How to Achieve Your Financial Targets in Half the Time
For some people of faith, money is a dirty word. Others admit, although with hesitation, that they want to earn more money.
But the proper use of money creates wealth for you and others. It also allows you to fully invest in the people God puts in your life and your mission. Figuring out how to reach your financial targets gives you peace that carries over into your relationships, life, and business.
If some of your money baggage has you a little behind in developing the financial resources for you and your family, here are four ways to achieve your financial targets in half the time:
1. Know The Numbers
Without exact figures for
- regular living expenses,
- current income,
- college savings,
- retirement savings,
- weddings or ordination expenses,
- 6-9 months of monthly income,
- emergency funds,
- vacation savings, etc.
your mind doesn’t take your financial goals very seriously, because you don’t seem to.
It can be daunting and depressing crunching numbers, but view it as your opportunity to increase your dependence on God and open up unexpected ways to reach your goals.
2. Leverage Your Business
I started my coaching business in anticipation of my father’s retirement. I was a marriage and family therapist in the very nice office I shared with him. My one-on-one model could not generate the funds to pay for the overhead and earn the money I needed without working lots of hours away from my family. With coaching I could work from home and transition to a more profitable one-to-many model.
My dad unexpectedly passed this summer. Because of the addition of a more leveraged model, I was able to make up for the overhead he contributed fairly quickly.
3. Follow Proven Models
Good role models, who are steps or years ahead of where you want to be, educate you on what is and isn’t realistic in terms of revenue growth. They can help you set up daily, weekly, monthly, and annual activity schedules that help you hit your financial targets. The systems and shortcuts they teach you cut the time and stress around earning the money.
4. Account for Success
Accounting was my least favorite business course, but the inability to see a snapshot your finances robs you of celebrations that motivate you to reach your goal quickly. As quickly as possible, have the means –software programs, bookkeepers — to see current financial data, so you know where you are in relationship to your goals. Having a command of the financial facts lets you make adjustments quickly, which is one of the advantages of being a microbusiness owner, and it also helps you see creative ways to generate wealth and solve problems.
All of these tools are amplified when you focus on your, “why”. Start making reasonable associations between money and you being able to connect better with others. Know the costs of being short on funds, whether it’s increased stress, being more distracted and not present with your loved ones, or being drained without energy to use in connecting with others.
As my kids get older, I realize I have a short 4-10 years before they start leaving the nest. Do I really want to spend those years distracted, unbalanced, scrambling for the funds I need? Or do I want to have the revenues I need and our finances in order so I can give them my best self so they are prepared and excited to know, love, and serve God in the unique mission He’s given them?
What about you?
Catholic Mompreneur Biz and Life Tip: Determine what you are willing to invest so that you hit your financial targets in time.