3 Keys to Financial Management

Business Coaching for Agencies

“For which of you, intending to build a tower, sitteth not down first, and counteth the cost, whether he have sufficient to finish it? Lest haply, after he hath laid the foundation, and is not able to finish it, all that behold it begin to mock him, Saying, This man began to build, and was not able to finish.” (Luke 14:28-30)

When it comes to reaching a greater level of success in finances, change management is always required. Change is there to help elevate you to the next level, and management is required to develop the change that will happen in your life. In life, change will always happen for us, and not against us.

This is why the Bible says,  And we know that all things work together for good to them that love God, to them who are the called according to his purpose. The way you react to change will determine your future. Either you can choose to play the victim or you can choose to excel and become the victor. This is why it is important to correctly manage the change that happens to your life.

Right now you might be going through a tough time financially, due to some changes that have occurred in your life. Whether it was a bad decision on your part of getting into unnecessary debt, or an emergency that took place. Nevertheless, I want to encourage you that you can change your financial situation for the better.

Perhaps your ticket to success is changing your bad habits and replacing them with good habits. The keys that we are about to release in this blog will help you unlock your financial success. That is if you apply them to your life, and make the decision to change and manage for the better!

First Key – Foundational Building

Everything that is BIG, started out small first. When developing your financial management skills remember the focus is not on the great but first on the little. When you look at a big home, remember it started out with a foundation first. Remember a big business started out small too.

For example, Jeff Bezos the founder of Amazon started in a garage, and now Amazon is worth about 975 Billion. A company that was small and now is massive. This is why it is important to start developing a plan, and as you grow your plan will too. Amazon had a plan before they started and it developed into a massive accomplishment.

It is important to have a plan before seeking to build anything. This is why it is important to have a plan which includes short, mid and long-term goals. The short-term list is 1 to 3 years of your financial goals, the midterm list is 3 to 5 years of your financial goals, and the long-term list goals are defined as 5 to 10 years or more of your desired goals!

Second Key – Get Out of Bad Debt

It is often said that the borrower is servant to the lender, but why is this the common ground for many peoples life. I believe it is because of the lack of education or knowledge in the area of finances in our lives. This is why the second key to financial management is education. Educate yourself to take the proper steps in getting out of debt.

One technique that allows you to pay off bad debt faster is what I call the debt accelerator. The debt accelerator is a technique in which you pay the minimum on all of your debts, but then pay the most on what I call the target account. The target account is the lowest debt you have. Once you pay off the first target account you move on to pay on the second lowest. This is done until you pay off all your debts. This technique will truly help you accelerate your debt elimination.

Third Key – Determining Your Why

Determining your why is extremely important because this is what will fuel you during hard times. Once you establish a plan and take the steps to implement your plan. Remember things arise in life. It can try to discourage you from getting out of debt and seeking to be a place of financial freedom. Your why is what will drive you when there is an obstacle.

Maybe your why is getting out of debt so you can help your family live in a better reality than you did. Or maybe it is because you would like to go full time into a nonprofit. Either way connect your why to what you love and hate, because ultimately what you hate is what you are called to be a solution to!

Desire Help on Financial Management?

If you are interested in learning more about financial management and getting out of debt, feel free to visit our business coaching website https://israelduran.com/ and fill out our contact form!

Our vision is to help individuals and families who are struggling financially to get out of bad debt, improve their credit score and develop their passions into businesses that solve problems in this world!

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