possible.
Step 4- Build Your Savings- you can start this process while working on paying down your debts. Again, I recommend striving to save at least $1,500 in your starter emergency savings fund, if you have debt. Then you can build it from there. Some of my clients continue adding to their emergency savings fund while paying off debt, some wait to add more until their high-interest rate debt is paid off, and others choose to wait until their debt is completely gone, except for their house/mortgage. It is completely up to you when you decide to beef up your emergency fund. Once your debt is gone, then you should strive to have at least 3-6 months' worth of expenses in your emergency fund.
The final step is step 5, Invest in your future retirement and plan ahead for your future expenses. Even when we were paying off our debt, I continued to put money into my retirement accounts.
If you loved this podcast and you are feeling encouraged and ready to tackle your life + finances, would you do me a favor and share it with 3-5 of your friends? Thank you and be sure to make today a great day!
For ALL my info: (Quiz, Podcast, Courses, Free Budgeting 101 online course, Services, Private Facebook Community)
https://linktr.ee/jesswaynecoaching
If you would do me a favor and share on social media that you are enjoying this podcast I would be so appreciative. You can tag me in the post and you will be entered into a monthly Starbucks or Caribou gift card drawing!!
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By Jess
Today we are talking about building your financial foundation by utilizing the financial framework that I created and used to pay off $100,000 of debt in less than 2 years! It is so important to have a plan and framework to fall back on and follow when beginning your financial journey. As a money Coach, this is the framework I use when working with my clients.
When starting your financial journey, the first step in the financial framework is that you need to formulate and set SMART goals. You get to set the goals and detail the actions required to propel you toward your ideal life.
SMART goals are Specific, Measurable, Achievable, Realistic, and they have a Time-Frame attached to them.
The next step in the financial framework is to Create a customized budget, which is a tool, to come up with a plan for your money. Everyone needs to have a budget, no matter if they make $30,000 or $300,000 a year. A budget is simply a plan for your money and it allows you to know where your money is going.
The 3rd step in the financial framework is to pay off your debt quickly, but you can also save money in your savings accounts and still enjoy life! You only live once, and you don’t want to miss out on making memories with your loved ones because you are so focused on paying off your debt as quickly as possible.
Step 4- Build Your Savings- you can start this process while working on paying down your debts. Again, I recommend striving to save at least $1,500 in your starter emergency savings fund, if you have debt. Then you can build it from there. Some of my clients continue adding to their emergency savings fund while paying off debt, some wait to add more until their high-interest rate debt is paid off, and others choose to wait until their debt is completely gone, except for their house/mortgage. It is completely up to you when you decide to beef up your emergency fund. Once your debt is gone, then you should strive to have at least 3-6 months' worth of expenses in your emergency fund.
The final step is step 5, Invest in your future retirement and plan ahead for your future expenses. Even when we were paying off our debt, I continued to put money into my retirement accounts.
If you loved this podcast and you are feeling encouraged and ready to tackle your life + finances, would you do me a favor and share it with 3-5 of your friends? Thank you and be sure to make today a great day!
For ALL my info: (Quiz, Podcast, Courses, Free Budgeting 101 online course, Services, Private Facebook Community)
https://linktr.ee/jesswaynecoaching
If you would do me a favor and share on social media that you are enjoying this podcast I would be so appreciative. You can tag me in the post and you will be entered into a monthly Starbucks or Caribou gift card drawing!!