5 Steps to Financial Peace
In a world where financial stress is all too common, the pursuit of financial peace has become increasingly important. Financial peace is not merely about accumulating wealth; it's about achieving a sense of security, contentment, and freedom in our financial lives. It involves making mindful choices, setting clear goals, and adopting healthy financial habits. Financial peace is a journey and is not attained overnight, but with these few simple steps, you can get moving in the right direction.
1. Set Clear Goals: Define what it is you’re trying to achieve, both in the near and long term. Spend time thinking about these, this step sounds so cliché but these goals really drive your financial plan. These goals can and should change as time goes on.
2. Create a Plan: A sound financial plan is crucial to finding financial peace. This is where a lot of people find themselves lost, and rightfully so, this step is challenging. A strong financial plan isn’t created overnight, it takes some trial and error as there will always be moving pieces and surprises. Start by getting something in place and begin experimenting with your plan, a simple budget is often the first step.
3. Manage Debt: I’ll be the first to admit that I don’t follow the Dave Ramsey method when it comes to managing debt. Debt is a very broad term that typically carries a negative connotation. Don’t let this fool you, there is certainly good debt and bad debt, learning how to decipher between the two is important. Prioritize getting bad debt off the books, this will clear a path towards financial freedom.
4. Save and Invest: Once the ball is rolling in the right direction it is often time to begin discussion around investing excess funds. There are many ways to go about this, some better than others, but one thing for certain is that accumulating wealth for the future is crucial on the path to financial peace. Whether self directed or with help from a professional, find a way to begin investing for your future.
5. Seek Help: Yeah yeah easy for me to say I know. But seriously, don’t hesitate to reach out for advice. Financial advice comes in many shapes and sizes, do your research and find someone who you can go to for guidance. While I may not be a great fit for everyone, I am very passionate about the greater good of the people who come to me for help, if I can’t help you, I will find someone who can.
Financial peace is not an elusive dream; it is within reach for anyone willing to take control of their financial situation. While there is no linear path to achieving any goals, starting with these few steps will ensure you are moving in the right direction. While I tend focus on writing about financial health, it is important to remember to take care of ourselves and our loved ones first. As always, reach out with any questions or comments, I am always open to chat!
Tanner Millar
Investment Advisor - Core Planning
tanner@yourcoreplan.com
(660)-998-4639