The 2 Documents You NEED To Start Your Financial Journey

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The one thing everyone needs, to get better with money, reach financial freedom, and feel more empowered over their money in the process, is control over money. Control over the money you bring in is your superpower. Let's be honest, too many of us are allowing our money to tell us what to do instead of us telling our money what to do.

STOP LETTING YOUR MONEY BULLY YOU AROUND!

So, how do you take control over your money and start your financial journey the right way?

You create and produce these 2 documents immediately. Get out the piece of paper, turn to a blank page in your notebook, or simply fire up your laptop and open a blank spreadsheet, and start here!

2 Documents You NEED To Start Your Financial Journey

1. Document 1: Net Worth Statement - When you add up the value of your assets (what you own) and subtract the amount of your liabilities (what you owe), what is the difference? This is your net worth. This is the greatest tool to measure whether you are building wealth or not. Your net worth statement will give you a clear financial picture, offer goal setting opportunities, allow you to track your progress, manage and reduce your debt, make important financial decisions, prepare for emergencies, and help you focus on building the right type of assets. Your net worth statement is a powerful tool for managing and improving your financial life. You should aim to do a net worth statement at least 2 to 3 times a year. It's going to help you stay informed, make better decisions, and start your financial journey informed and focused.
2. Document 2: Budget (unique each month, written or on a spreadsheet, and zero-based)- After 359 monthly budgets in a row (up until the writing of this article), I can tell you that a unique monthly (or biweekly) written zero-based budget has been the biggest key to my financial success. Here are just a few reasons why a budget are so important.

A budget will give you the ability to track your spending, manage your expenses, and practice being disciplined with your income. It is all about you being accountable and responsible for the money you get. It gives you the ability to control your money and empowers you so that you can stop allowing your money to bully you around. A budget is your roadmap with your income and your guide with your expenses. It's crucial.

Be sure to make it a zero-based budget, meaning spend all the money on paper, by giving every dollar an assignment. Click HERE for an explanation and example of a unique zero-based split method budget that I've done for many years.

If you want to be less stressed and feel more empowered over your money, you must take control and start telling your money what to do.

These 2 documents will reveal a lot about you and your money. These 2 documents will give you the ability to measure whether or not you are being successful with money and making the right decisions.

If you want to know about your discipline, your habits, your inconsistencies, your problems, your choices and decisions with money, create a net worth statement and a monthly unique zero-based written budget. Analyze it, review it, go over it, and start your financial journey by digging into the problems, issues, and changes you want to make, based on these documents.

There you have it. Those are the 2 documents you need to get started on your financial journey. Click the video below to watch on YouTube.

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