The Mojo Maker: How Do You Measure Success?

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Building wealth isn’t just about cash in the bank, it’s also about how we think, act and plan our financial fitness for now and the future, Nikki Fodgen-Moore writes.

Money makes the world go around, but when was the last time you truly defined what success means to you? Do you know what you need to live with reduced financial stress and more time for what matters? Are you ramping up or winding down your work energy? What about your legacy, family, and life after achieving success? Maybe you feel it’s too late? If you have a plan, is it still relevant? Have you taken time to review and refine it?

In a world where financial stress is rampant, exacerbated by media focus on the housing market and economic uncertainties, navigating out of an overwhelmed state of mind can be challenging. The American Psychological Association (APA) states that money is the top cause of stress, a trend I see mirrored in staff surveys undertaken with my clients across Australia, New Zealand, and the USA – invariably, financial stress is the primary contributor to anxiety, lack of productivity and poor decision making.

What Can We Do About It?

Turn Financial Fear into Your Opportunity

It’s easy to get caught up in the constant stream of negative news and sensational headlines so stop consuming news that fuels anxiety. Take a step back from media and social networks bombarding us with doom and gloom to find space to define what truly makes you happy and financially secure so that you can identify your financial priorities and set goals that are meaningful and achievable.

It’s Never Too Late to Start or Regroup

Knowledge is power. Avoiding overwhelming financial issues doesn’t alleviate stress. Getting informed, setting benchmarks, and achieving small milestones can boost your confidence, help you stay calm in challenging markets, and empower you to make conscious financial decisions. Whether you are just starting on your financial journey or need to reassess your current situation, it’s never too late.

Take Control of Your Financial Fitness

Don’t wait for external conditions to change. Get educated with experienced, factual information and experts who empower you to meet your goals. Make informed decisions based on facts and stats, not media hearsay, and build a foundation for sustainable success. Start by understanding your current financial situation, setting realistic goals, and creating a plan to achieve them. Utilise resources such as financial advisors, workshops, and educational materials to enhance your financial literacy.

Just like the gym, flex the right financial muscles and mindset and you will see positive results. Sitting at home and worrying won’t get you fit – take the steps to be informed rather than letting fear rule your money conversations.

Are You Having the Right Conversations About Cash Flow?

Do you know your money matters, what’s in your bank accounts, and what you need for the future? Have you balanced personal time, wellbeing, and financial success? Are we educating ourselves and our children about budgets, pay, investment, planning, and financial acumen?

Financial literacy empowers you to make informed decisions, build confidence around money, and secure a legacy for future generations. It’s crucial to have open and honest conversations about money to demystify it and remove the stigma around financial discussions.

Surround yourself with people who are honest, want to see you do well and can have supportive conversations around the goals that are true to you. It’s OK to talk about ambition and not alienate yourself.

Change Your Money Mindset

Examine your attitude towards money. Do you see it as abundant or scarce? Does the topic stress you out? Your mindset about money influences your relationship with it and others. For example:

Have open, transparent conversations with your spouse or significant other.

Discuss savings, cash flow, equity, and property with your family.

Respect money’s value but don’t let it define your life.

Focus on quality over quantity, and work with trusted experts.

Replacing fear with curiosity can transform your financial mindset.

By approaching money matters with a sense of curiosity and a willingness to learn, you can develop a healthier relationship with money and make more informed financial decisions.

Financial Stress Amongst Females

According to the Australian Bureau
of Statistics, nearly 20% of Australians report high levels of financial stress, with women being disproportionately affected, with significant disparities in financial services leadership roles. Bridging this gap and empowering women and girls with education and discussions around finance from a young age remains crucial.

Lead by Example

My 16th Legacy Lunch series was a sold-out Women’s Wealth Legacy Lunch with a panel of guest speakers with the aim of enhancing women’s financial literacy and confidence by starting a more open conversation about success, financial security, and managing finances. The event provided practical insights and actionable advice for a sustainable financial future.

The key takeaways and things we all need to champion for ourselves, those
we care about, and set the scene for future generations, include:

5 Key “Vitality Bank” TASKS

Know your Cash Flow Situation?

   Understanding cash flow is essential. Track it to identify spending patterns, cut unnecessary expenses, and allocate funds more effectively. Focusing solely on income without considering expenses, leads to financial stress.

Be Confident on Financial Knowledge

   Educate yourself about financial terms, investment options, and market trends to make informed decisions. Confidence in handling money is crucial for financial wellbeing. Studies show that women, in particular, underestimate their financial acumen.

Be Prepared for Financial Emergencies

   Life is unpredictable, and financial emergencies can arise. An emergency fund covering three to six months of living expenses provides peace of mind.

Have a Long-Term Financial Plan

   Utilise tools and advisors to set financial goals and create a roadmap. Having a clear plan is vital.

Be Aware of Investment Options

Understand stocks, bonds, mutual funds, and real estate. Diversify investments to reduce risk and grow wealth over time. Investing is a powerful way to grow your wealth.

The Importance of Financial Knowledge

Gaining control over finances reduces stress and allows you to pursue passions, invest in personal growth, and create a legacy for future generations. Moving out of fear and into information starts with asking the right questions. Stay informed, seek professional advice, and regularly review your finances to stay on track with your long-term goals.

Successful individuals continuously educate themselves about financial matters, track their spending, assess their investment performance, and adjust their financial plans as needed. Create your roadmap for success and be sure to review and adjust along the way.

At the end of the day, success is a trifecta of health, happiness and having a degree of financial freedom where you are safe, secure and ready for anything. While that ‘life equity’ balance will be different for all, it’s important to define your own version of success and revisit it regularly.

You don’t have to have it all figured out, but you should have enough knowledge and confidence to be in the driver’s seat.

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