How to Improve Your Financial Health

Unfortunately, most of us have had far more training on how to behave like an employee than on how to behave like an entrepreneur. Our parents indoctrinate us into the Employee Mindset from our earliest age!  Even after we make the transition to self-employment, that old thinking– which may have served us well when we worked for someone else–follows us into our own enterprise. When that happens, it can wreak havoc with our best and brightest dreams. 

Too often, employee mindset thinking sneaks back into our daily thoughts and actions. Change is scary, and the Employee Mindset is comfortable.  So, once you break the chains of the Employee Mindset, be vigilant not to go back to it.  Employee Mindset thinking will instantly derail any momentum you had made towards being a successful entrepreneur. 

Employee Mindset vs Entrepreneurial Mindset

Last week I overheard two 60-year-old men complaining about their boss.  I remember saying to myself;  “I never want that to be me.” I am always reminded that such grumbling would never happen in a chat with my Entrepreneur friends who always say that they are “successfully unemployed”. 

Even if you aren’t ready to break free from being an Employee, you can consciously build an Entrepreneurial mindset. Actively listen and learn from successful entrepreneurs. Read, Read, Read!  There are 100’s of books by successful entrepreneurs that will help you break free from the Employee Mindset.

The stress of debt

To maximize happiness, a person needs to get out of debt. The trouble is that being in debt inherently tends to lead to over-spending, to overcompensate for being in debt. Financial stress is overwhelming – who hasn’t laid awake at night or been distracted at work worrying about the number in their bank account? There is a Financial Wellbeing report that found that 65% of us lose sleep worrying about money.    Stop the Madness!  Stop worrying about money and let us, The Biz Wizards help you become an Entrepreneur and find true Financial Health.

What is Financial Health – and Why Do I Care?

Financial health is a term used to describe the state of one’s personal monetary affairs. There are many dimensions to financial health, including the amount of savings you have, how much you’re putting away for retirement, and how much of your income you are spending on fixed or non-discretionary expenses.

How do You Measure Your Financial Health?

To get a better grasp of your financial health, it might help to ask yourself a few key questions.  Consider this a quick self-assessment of your financial health:

Do you have an emergency fund?

Do you work 2-3 jobs just to pay the bills – but still can’t save?

Do you have over $10,000 in credit cards debt?

Are you actively saving for retirement? Do you feel you’re on track to meet your long-term retirement goal? 

Do you have enough insurance coverage—whether it be health or life?

Are you able to save for college for your kids?

Improve Your Financial Health by Quitting the Employee Mindset

Get out of the Employee Mindset and engage your Entrepreneurial spirit.  I constantly say, the Employee Mindset is a rigged game, rigged against you and every employee out there!  Besides trading your time for money, every time you get a raise up to 50% of that raise is lost to taxes.

As you change your mindset and free your entrepreneurial spirit, stop, and create a vision for your wealth.  How would your life change if you weren’t working 50-60 hours a week and could stop worrying about money?

Would you pay off your Credit Card (and other) debts and be fully debt free?

Would you put aside a money so you could comfortably retire at 55 (or earlier?)

Would you take your family on a grand vacation – and truly relax for the first time in years?

Would you put money aside for an emergency fund, so you are prepared for any unexpected curveball life throws you?

Would you save money for college,  so you don’t saddle your children with huge student loan debts?

Would you invest in Real Estate, become a partner in a local business, convert your hobby into a business?

Change is Scary, but Critical for Your Financial Health

Neuroscience has shown that uncertainty (change) feels similar to failure in our brains. That’s why so many people would rather avoid change because of how uncomfortable the associated feelings can be.  

If you are like me, I was fully caught in the Paycheck Security comfort zone for most of my life!  Your family counts on you to be the breadwinner so you justify all the hours of work to ensure the bills are paid.  In fact, read my confession about what it finally took to break me out of my Employee Mindset.

When you can push that fear aside and embrace change, it opens the door to a new future and true happiness.  Was it scary at first? You bet, but it ended up being a great move — and it wouldn’t have happened had I been scared of change.  Life is too short to worry every day about money!  Be brave, make the change, become an Entrepreneur, and secure your Financial Health!

Final thoughts

Financial wellbeing brings less stress, more comfort, and just an overall mental wellness.  As you can see when you can stop worrying about money, your vision (and focus) can change.  When you achieve Financial Health, you stop focusing on just surviving, so you can now focus on your goals and dreams. 

For Kim and I, our wealth vision is about being debt-free, being financially stable, and retiring early.  Also, we have a lifelong dream of traveling across the US & Canada to attend baseball and hockey games.  We are sports fanatics and keep our eye on “the prize” as we count down the days until we can make that cross countries trip!   

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