When you are earning a salary it may feel like it’s not enough. That was certainly the case for me in my corporate career. At the top of my game in investment banking, I knew I was not being properly compensated for the work I was doing. Three jobs later, the salary continued to decrease along with my dissatisfaction. I knew there had to be a better way to increase my savings and reduce my debt. I learned that a pay cut is the worst enemy, especially if you don’t have an income plan. I also needed a career plan and general support in building the lifestyle I knew I deserved.
And that support is what I am sharing with you in this part of the challenge.
Let me hold your hand virtually and ask you –
What happens when life gets in the way and your salary is cut?
What resources will you draw on for support and what is the roadmap to build independence and multiply the money you already have?
A pay cut is your worst enemy and that’s why you need an income plan. In this edition of our 21-day challenge we want you to imagine the worst and plan for the best.
http://https://www.youtube.com/watch?v=Fzz2acq0djE
INCREASE YOUR INCOME
How would you live on a 25% salary reduction😢?
Can you plan for that right now and run the numbers?
Right now, I am positive your lifestyle is based on your current income and your dissatisfaction with your lifestyle is based on your current income.
Now, imagine losing some of that income – even if your current salary is not the amount you really want.
With that uncomfortable idea in mind, it is an important invitation to plan for a better life.
You know, you deserve to finance the lifestyle you desire.
So how do you do that?
🎯Tip #1 – Well, one idea is to explore different income streams. And the first place to start is with your untapped skills and abilities.
🎯Tip #2 – Have you done a talent assessment? Do you know what skills you are good at?
🎯Tip #3 – What about your network? Have you been able to tap into that? Doing an individual development plan is one way to get a better idea of what skills and competencies you have.
🎯Tip #4 – And what about the inner work? Are you afraid of stepping out and earning more? If so, then it is time to work on your fears and negative beliefs.
Awareness of income options and inspired action are the keys to taking the money you earn and multiplying it. In this 100 page journal, you will find worksheets to prompt your thinking and get the creative juices flowing in building the financial plan for the lifestyle you deserve!
- Start with your current situation in terms of money mind and goals.
- Then progress through your earning plan and journal how to expand your awareness of money.
- We next look at your career earnings. (Of course, your career is your biggest investment!)
- If you are a business owner, we got you covered as we look at journal prompts for your business income.
- We map out an investing plan for you.
- Your retirement plan is not left out.
- And don’t forget that side hustle!!!
This workbook is packed with ideas plus a 31 day passive income challenge!
REDUCE YOUR DEBT
Of course, debt is also something that can weigh you down if not managed properly.
🎯Tip #5 – And so DEBT MANAGEMENT is another strategy for you to consider.
Let me share a client’s story.
In the case of a young man who had a decent take-home salary yet, had 90% of the salary going to pay the debt, that was a deep blow to his life. Of course, taking on the debt was a personal decision and I’m sure he had good reasons at the time.
However, the fact is, the repayment of the debt was the same as a steep salary cut.
And he was so absorbed by the emotional trauma of the debt that he mentally could not look for a better paying job or even call the banks to get help.
So what to do?
Well, this is where DEBT MANAGEMENT comes into play.
This works when you have debts and you want to pay them off to relieve your burden.
Here is where negotiation is key.
In debt management, you work with a professional credit restoration specialist who will speak on your behalf to the financial institutions.
So, in this challenge, it is time to face your fears and imagine how life would be with a serious pay cut, and devise strategies to stop the hurt.
