In 2007, I went through the Financial Peace University by Dave Ramsey and it changed the way I handle my personal finances. Although it took me a while to get things streamlined, I almost immediately began using a budget system. This evolved over the years and today, I am settled on my excel spreadsheet. It’s still a work in process, but for me, the knowledge was powerful and life-changing.
We all need to become financially literate.
To manage your money and create wealth, you’ll need a strong grasp of personal finance basics.
This means knowing how to manage money, budget, save and spend while taking various future risks and life events into consideration.
Your lack of understanding of money and finances impacts your overall wellbeing. And having the knowledge but lacking the commitment to implement that knowledge is also detrimental.
Why is knowledge important?
Because there are a number of ways to get into financial trouble which can cause major financial stress.
But above all, financial literacy will improve your ability to make sound financial decisions that will lead to a higher quality of life.
Learning and implementing success steps can be affected by your mindset.
This is your money mindset.
So it’s important to understand the thoughts and feelings you’ve developed about money based on your life experiences.
Because our actions are often controlled by our thoughts, and having negative feelings about money will lead to negative financial decisions.
Before you proceed……
Take some time to analyze your money mindset and identify your self-sabotaging thoughts about money.
Thoughts such as:
- I will never make enough money to realize my dreams.
- Debt is a part of life.
- I don’t have enough money to save.
- Investing is only for the rich.
Track these thoughts and feelings. It will help you understand your mindset and highlight areas where you need to make changes.
One final thought…..
Educating yourself about money and finances isn’t just for financial professionals or those with money, everyone can benefit.
When you’re knowledgeable about money, you’ll feel more confident about your future.
The more you understand personal finance the better equipped you are to make financial decisions that improve your life.
I look forward to hearing from you!!
If you found value, please feel free to share!!!
Until next time…..
Althea
PS. I’ve partnered with a leading financial service company and the number one thing they do is credit restoration. We’ve helped many people since I started on this journey and always looking to serve more. Check out this short VIDEO to LEARN more.
PPS. Many of you know that I’m a nurse, but did you also know that I have a side hustle? Check out these links…. Fix Your Credit and Earn Extra Income. My goal is to connect people, ideas and resources so that your life is better because I helped you make the right connection!!
