Mid-Year financial check

“It’s not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.” — Robert Kiyosaki

About the author Coach Princess is a director for Success Training Africa, a Pan-African Consulting company that serves three continents. She writes in her capacity. This article does not constitute financial advice, but this is general advice. For specific financial advice, you ought to contact a financial advisor. For feedback, contact Coach Princess by email: coachprincess5@ gmail.com By Coach Princess

Introduction

Just the other day, we were celebrating the beginning of 2022. It was January 1st, 2022. Fast forward, we are right in the middle of the year 2022. How time flies so fast! How far are you in terms of financial progress?

New year’s resolutions

What happened to your new year’s resolutions? Some people wrote at the beginning of the year that by the end of 2022, they would be millionaires. Some folks wrote that they would be billionaires by then. Others promised that by December 2022, they would have saved such and such percentage of their income. Oops! Whatever happened to those resolutions!

Some questions for financial check

How much money have I saved so far in 2022? How much money have I invested so far this year in real estate, stocks, business, cryptocurrency, bonds, and so on? How much money have I accumulated in my emergency (rainyday) fund? How much money have I accumulated in my retirement fund? How many people and/or organisations have benefited from my social responsibility activities so far? Have I been tracking my finances to see where the money is going monthly? How many financial books have I read so far? To whom am I financially accountable this year? What are my biggest financial challenges? What steps will I take to address the financial challenges that I am currently facing? Are there any negative financial habits that I need to quit now? How can I increase my streams of income? changed. Then they hope that the next year will be better. It becomes a vicious cycle. If you want to succeed financially, stop waiting for a better year. Utilise the remaining months of this year to put your personal and/or business finances in order.

Never too late

The purpose of this article is not to condemn you, but to remind you that it is never too late to work on the resolutions. Therefore, I would like to urge you to revisit your personal and/or business financial plan, annual budget, and cash flow projections. If you do something about your finances NOW, you will save yourself from self-blame, embarrassment, poverty, inconvenience, and shame.

Do not be in denial

I urge you to avoid being in denial. I have seen several people who hope that the next year will be better than this year, but they do not make effort to make this year count. When they get to the next year, they realise that nothing has

No one is coming

In case you thought that someone is coming to help you to sort your finances, I am sorry to inform you that the help that you have been waiting for is not coming, it is already in you. No one is coming to help you. If you ignore your finances, things will only get worse. Arise and put your financial house in order!

Conclusion

I hope that this article has challenged you to go back to the drawing board and revive your financial plan. This applies whether you are looking at personal finance or corporate finance.

I hope the article makes a difference in your life.

See you in the next article. Stay strong and safe.