1.     Examine your emotions when making financial decisions  

We all have a complex relationship with money.  Money and finance as a topic generates more emotion that almost any other topic.    

Money has no meaning, other than the meaning we assign to it.  

Be curious about how you ‘feel’ about money.  Ask yourself ‘What feelings come up for me ?”just before you make a financial decision. All actions we take in life are to experience (or avoid) a certain feeling.  Be curious about what yours are.

Sound financial decisions require us to remove emotion and use our rational ‘thinking brain’.  This can be achieved by having a framework or set criteria for your money decisions, that are aligned with your goals.  Your financial decisions should always take you closer to what you want in life.  

2.     Take action today

Procrastination isn’t a great investment strategy.  It’s easy to tell yourself “I’ll do that when… improves, or I have … or in … years” – insert your own excuse here.  

The problem is, most of us think our ‘future-self’ will be abetter version of the person we are today.  Guess what, 97% of us won’t be any better than we are now.

Whatever you’re prepared to do today, is most likely, all you’ll be prepared to do in 10 years’ time. The next 10 years is happening, whether we’re taking action or not, sowhat results do you want to have in 10 years’ time ?  Your results will be based on the amount of action you take, beginning today.

3.     Delay gratification

Credit cards, after-pay, personal loans are all borrowing from ‘future-you’.  Ask yourself, “Do I really need this, or is it a want ? is it moving closer to or more further from my goals ?”.  

If you’re the type of woman that has a ‘see-want-buy strategy’– ask yourself, what will buying this give me ?  

Then find something else that will give you the same feeling.  Every action we take is to experience a feeling.  Replace those desired feelings with an activity that is free, or cheaper than that expensive-ticket item.  

Instant gratification is for 4 year old’s, not 45 year old’s!

4.     Surround yourself with awesome people  

Who you surround yourself with matters.

Your Net Worth is often based on the average of the 6 people you hang out with.  Have at least one friend or mentor in your life that is where you want to be in 5+ years’ time.  Be creative, your mentor could be someone you listen to regularly on a podcast or via reading their books. It doesn’t need to be a face-to-face relationship.

Some people will be invested in you staying small and not growing wealthy - watch out for them.  

5.     Realise YOU are your Rescue

As women, we have unfortunately inherited evolutionary instincts that tell us men hold the role of breadwinner and managing the finances.  Whilst many of us have evolved and earn our own income, this element still lurks around in the primitive par tof our brain.  

There is a great level of accomplishment and power in taking financial responsibility for yourself.   You already possess everything you need to manage your money, you just may not have accessed it yet.

6.     Knowledge  

Learn about finance and money management.  Sadly, we weren’t taught anything at school about how to manage and master our personal finances.

Its up to you whether you use that as an excuse, or whether you become proactive and take the steps to learn now.

You need to learn to earn. Books, podcasts, online courses, investment seminars, read the Weekend financial review (even if you don’t understand 90% of it !!) – after a week’s of exposure to the financial jargon, you will start to pick up the concept.  

7.     Allocate a fixed amount to save each month

Do you pay for your lifestyle and if there is anything left, it goes to savings ? If yes, you need to flip that around and put yourself and your future, first.  It’s a strategy named ‘Pay yourself first’.

Work out how much you can realistically save each month, and set up a regular direct debit into a savings account.   If you want to take that a step further you can establish a ‘money bucket system’ for your income.  You can learn more about this at www.womentalkingfinance.com.au

8.     Language  - what you can language, you can experience

What is the language you use around money ? Is it positive or negative ?  it will give you clues about your financial mindset. You are the problem, and the solution to why you’re not as wealthy as you wish you were.

A Yale Business School study concluded using positive future-based language about our finances was a strong indicator of a better financial future. Start adopting a positive language when talking about your finances.  Oh, that includes those conversations you only have with yourself, in your head !

9.     Use Fear to propel you, not paralyse you  

Fear, insecurity, comparing ourselves to others and procrastination - all hold us back from reaching our full financial potential. Feeling fear is human nature, we’re designed to protect ourselves.  

Take small actions (baby steps), such as researching an investment, making a small and regular investment, or even establishing a ‘play-simulated investment portfolio’ rather than starting with real money.  These strategies will help build up your financial confidence till you feel prepared and confident to take a bigger step.  You can start investing with as little as $1,000.

10.  Start with the end in mind

All financial goals, decisions and strategies should be moving you towards your big future goal. Ideally, your end goal should be that your investment assets earn enough income to pay for your living costs (in 10 years, 20 years or at retirement).  

This is total financial liberation – a passive income being paid to you whether you’re working for it or not.

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