Self-Coach Sunday 29: Play For Financial Independence

Once you have started setting aside enough savings for an eighth-month reserve and have gotten into the habit of saving 20 percent of your income, you may be ready to play for financial independence. Make this a game and see what happens. Financial independence means you have enough money or revenue streams that you never have to work again.

First, realize that anyone can play this game. Second, decide how much money you really need to be financially independent. Don’t overestimate. We are not talking in terms of millions, or a life of glamour. This is a figure that you could live off of. Example: interest off of $250,000 would generate about $25,000 a year. You would need to invest $2,083 a month at a 10 percent interest rate. Figure out how many years you need to save/invest in order to reach your mark. This will put you on the path towards financial freedom.

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Self-Coach Sunday 28: Start Saving 20 Percent Of Your Income

Most people have a natural tendency to be either savers or spenders. The good news is that although you may have a natural predisposition to save or spend, you can change this – but you need a reason to do so.

Financial independence – having enough passive cash flow or income streams to cover your living expenses so that you don’t have to work for a living!  The key to financial freedom is to start saving 20 to 25 percent of your current net income. That is a goal worth saving for! Either cut expenses by 20 percent or increase your income by 20 percent.  Better yet, do both! You will be able to retire and be financially set as a result.

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If you are interested in coaching or have questions, please feel free to contact me.

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Self-coach Sunday 24: Pay Off Your Debts

It seems to have become socially acceptable to have debts. It used to be that people saved money for what they wanted, and the bought it. Now it is the other way around. We charge now, and pay later (with high interest rates). You may be so used to having debt that you don’t even realize how stressful debt is. Until you are debt free, it is hard to believe what a relief it is.

Debt drains your energy and can make it very difficult for you to be your best and attract the people and opportunities you want. When you are debt-free, it is natural to be carefree and light. If you don’t have the savings to instantly pay off debt, do it gradually and continuously until it is retired. It may take some time, but stick with the payment schedule and eventually you will be free and clear. Over your head? Then consider a nonprofit credit counseling service.

The skills you develop from paying off your debts are the foundation (and the same ones) you will develop to build your financial freedom. You can do it!

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If you are interested in coaching or have questions, please feel free to contact me.

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Self-Coach Sunday 21: Tell The Truth About Money

What is money anyway? We know it isn’t a magic cure-all – it doesn’t buy happiness, love or health. It isn’t a measure of how brilliant or talented you are – there are plenty of poor geniuses and rich idiots.

Money is a tool. It can be used for good or bad.  The way you handle money can tell a lot about yourself. Your spending patterns often reveal your needed and what you truly value. What are your beliefs? Here are some fill-in-the-blank questions to help answer that question.

Write down all of the beliefs you have about money; then write down all of the new beliefs you would like to replace them with. Examples: I enjoy my money; I am grateful for money; I use money to live my dreams; I have enough money to be generous and do great things. Shifting your limited beliefs to expansive beliefs is the first step towards financial freedom.

If you are interested in coaching or have questions, please feel free to contact me.

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Wellness Coaching Pointer: Befriend Your Fear

Have you ever used the excuse that you can’t do something because of fear? People hate to admit this because many think fear is a bad thing. My question is: what are you really afraid of? Fear isn’t the bad guy; fear is our friend. We may have good reason for our fears. Quite often, however, the best solution is to address them and take action.

See if you can use fear as an ally. Take a good look at why you are afraid and see if you can do something to alleviate it. Once you do that, it will be much easier to take action. Learn from fear, make friends with it, explore it – most often you may find that fear is completely unfounded. Once you make friends with fear, start taking more risks. It may provide an opportunity for you to feel fully alive and vibrant. You may become more powerful, stronger, courageous and confident. That is worth the risk. What are you afraid to do? Do it this week.

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If you are interested in coaching or have questions, please feel free to contact me.

Please visit my Facebook Page.