Managing money is like feeding sharks – if you don’t know what you’re doing, you can lose more than a finger.
That’s why, as a family dad, continuing to learn and staying up-to-date with how best to handle money situations is critical.
First things first, do YOU manage your bills, savings, and everything financial – or does your wife/significant other?
If the answer is yes, great! If the answer is both of you do, great too! If the answer is no, does the statement “Houston, we have a Problem” mean anything to you?
It is important that, as the family dad, as the CEO of your organization, as the head or the household – you either take the lead or be intensely involved with household money matters.
You can’t just stay in the dark and let someone else drive this thing.
If your excuse is you’re not good in Math then go here and then come back when you’re done!
Back, great! Let’s continue…
3 Steps
There are at least 3 steps a family dad takes when it comes to prospering with personal finance. These 3 are necessities, not options. They are Measurement, Planning, and Automate/Diversify.
Measurement – Measurement is taking a look at a snapshot of your finances. How much comes in and how much goes out (Cashflow).
The dreaded budget word is associated within this step. Also, do you own more than you owe and how much (Net Worth)?
Before I lose you, please note that since this step is not as easy to do right now, we will not talk about it anymore – it will be at another time. But remember, you will need to honestly and accurately measure your status regardless of any circumstances.
Planning – Shouldn’t it come first? Not really, you need to know where you stand first before you start mapping out where you’re headed.
Under planning, you really identify your goals and dreams – it’s fun, but we are not going to talk about this either – it also can wait for another time.
Automate/Diversify – In the next post, will start here. By the time people start these steps, they rarely get to this most important part – the part where you are actually doing something.
Before you check out the next post though, please note that the Automate/Diversify step is directed for those who generate more income than what they pay out.
If, for any reason, that’s not you at this time, it may still be helpful to think about how you’ll move your money around once you get there (and you will!).
Popularity: 11% [?]
