What comes to mind when thinking of your personal finances? Money makes everyone’s world go round. It is a medium of exchange that provides for our lifestyle today and in the future. Even though we all make money, many of us have little or no knowledge of how it works. It is not taught effectively (or at all) in schools and for some, can even be a taboo subject in the home. Should we blame our parents for this? Not necessarily, they did the best they could with the knowledge they had. When conversations about money create stress and anxiety, it’s uncomfortable. It's time to fix that by discovering how to increase your long term cash flow and make your money more efficient. It’s time to buckle up and to learn how you can dramatically improve your personal finances.
Whether it is meeting short or long term personal financial goals, personal finance refers to managing your money, savings, and even investments. It encompasses retirement, tax, insurance, budgeting and estate planning. All aspects of our lives including our children and grandchildren are impacted by the way we look at and manage our personal finances..
It pays to take a personal finance course. All you have to do is:
There are plenty of opportunities to learn about personal finances. Many financial courses cost very little. Some are free … like ours. You can enroll for our free on-demand webinar to discover the process of Becoming Your Own Banker, The Infinite Banking Concept, and get all your questions on personal finance answered. This process focuses on establishing core fundamentals, the building blocks of successful personal finance. It highlights the key mindsets that allow anyone to develop success habits around their financial life. It is the foundational core to a stable and secure financial future from which all other financial decisions will build on.
Despite the numerous resources to learn about personal finance, Canadians are still falling short when it comes to financial literacy. The financial capability survey conducted in 2019 found that 31% of Canadians believe they are in too much debt. Household debt in 2019 amounted to 177% of the total disposable income, a rise from 168% in 2018. Nearly 73.2% of Canadians have some type of debt they need to repay.
That means Canadians have not taken the time to discover how they can switch places with the bank. It is possible with some basic financial education and a commitment to being in the driver's seat with your money to reverse this process. Many Canadians are now fully in control of their own debts and redirecting the flow of monthly payments back to them versus away. Isn’t that good?
This process doesn't happen overnight of course. Understanding the problem that 3rd party lenders and commercial banks create, then choosing instead to become your own banker, allows you to experience a peaceful stress-free financial life.
“What a peaceful, stress free way of life it is when you get the bankers out of your life.” – R. Nelson Nash, Author, Becoming Your Own Banker
What if there is another way of not wallowing in debt? What if you could pay off your mortgage, loan(s), line(s) of credit, on your terms? Enroll today to discover more about the financial strategy that enables you to do this. The Infinite Banking Concept can help you create the financial control you seek.
As you discover how to manage and to understand your finances, why not try an online course? Thanks to the internet today you can find an online course to leverage your finances. Some of the places you can find free online courses include:
Before signing up for one, ask yourself some key questions to determine what is the right course for you
And once you enroll in our on demand class you can learn how to implement a financial process that can enhance every other aspect of your financial life.
The best financial advice is to get educated and be clear on what is really important to you. In this way, you are banking on yourself and not being reliant on others. Once you can clearly identify and understand “the problem”, the solution becomes clear and you’ll know exactly what to do. Everyone is trying to scrape and save what is left of the money after they have made payments to everyone else. That is the part of the problem. Instead, pay yourself first, clearly create an automated savings mechanism that you will never stop and allow it to create uninterrupted compounding. Make it a clear part of your monthly budget so it never stops and you adjust the rest of your spending around this critical necessity in your life. You can do this very simply by implementing the process of Becoming Your Own Banker. If you really want to have long term financial success you must start somewhere, remember “the journey of a thousand miles begins with a single step”.
In your financial life, control is one of the single most important things you can have. That means your behavior is far more important in creating the results you want. This can only happen if you take an active role in where your money resides and how to best achieve your financial objectives. The more control you have over your cash flow, the more peaceful and stress free your life becomes. It is critical to have a good coach in this process that can help you stay on track and be accountable. Always surround yourself with like minded determined people. Even better, a community of people who are following similar principles and creating the success you want.
All financial decisions affect your financial health. Therefore, to make better decisions moving forward it's important to get clear on where you are at. Then you can track and measure your performance. By evaluating this regularly you can reinforce what’s working well and eliminate the behaviors that aren't.
Many financial gurus would have you focus on your net worth. Although it's important to know this, your net worth can often be impacted in a moment's notice by factors completely outside of your control. For example, a single presidential decision in another country could swing the financial markets and drastically reduce your net worth.
Instead, clearly understand your fixed and variable expenses. Think about all the payments that you have and determine where you can maximize savings. Ask yourself the question
“Have I solved for the opportunity cost on this?”
To learn more on how opportunity cost on decisions you make today can impact your retirement, enroll in our on demand class and discover how to solve this equation in your life.
Learn how to manage lifestyle inflation. R. Nelson Nash discusses this in his books. Parkinons law recognizes that expenses rise to equal income. When people earn more money, they tend to spend more money. While it is a common occurrence, lifestyle inflation or lifestyle creep can be extremely damaging in the long run. Ensure you spend within your means and lifestyle expectations. Intentionally take bonuses, raises and unexpected windfalls and put them hard at work by savings them inside of a vehicle where those dollars can never be lost.
We have expert financial coaches that can help with your Personal Finances. Register for our Financial Literacy Course that teaches the foundations of becoming your own banker then book a time with one of our experts.