5 Strategies to take charge and take control of your money - part 5

May 24, 12:23 PMWomen and Money ExaminerPatricia Stallworth

Previous Next

Comment Print Email RSS Subscribe

Subscribe

Get alerts when there is a new article from the Women and Money Examiner. Read Examiner.com's terms of use.

Email Address   Include other special offers from Examiner.com Terms of Use

This is the fifth in a six part series of strategies on taking charge and taking control of your money. Over the course of this series, I will discuss five major strategies you can use to take control and shape your financial future.

Let’s face it, taking charge and taking control of your money can be scary on a number of different levels, but it can also mean that you get to design the future of your choice. Just stop for a moment and imagine the possibilities when you are in control of your destiny, and taking control of your money is a giant leap toward doing just that. Here are five strategies you can use to get started:

The fifth strategy in taking charge and taking control of your money is educating yourself. Most of us never had the benefit of financial education in school so we may be facing some challenges when it comes to managing our money because we just don’t know what to do. But that’s no excuse for remaining in that condition. Financial information and resources are everywhere. There are books, seminars, teleclasses that you can tune into from virtually anywhere, and tons of resources on the internet. In this case, ignorance is not bliss and burying your head in the sand won’t make it go away or get better. Regardless of your past education and experiences, it’s time to become the boss of your money and educating yourself is a key element in becoming a successful money manager.

So what kind of things do you need to know to become a better money manager? Surprisingly, you can become financially successful by just learning and practicing a few basics. Here are five categories to research and grow your knowledge and skills in:

1. Money Principles – Money principles are core beliefs, attitudes, and strategies that can lead to financial success. Examples include “Pay Yourself First”, “Spend Less than Your Earn”, and the “Rule of 72.”
2. Money Basics – Money basics are everyday strategies you can use to stay on track. Examples include budgeting, creating a cash reserve for emergencies, and debt reduction.
3. Planning – Planning is the roadmap or blueprint that ties your financial life together. Elements to review in this category include goal setting, how to determine what you need to achieve your goals, and basic planning strategies
4. Investing – Learning to invest can greatly shorten the time needed to grow wealth. Examples include choosing investments to match your goals, diversifying your portfolio, and the basics of when to “hold ‘em”, when to “fold ‘em”, and when to “walk away.”
5. How You Relate to Money – How you relate to money is especially important if you know the basics but are still not financially successful. Your overall relationship with money can actually help or hinder your ability to achieve financial success. We all have subconscious beliefs about money and these beliefs can trump or override what we consciously know to be true and right. If you are the one sabotaging your success, it is important to expose and discard any limiting beliefs, or at least learn ways to manage them.

And that’s basically it. There are other areas you can also investigate as you grow your skills, but these are the basics. If you get a firm grasp on these areas, you can become financially successful. But there is one caveat – this is not a one-shot deal. You must continuously update your knowledge base as your life, circumstances, and the economy changes. Methods and strategies that worked well a few years ago may not necessarily work so well in today’s environment so you need to revisit each category on a regular basis to update your skills and the basic strategies you plan to follow. “Remember, if you don’t mind your money, someone else will, and then they will control you future!” ps

If you liked this article, be sure to read the other segments and don’t forget to become a subscriber so that future articles will be delivered directly to your email box.

Got a burning money question or an idea for an article? Send me an email at ps@mindingyourmoney.net or post a comment below.

To learn more about the Minding Your Money Club click here