How to Take Control of Your Finances and Declare Your Own Financial Independence Day

Welcome to Herfinance Club with Sue Diamond, a weekly newsletter focusing on a holistic approach to financial Success.?Our mission is simple: we want to inspire ONE million women to talk about money because knowledge is power, and when that knowledge helps you become more independent, it translates to empowerment.

To all our friends in the U.S., I wish you a very happy 4th of July! ??

The 4th of July is a wonderful celebration of freedom and independence. I hope you have an amazing time while also taking a moment to reflect on the significance of your freedom.

Financial independence is another important form of freedom. Unfortunately, many people handle their finances reactively instead of proactively, often addressing symptoms without understanding the root causes of their financial situations. ??

Just as we celebrate political independence every July 4th, financial independence starts with a declaration.

Here’s how you can begin to declare, fight for, and achieve your own Financial Independence Day with our Money Mastery Playbook .

To truly grasp the essence of a Financial Plan, check out our latest article below, which also explores the underlying reasons why people avoid financial planning.?? ?? ??

Imagine this: you have a persistent headache. You take a painkiller, and it subsides momentarily but keeps coming back. Frustrated, you keep taking more and more painkillers. But the real issue? You're dehydrated. Unless you address the root cause - dehydration - the headache will persist, no matter how many painkillers you take. ???

This analogy illustrates why it is important to know the reason for a problem before you try to fix it. This idea works in both finance and health. ??

Many people approach how they manage their finances in a reactive instead of a proactive way. They don’t take the time to understand the root cause of their financial situation before trying to figure out solutions. ??

Today, I would like to share the importance of financial planning and explore the reasons why many individuals tend to avoid it.?

Personal Finances Without Planning: A Symptomatic Approach

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???? Picture this: a doctor prescribing medicine without knowing the disease or planning a journey without a destination in mind. Sounds nonsensical. That's exactly what financial planning without a concrete goal resembles.

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?? Just as a physician needs to diagnose an ailment before recommending treatment, you must solidify your financial aspirations before creating a plan. Without a specific target, financial planning can feel like navigating through a dense fog, hoping to reach the right place somehow. It's comparable to a doctor dispensing medication for an unknown condition - a guessing game that could lead to unforeseen consequences.

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?? Consider the scenario of planning a trip with no final destination. You wouldn't know which transport to choose or which path to follow. The same principle applies to financial planning. Without a clear objective, you're essentially wandering through the financial wilderness, uncertain of your money's direction or its potential growth.

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??? To achieve your dreams, it's important to set specific goals. Simply hoping for something to happen is not enough. ?? Before starting, take the time to identify your values and use them to guide your goal-setting process. By doing so, you'll be better equipped to create a plan that will help you succeed.

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The most important thing to remember is that planning for your financial future is essential, no matter what stage of life you’re in.??? Whether you’re saving for retirement or looking to build an emergency fund, develop a comprehensive plan

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The Importance of a Clear Financial Plan

Creating a plan encompassing debt reduction (if necessary), savings, and investment strategies is important. Your plan should align with your values and dreams and guide your future actions. ?? Therefore, identifying your values and dreams is the first step in creating your plan. ???????

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?? Once you clearly understand your values and dreams, you can start strategizing on the financial goals that will help you realize them. ?? These goals can span across various areas, such as saving for specific purchases, planning for a comfortable retirement, providing for your child's education, crafting a legacy, or forming a robust emergency fund.

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For example, if your dream is to become a homeowner ??, you'll need to devise a savings plan for your down payment and create a budget that accommodates potential mortgage payments. If retirement is your focus ??? , you might explore different investment vehicles like an IRA or 401(k), which can offer tax advantages while growing your nest egg.

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The key is ensuring your financial plan reflects your values and goals. ??? That way, you can continue to refer to it as you go through life and adjust it when there are changes in your goals or financial circumstances. With a clear plan in place, you will have the confidence and security that comes from knowing that you are working towards your goals. ??

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Address the Root, Not the Symptom

???? Focusing on the symptoms of financial instability rather than addressing the root cause is like trying to fix a leaky roof with a bucket ?????? - it may catch the water temporarily, but it doesn't solve the underlying issue.

??? The key to long-term financial stability ???? lies in understanding and addressing the root causes that prevent us from establishing a solid financial plan.

???? Self-reflection and introspection are crucial in this process. By analyzing our behaviors and beliefs, we can identify those that hinder our financial goals.

?? We must ask ourselves challenging questions regarding our financial actions and thoughts. For instance, are we avoiding financial tasks due to fear ?? or a lack of knowledge ??? Are we lacking self-discipline ??? Or do we believe that we cannot manage our finances effectively ???

? Once identified, you can address the root cause of the problem by recognizing and changing the deep-seated beliefs that impact your behavior.

?? Getting help from a professional is also an option since it can be difficult to identify what's holding us back when we're too close to it.

? Remember, overcoming these challenges is a journey, not a destination. It takes time, patience, and consistent effort. But with each step you take ??, you'll build a stronger foundation for your financial future ????.

?? So, don't wait for the next financial storm to hit before you start fixing your roof. Prioritize financial planning today. Seek advice from a professional or schedule a discovery call to unlock your Root Cause HERE ????.

Start your journey toward financial stability now. Because the best time to plant a tree was 20 years ago, the second best time is now. You've got this! ??????

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Sue Diamond, M.S.W is a Certified Financial Social Worker and Founder of The Herfinance Club, a virtual platform that provides financial coaching and resources for women to secure their future for years ahead.

Susan is the author of?The Money Belief Formula: Mindset + Behavior = Financial Success. ?She can be found at herfinanceclub.com . To find out more about Susan visit?here !

As a Speaker and author, Susan is on a mission to?socialize the idea that it’s OK for women to talk candidly about money and?inspire ONE MILLION women to start the money conversation?with spouses, friends, or colleagues because when women are stronger financially, everyone’s better off.

Whenever you’re ready …

• Interested in improving your relationship with money or uncovering your money beliefs? Do you feel like you might have some blocks in business and your personal finances you’d like to clear? Contact me HERE to learn more.
• Keynote and corporate training – Let’s talk about bringing a program into your organization. Just contact me HERE or call (917) 780-2914 and we can talk about some ideas.
• Have a question about how I might be able to help? Let’s chat! Reach out to me at [email protected] or call (917) 780-2914

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