Finance Trainer and Coach
The famous line ‘’Show me the money’’ comes when Jerry Maguire a sports agent, faced with the possibility of losing his career, (except for one potential client- Rod Tidwell- played by Cuba Gooding Jr.) is trying to assure his client that if he becomes his agent he will without doubt increase his earnings. Rod Tidwell then makes Jerry Maguire say that phrase, ‘’Show me the Money’’ out loud more than a couple of times, after which, supposedly convinced, he hires Jerry Maguire.
Financial planning is evaluating your current financial status, where you are, and where you want to be.
Financial Planning gives you control of your income, expenses and investments. It involves identifying your goals, creating a budget based on them, and investing as directed by your financial goals.
Let’s talk about how values affect your budget and spending plan.
Research shows that millennials and Gen Z spend their money on the top four things: housing, transport
(cars, Uber, taxis), eating out, and gadgets. What would you say you spend most of your money on? If you continue with that spending trend and pattern, will you be able to reach your financial goal?
Here is a mindshet shift you didn’t know you needed. Set your financial goals based on what your values are.
Understanding your values can help steward finances in ways that uphold them. A value system guides you through every day, every task, and every encounter with other human beings and can help you cut spending on things you don’t care about.
For example, if family is one of your core values, you might spend less on going out with friends and more on quality time with your loved ones doing your best to see that they have what they need.
Your financial goals directly reflect your personal values; therefore, you must first know your values to set practical financial goals. Ideally, money should fund your values. You have to ask yourself, “What are the important things that money can give me in my life?”, “Why do I do what I do?” “What are my core values?” This is an important place to start when setting financial goals.
One of the consequences of not going through the process of identifying your values is that you are most likely to give up along the way when your financial goal becomes hard to attain.
Once you identify a value, find out the specific actions and activities you need to do to achieve this value. For instance, actioning the value you place on family members might involve money, and some of these actions might need to be done regularly, like every week or every month. Such expenses can be viewed as budget expenses.
However, the actions that will take 3-10 years to accomplish will become your financial goals.
More often than not, you will discover that living out your value will have severe financial implications. For example, the desire to pursue your purpose in life might require you to leave a well-paying job. Therefore, you need to set aggresive financial goals that will empower you to leave your job and pursue your desire comfortably
Goals can be set at any given time in the year. But the fresh perspective that a new year brings makes this an opportune time to consider what you would like to see in your life including your finances.
Do you find that your expenses far outweigh your income and you are not able to save? There are only two solutions to this problem: Make more money or reduce your expenses. Here is a list of things you can do to reduce your expenses and have your coins go much further.