The majority of people want to become rich. Whether it’s to take care of their family or to enjoy nice things, more moolah is the answer. But, if you are ever going to achieve unshakable wealth, your financial awareness must be crystal clear. Answer these simple questions to test yours.
Fast Financial Awareness Checklist
Before we get into this quick quiz, I want you to keep a concept in mind: Making decisions from the future as opposed to the past or present.
Why am I bringing this to your attention? Well, it is because when you try to move forward with ideas from the past, you get stuck. Old ideas, fears and failures will hinder you from taking the risks necessary to grow. This includes financial freedom.
So, if the steps to turn the answers to these questions from “no” to “yes” make you uncomfortable, good! Let’s get you out of your comfort zone and on your way to wealth!
The purpose of financial awareness is to be able to assess where you need to take action. Information is worthless unless you use it!
Are you committed to financial awareness?
This first question is about your commitment to being in control of your money. And I think we can all agree that perception is key to making anything happen – let alone, get better. If you haven’t done it already, this is the initial and easiest step toward financial literacy. After all, thought is instantaneous.
Do you actually know your annual income?
As I just mentioned, awareness is key to improving any condition – especially financial. So, logically, it makes sense to start with an accurate total of how much you make. I know what you’re thinking: “Grant, I know my salary.” And, I’m sure you do. But, that’s not what I asked.
Do you know exactly how much you bring home after taxes and applicable deductions? Don’t feel bad if you don’t – not many people do. That’s why accountants and financial advisors stay in business. Nonetheless, I encourage you to take this matter into your own hands as much as possible. Answering the next question is a piece of that puzzle, as well.
What is your cost of living?
Similar to the first question, you need to nail down your monthly expenses. I’m talking about your base cost of living here, no frills included. It’s the total cost of your:
- Rent or Mortgage
- Utilities
- Food
- Transportation & Gas
That’s it. Figuring this out brings up your financial awareness by showing you what is necessary and what’s not. Crunch the numbers on this one and do it again as things change. I promise the results will be eye-opening.
Do you have a target for your income?
For sharp financial awareness, knowing where you are is not enough; you have to know where you want to go, too. Without having goals to increase your income in place, you are at the mercy of others. And I don’t know about you, but I want to be in control of my money.
According to a survey my company conducted, 82% of my audience makes less than $100K a year. If that applies to you, I’ll hand you the first target of getting to $120,000. Because going for more than you think is the goal-setting method for achieving success.
But what do you do once you see the reality of your financial situation? Ultimately, the entire purpose of financial awareness is to be able to assess where you need to take action. Information is worthless unless you use it!
Your next step is to earn more revenue – however it will work for you. It can be as an intrapreneur, by starting a new venture, or investing in cash-flowing assets. Whatever it is, the next move is yours.
