The Oxford English Dictionary defines resilience as “the capacity to recover quickly from difficulties; toughness.” During uncertain times like these we all can stand to build more resilience in our lives and our finances. I know many are wrestling with job insecurity, salary cuts, and we’re all certainly juggling more at home than we ever have in the past. Here are four specific ways you can work to build financial resilience.
Are you frustrated, ashamed or annoyed at the fact that you’re smart, accomplished and well-read, but finances still allude you? You’re not alone. Personal finance isn’t taught at any level of education and unless you happened to have parents who taught this to you, through no fault of your own, you won’t have as much knowledge of finances as you should. With a bite-sized approach you can start to change this. Here’s how.
Do you struggle with the financial and logistical aspects of your business and also what to charge? On the Legal Nurse Podcast, Cady North provides some practical formulas for setting and increasing your rates, strategic advice for dealing with payment fluctuations, and wisdom about how to avoid burnout. While the conversation centers on legal nurse consultants, the financial planning tips apply to any small business owner
Most businesses experience uneven income streams and most have no idea how to plan ahead for that and pay themselves in a predictable way. These tips will help you figure out how and when to pay yourself as a business owner.
It may seem strange that a financial advisor would advocate for you to go splurge on something – but one of my mottos is “Save First, Spend the Rest.” If we’re taking care of our future self needs, then it’s ok to splurge from time to time. Just make sure that you buy things that make life ridiculously fun.
The new year is always a time that we renew ourselves and take a look at new habits we want to create, changes we want to make, and look at goals we have for ourselves. Instead of simply doing the work to state our goals, I love the idea of working through objections our brain will put in our path to keep us in the safe status quo. Here’s an excellent worksheet you can use to set yourself up for success in 2021.