There is one key factor to being financially savvy and confident as a direct sales business owner. Do you know what it is?
Welcome to episode 106. The Key To Confidence As A Financially Savvy Direct Sales Business Leader.
So what is the key to being confident financially as a leader of your direct sales business?
Education.
Without question. There is a direct correlation between financial confidence and the level of education around finances, especially for women.
Don’t overthink this. If your mind is going directly to investments, it’s not all about that.
Sure, maybe it’s time for you to finally dive into education around investing if you haven’t yet. Go for it!
Let’s first make sure you’re educated on the fundamentals.
Start with what’s easy and do what you can.
First, get ultra clear on your dreams and goals. Your financial dreams and goals that is.
Immediate.
Short term in the next 1 to 5 years.
And long-term.
What are your financial dreams and goals 10 to 20 years from now?
Until you dream and have goals around this, it’s not as much fun to get working on how to get there. Starting with clear financial dreams and goals hopefully gets you excited to gain the knowledge to make it happen.
If you want to work your dreams and goals into your financial plan, you’ll first have to know what they are. Then you’ll have to make a plan.
Tackle your debts. What are they? How much? Where? What are the interest rates, if any?
Next, build an emergency savings nest. Do you already have one? If so, how much is it? Is this enough? If not, build one. Determine how much emergency savings you need and then determine how long it will take to build this nest.
Lastly, set a clear spending plan. Yes. I know! But it’s so important. You have to know where you’re money is going. For many reasons. But getting educated in this area creates so much buy-in and commitment toward making your plan of working your financial dreams and goals into your financial plan.
A final important step, stick to it! Not just your spending plan, but continuous monitoring of your financial situation. Debts, if any. Your emergency savings. And your spending plan. All of it.
Money is always coming and going. To be financially savvy and grow your financial confidence you need to educate yourself on your current situation. If tackling investments is next, great. Investing can help put your earnings to work for you and save for your future.
But first, get a handle on these important areas:
Your Financial Dreams & Goals
Debt
Emergency Savings
And your Spending Plan.
Opening up the dialog about wealth for women is also an important step in becoming financially savvy.
The best is yet to come! Always.
