Is money the root of all the dinners out, fun vacations, and new heels? Or is it the source of frustration for you? For example, having to pay rent, bills, and other expenses. These necessary expenses keep many women from living their best lives. But achieving financial prosperity, taking care of the basics, and paying all your bills will not bother you one bit. Here’s how you can achieve financial prosperity.
Financial prosperity means having enough money to meet all your basic needs and fund your passions. It’s about being satisfied with your financial situation. After all, you can only be happy once you’re satisfied with what you have.
You don’t need a certain net worth or tax bracket to reach financial prosperity. In fact, financial prosperity looks different from person to person. Your idea of a financially prosperous life may differ completely from someone else’s.
But no matter what financial prosperity looks like to you, there are three main steps to take to achieve it.
The first step is always to identify what financial prosperity looks like to you. Is it retiring before all of your friends? Watching your kids’ graduation march without worrying about college debt…Or maybe it’s owning your own house and tending to your backyard garden on the weekends. Regardless, you first need to visualize your definition of financial prosperity before achieving it.
Your goals will give your financial journey some much-needed direction. What these are will depend entirely on your priorities. Whether it’s personal savings, generational wealth, homeownership, or something else entirely, you need a goal to work towards.
Check out my budgeting goals and objectives article if you need some inspiration!
Think of your budget as your monthly money plan. It’s how you spend every single cent you bring home. Setting a budget around your financial goals will ensure that you reach them eventually–as long as you stick to it.
Try zero-based budgeting. This is a budgeting method where you track every penny and where all your money goes every month. It might be tedious, but it ensures your money does something for you.
You might already know what financial prosperity looks like. But by when do you want to achieve it? You might not know the answer to that, so you need a financial plan.
While a budget is a monthly plan for your money, a financial plan is a long-term one. It can span a number of years, like a 5-year or 10-year plan. Having one helps you track progress towards bigger money milestones, like retirement.
A vision board is a visualization of the life you want. It acts as a reminder of what you’re working towards and can inspire you day in and day out. You can make your own inspiring vision board by checking out my article.
Once you know what financial prosperity looks like, you will have to earn it. You need to find and take the necessary steps to achieve it. Otherwise, you’ll have a clear direction but no progress.
You can do many things to bring yourself one step closer to financial prosperity. For example, cutting your budget for certain things or putting more money toward savings and investments.
But one of the best things you can do to bring yourself closer to financial prosperity is to track your progress daily. Check how close you are to your financial goals so you’ll be less likely to slip up!
Your money mindset is how you look at and feel about money. You want a financial abundance mindset even if you don’t have money. With this mindset, you’ll act in a way that attracts even more money.
There are many ways to start working towards financial prosperity. Some examples include acquiring more skills to advance your career, finding a new job, or starting a business. You can do all of these things from the comfort of your home, so why not start now?
Whether you believe in a higher power or not, prayer is an important part of financial prosperity. By praying for it, you verbalize your thoughts and emotions. It might not seem like it, but expressing yourself verbally can greatly help your mental health.
Prosperity isn’t just something to achieve; it needs to be maintained. When you’ve finally achieved financial prosperity, your next task is to make it last. Admittedly, it might not be easy, but it’s only too easy to get complacent and lose what you’ve worked so hard for. Here are a few things you can do to make your financial prosperity last.
Do you have enough savings for a rainy day? If not, you’ll need an emergency fund. It’s a savings fund with at least 6 months of expenses. Having one ensures that unfortunate life events won’t shatter your future financial goals.
For reference, the average household spends about $5,000 monthly, so you can save at least $30,000. But this amount is only a guide, as it’s really up to you and how much you’re comfortable with.
When you’ve finally achieved financial prosperity, the last thing you’d want to do is lose it all on a gamble. By making safe, long-term investments, you’re ensuring that your money will last.
Truthfully, the financial world can be hard to predict. Banking crises, market crashes, and global pandemics can come out of nowhere and affect your financial prosperity. By always staying up to date with current events, you’ll be able to make better-informed decisions and fast.
There’s always something more to learn about money, which is why you should sign up for my money squad! It takes a few seconds, and you’ll receive potentially life-changing financial tips every week. Sign up today!
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Dollars Makes Cents by Shaquana, Financial Coach and Wealth Expert, resources helps professional millennial women of color with the tools and skills they need to eliminate their debt, amplify their savings, and build generational wealth — without having to compromise their lifestyle.
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