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Get Your Financial House In Order

Queen of the Trades

Release Date: 08/23/2024

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More Episodes

This is a refurbished episode of Episode 20, Get Your Financial House In Order. I loved this episode so much, I wanted to replay it for you. This episode was the foundation for my financial abundance series. Enjoy! 

I'll be sharing actionable advice designed to help tradespeople take control of their financial futures and pave the way for a prosperous legacy. This week, I'll be talking about how to get your financial house in order.

We'll cover several concepts, including the importance of financial organization. I'll introduce the concept of a Known Financial Position (KFP) and share budgeting essentials that can set you on the path to achieving larger financial goals, such as the power of saving 10%. We'll also dive into evaluating financial decisions, prioritizing family and goals, and I'll share some strategies for eliminating debt and saving for important goals.

I hope this series motivates us all to get our finances in order. 

 

Episode Highlights: 

[01:54] Why should we get our financial house in order? In order to create generational wealth, we need to know where we are now.

[02:25] Sometimes we need to slow down and get to a known financial position or KFP. 

[02:41] KFP. You want to know what your monthly expenses are. How much are you bringing in monthly? How much are you spending monthly?

[03:05] Creating a budget. I just use an Excel spreadsheet with our monthly income and our monthly bills. I also have the budgeted amount and the actual amount.

[03:43] If you save 10%. Every time you get paid, your net worth should increase.

[04:12] 1. Get to your KFP. 2. Ask yourself hard financial questions. Do I really need this?

[05:29] Look for places where money is leaking like app subscriptions. Get clear on what is important to you as a family. 

[06:48] We put money aside for travel, because that is what's important for us.

[07:16] 3. Get a game plan for paying off bad debt. It's not smart to finance toys or get in trouble with credit cards. 

[09:18] Be disciplined with your credit cards and keep them for a backup plan. 

[09:36] Periodically check your credit score and make sure there's nothing on there that you need to dispute.

[09:42] Set up multiple checking and saving accounts and put certain amounts in these accounts. I have a savings account, travel account, investment account, and a major events account.

[10:27] When we get paid, a certain amount goes into each account. You can automate this process. 

[11:36] 4. Create wealth in order to leave a legacy behind. 

[12:00] Recap: 1. Get to a Known Financial Position (KFP). 2. Ask the hard questions? 3. Create a game plan for paying off bad debt. 4. Set up multiple accounts that will build each time you get paid.

 

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