Financial Health: Keys To Maintaining A Solid Economic Future
Just as we have medical indicators that allow us to know what state of health our body is in, In the financial field we also have metrics that help us understand our economic health, both on a personal level and in small businesses. These indicators are crucial to know how we are managing our finances and take corrective measures in time if necessary.
Recently, I was listening to the podcast “The Secret of Success”, where they commented on the importance of maintenance with a revealing phrase: “it is preferable to maintain than repair.” The explanation was clear and convincing, highlighting that maintenance is more crucial than the acquisition itself.
An example presented in the podcast highlighted the importance of maintaining a marriage “When you get married, you think you have achieved a goal, but in reality, it is just the beginning of the real work: keeping love alive in marriage.” This idea can be transferred to our finances. Having a maintenance mentality in finances will allow you to live a calmer life, putting your future under your control.
Just as we take special care with our physical health and are punctual with our annual medical checkups, we should take a similar approach with our finances. It is essential to regularly measure how our financial indicators are doing. Money is an integral part of our basic needs, as important as food and clothing, and therefore, we must have control over our economic situation.
Don’t wait until everything turns into chaos to seek help or analyze your financial situation. Review your numbers frequently, monitor your debt level and keep a detailed record of your expenses. This will allow you to have a clear vision and make informed decisions.
2. Savings and expense management
More important than what you earn is what you do with your money. Pay yourself first and establish all three types of savings. These steps will help you determine if you are on the right track in terms of financial health.
3. Professional advice
Having the perspective of a financial professional can make a big difference. An advisor/coach will help you be more efficient in the process of building your financial health.
4. Continuous financial education
Stay informed by reading books and articles related to personal finances. Continuing education will allow you to stay aware of the best practices and strategies to improve your financial health.
5. Teamwork
Robert Kiyosaki mentioned that being good at money is a team sport, not an individual one. Just like high-performance athletes or famous artists, having a support team can boost your financial success.
The importance of evaluating your financial health
Why don’t we measure our financial indicators with some frequency, just as we do with our physical health? I often comment in my workshops and conversations that what you do with the money is more important than how much you earn. Don’t wait until everything turns into chaos to seek help or analyze what is happening in your financial situation. It is too important an area in your life to be neglected.
Check your numbers, control your debt level and keep a detailed record of your expenses. Your life may be passing by quickly and you may not be building anything for your future because you are only living in the present or living from day to day. These steps will help you determine whether or not you are doing well in terms of financial health.
Your financial health matters and knowing your indicators is key to a solid financial future. Review your financial history and learn from successful companies: if they do it, why can’t you? We are programmed to pay attention to some things and not others, but it is essential that you consider your finances as a priority.
Remember that you are your own company. Applying the same principles that successful people use in the financial field will give you a greater chance of achieving similar results. Seek help, ask experts for advice, and maintain a maintenance mindset regarding your financial skills. With a proactive approach, you can constantly improve and achieve your financial goals.
