Money: Introduction

By Holli Rovenger | Financial

Apr 08

In this video (which was done a few years ago and part of a program) I talk about the Introduction to Money, taking control of your finances and the 7 critical steps you’ll need to take to becoming financially savvy and prepared. All info is taken from my book The Simple and Sassy Guide to Financial Empowerment ~ 7 Critical Steps for Women to Become Financially Savvy and Prepared which you can find on amazon by clicking here

This is just an overview of what we’ll be going through in the video.

■ Mindset/Envision
■ Inventory
■ Personal Spending Plan
■ Evaluate
■ Educate
■ Build/Invest
■ Protect/Legacy

One of the most important ideas to keep in the forefront of your mind is that even though these are listed in a logical flowing order, depending on your particular circumstance, you may need to go out of sequence occasionally. The order that you go in isn’t what’s critical, it’s actually taking an active role with your Money that’s important.

This is perfectly fine because circumstances and information constantly evolve, and you may have to keep going back to some of the steps in order to get the best handle on your Money.

Think about these steps sequentially but also recognize they are meant to be evolving/revolving depending on the individual. For example, you may be in the education phase about Money but need to jump ahead to take some steps toward Protecting what you already have.

Then I review some key points you need to think about to have the proper Mindset to learn and take responsibility for your Money and finances:

■ Get comfortable with being a little uncomfortable
■ Once you learn/have a skill set you’ll never feel uncomfortable again
■ Commitment to Learn leads to more Competence which leads to more Clarity which leads to more Confidence to Create

Finally, I introduce some Basic Money and Finance Ideas and Information:

■ Finance definition
■ Cash Flow
■ Income Statement
■ Balance Sheet
■ Difference Between Assets and Liabilities
■ Out with the Old thinking and In with the new Wealth Building Mindset
thinking

As I mentioned in the video, you may want to get a head start on keeping track of what (the money) you spend with a personal Spending Journal on paper, or check out the following electronic resources. Each is a little different, so you’ll need to evaluate which best suits your individual needs. These are good for personal as well as business expense tracking. There are many new ones being created all the time. Please share any good information you find in our Facebook Group.

There are also some online sites you can begin checking out –

For iPhones:
Mint
Pocket Money
iXpenseit
Saver
For Droid Phones:
Mint
Spensa Lite
Expense Manager

There are new Money management sites being created and added all the time – Google is your best friend for this. If you aren’t sure about the credibility of one, or you have a great resource that you love, please share with us in our
Facebook Group as well.

I’d like you to start thinking about answers to these questions, relating to Money and jot down some notes:

1.First thing for you to think about and ask yourself – How do you want to live your life?

You need to make the decision to change what you are doing now. This will help with your new mindset and focus.

2. Why do you want or need to learn about money/finances ?

WHY? You’ll hear this question – why? – over and over again. My coach told me she feels I’m going to be successful because of all of my passion and drive to help women. So, how did this happen? It all started with my why which guides my mindset and then this fuels my drive and passion.

3. What is Your definition of success with money ie. independence; because it will cause less stress; you’ll be able to speak more intelligently; self-esteem; self-confidence … ?

You may want to write all the answers, as well as any thoughts you have, in a journal that you can keep for a reference as you expand your financial literacy.

Now it’s time for you to jump into the spiritual side of your Mindset and Focus – Vision and Dreaming. Go to the second part of this section which is Vision and Dream Boarding. Click here to get started.

I hope you enjoy learning this as much as I do.

Always have a positive mindset so you can live healthier and wealthier, and happier with passion,

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About the Author

My mission is to Educate, Empower and Elevate Savvy Women to step into their full potential and passion for health, wealth and happiness.

I am a dietitian by trade but an entrepreneur in my heart, as well as a best-selling author and speaker who values authenticity, honesty and ethics while taking my message to the world and helping others shift from dependence to independence in all areas of their lives. I see my connections and relationships with others as a way to encourage, energize, and empower them to live up to their full potential.