It’s easy to get caught up in the world of growing money. Giving yourself a routine status-heath check can give you a more positive focus and clearer perspective on growing your wealth.
If you are watching this, you probably know that in order to build your wealth you need more then just money. It takes serious time, effort and dedication. At times this can create stress and start take a toll on your health, well-being and your returns.
Whether your growing money through your own business, in stocks and shares, precious metals or cryptocurrency, taking a step back and understanding what you want, your emotional health status and what you’re really getting into can often help steady the ship.
Here are 5 self-care tips to remember when growing your money:
1. Understand you
Your wealth-being relies on your well-being – understanding what you want in life, where you want to be, should also be about understanding why you value those wants. This can be overlooked in terms of personally or financially. Making better returns and searching for the next 100x alt coins can sometimes take priority over knowing your own drivers and what they are based on.
Business owners can sometimes focus too much on the money and not enough on themselves. It’s important to have clarity and direction on the way forward as they will then have a much happier time ahead.
One very clear issue is that I’m seeing people invest large sums of money on equipment, venue hire, branding, web sites etc, without the business owners having true clarity about who they are.
Take a step back. Zoom out a little.
Ask yourself what drives you and why?
What is important to you?
Don’t forget to check in on how you’re travelling too.
Have you had a rough week?
Are some things getting on top of you?
Are you enjoying growing money?
What are you passionate about and how can you ensure you are growing your money in a way that makes you happy?
We can’t control the stock market but we can control how we let it affect us, learn how to self emotional regulate can reduce the panic to change.
2. Set and celebrate financial goals
Recognising accomplishment is kicking goals – Set realistic, timely and achievable goals for growing your wealth. It’s great to aim high but put your focus into realistic action plans with clear objectives. Stick to them. Adjust and be flexible as you go.
Do your homework/research. Small or large, short or long, setting goals will compliment staying focused and persevering on your financial growth plan and wealth dreams.
If you don’t achieve a goal, then review, reassess, retry. If you reach a goal then give yourself time to recognise and celebrate your achievements.
What went right?
Do you enjoy achieving personal/work goals?
Can you repeat your success?
What can you learn for next time?
3. Know when and how to have a break
Keeping an eye on your mind’s stamina levels will keep you in the growth game.
Nobody likes stressing about money and struggling financially. It’s hard for many of us to know how to deal with financial stress.
Often, having a plan for taking a break, small or large, is a great safeguard to have that will keep you in the game for longer and enjoying things more. How you have your break is up to you so long as it adds positively to achieving your money growth goals.
If you get real enjoyment out of walking the dog a couple times a day, or yoga and meditation, then use this as part of your wind-down plan for when the money world is getting too much.
Make contact with friends or family if your stress levels are affecting your health and wellbeing. Talking to someone might help, getting professional help wether it’s with a money mindset coach, financial planner or wellbeing consulting services can be beneficial.
4. Get some healthy brainpower
Positive thinking greases the machine – Ensure you’re focusing your time, energy and focus in the right places, feed the ‘good wolf’.
Your body has two brains: the one in your head and the one in your stomach. Your head’s brain does the thinking and your gut’s brain does the feeling.
Ensuring you’re on top of your mental health is vital. Remember, growing your money is not as important as your health – physical, emotional, mental or spiritual.
In relation to point one, understanding why you are into growing money and what higher purpose can give you more clarity and positive outlook.
Once you are happy with why you want to grow your money and how, you can set a clear path to achieving your goals with confidence. Keep to the plan and don’t let tough weeks and bad days set you back. Keep your brainpower focused, positive and healthy.’
5. Have a financial freedom plan
Your investment needs to change as you get older. When you’re in your twenties, thirties and even forties you can afford to put money into riskier products that should give you good returns in the long run. For example stocks in emerging markets and cryptocurrency.
As you get older, it’s better to shift some of your money into more stable products that are safer but don’t make so much money, such as gold, silver and plan to live off from rental properties income.
Also, when it comes to about five years before you plan to retire, it’s a good idea to ‘lifestyle’ your investments and start moving your money from the more volatile, ‘growth’ products (shares, property, bitcoin, commodities etc) to the more stable investments such as savings accounts, bonds and gilts so that you can capture the gains you have made over the years and keep it going even if you happen to retire just as markets are falling.
Which happen to my father-in-law, I saw how the 2008 GFC ate half of his retirement funds and greatly impacted his retirement lifestyle.
The good news is the more you work on it, the easier it becomes. Like exercising, it can be hard to get started, but once you get a routine going, it becomes a part of your life.
Financial self-care is a practice that needs to be crafted around principles of balance, sustainability and empowerment for growing money.
Thank you for reading this far. If you have more questions about financial matters, don’t hesitate to send us an enquiry.