I spent 3 years in Family Court during a painful custody fight to keep my kids. It was shocking to hear all that was wrong with me as a mother and how my career came first and how I did not love my children.
It is not easy sharing this.
However, when I opened up to a few friends, I learned of many professional women who simply gave up during Family Court because the embarrassment was too much.
The result of 3 years of negativity in court meant 3 years of not being my best in terms of savings and it meant my debt balances went up. Legal fees, time off from work, children counseling fees, etc, etc, sent my debt up.
Then there was the ever-helpful friends and family who said they couldn’t bother with a long-drawn-out court matter and I should give up and all would be well.
I am a believer.
And my faith kept me going and actual helpful people turned up.
http://https://www.youtube.com/watch?v=vbY02T9Gq6U
I met persons who had a legal strategy, financial strategy, and life planning skills that help me get in the right direction.
And that is what this conversation is about – improving your circle of support.
As part of the 21-day challenge to increase savings and reduce debt, the people who support your journey are in the spotlight.
WHO IS ON YOUR TEAM?
One missing ingredient in many person’s financial plans is ensuring that they are with the right people to support their financial growth. And depending on where you are, financial growth could be debt reduction or savings improvement.
It is so critical to identify the support you need. Taking time with guided journals may help you see where you can take intentional action to improve your savings and reduce your debt.
We may have heard that we earn the average of the five people we spend the most time with. We may also be in debt and struggling at the level of the five people we spend the most time with.
Now, what factors determine who we spend the most time with?
According to research, your financial identity drives where you spend your time and how your debt levels and bank account levels look like.
So take a minute to rate yourself on these four categories and then rate the 5 closest persons around you on the same categories:
- What is your overall debt tolerance? That is the level of appetite in taking on debt when assessing financial decisions.
- What is your risk profile? That is the level of appetite in taking on additional risk in assessing financial decisions.
- What are your expectations of others? This speaks to the willingness to yield to the expectations of others, like spending money to go out with friends. Basically, are you a people pleaser, and are you suffering financially because of that?
- What are your inner expectations? Consider the expectations we place on ourselves, like keeping our new years’ financial resolutions.
If you are ready to go deeper in knowing yourself, you may find the 25 Day Journal to Self Discovery very useful.
After doing your introspection, what next?
Critical to your debt reduction plan and savings increase plan is to find the right community that will uplift you.
Here is what the research shows:
Oftentimes when we think of personal finance, we think of budget spreadsheets and savvy ways to save money (even especially amid a lockdown). While important, it’s also beneficial to tap into your belief systems as it pertains to money. That said, in times of difficulty, a community has the power to lift us up and keep us going. Even though we may not be together physically during this pandemic, we can support each other’s needs and hopes virtually.
USE COMMUNITY TO BUILD YOUR SAVINGS AND REDUCE DEBT
It is clear that when it comes to envisioning your ability to make and save money, finding a community of individuals who share those goals is empowering and validating. When you are on a path to reduce debt and increase income, it is advised that you seek out family and friends who strive for the same type of success and get creative in strengthening those bonds virtually.
Financially Focused is a community of support and our Financial Success Academy offers a lifetime membership for courses, workbooks, on-demand videos, and virtual live training. We work with you to give you the tools to multiply your money so that you can finance the lifestyle you deserve.
