Securing your financial future is not a walk in the park. You’ll need to properly evaluate and assess your current financial situation to guide your business decisions and enable you to plan better.
Flexxers, it’s time for some financial introspection. Here are ten financial questions you should ask yourself (and answer truthfully):
What can I do to increase my current income?
Review your current income and start thinking up ways to augment it. Do you need to search for a better job? Ask for a pay raise? Apply for a promotion? Start a side hustle? These are vital questions to ask yourself. When it comes to your finances, you can’t afford to be too laid-back or relaxed.
Can I save more than I currently do?
Okay, be honest with yourself: If you decide to save more money than you currently do, would it have a significant effect on your expenses? If your answer is no, it’s time to increase your savings.
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Am I managing my finances the best way I can?
Let’s be real here. Do you think your financial habits are healthy? Do you cost your future self some good money with your current business management practices? Do you need to cut individual costs and make specific lifestyle changes?
Are my expenses essential?
Do you need to spend so much money on food? Do you need to buy new outfits every month? It’s time to give your finances a hard look and do a proper evaluation. It’s a significant eye-opener.
How many of my recent spendings were planned?
Did you plan your most recent expenses, or were they impulsive? Impulse purchases could have significant consequences on your financial health in the long run, so it’s time to fix up if you need to.
Where do I want to be, financially, 3-5 years from now?
This sounds a bit corny, but it’s a question that could help put a lot of things into perspective. Do you want to be a homeowner? A dedicated investor with many shares? An entrepreneur? It would help if you had short-term goals that serve as a blueprint for your decisions.
Do I have enough money to keep me afloat if something unexpected happens?
No one prays for an unfortunate turn of events, but it’s still essential to have it in mind when managing your finances. No, you’re not planning for the worst, you’re only preparing for rainy days, so you can stay covered.
What are my retirement plans?
It’s not too early to start planning your retirement, even if it’s two to three decades from now. You’ll need to decide what age you want to retire and how financially stable you aim to be by then.
What financial changes would I love to see, one year from now?
Do you want to have a diversified investment portfolio? A successful side job? A significant increase in your savings? Zero debts?
What steps do I need to take to achieve those changes?
It’s super important to decide what changes you want to see and determine how you can make them happen. If you need to save more, invest more, create a budget and more, this will help you out.
How have you become more intentional about your finances this year? Let’s know!
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