{"id":9006,"date":"2023-08-06T06:29:47","date_gmt":"2023-08-06T06:29:47","guid":{"rendered":"https:\/\/isafespend.com\/personal-finance\/savings\/moneynav-bootcamp-setting-financial-goals-and-preparing-for-challenges-part-two\/"},"modified":"2023-08-06T06:29:47","modified_gmt":"2023-08-06T06:29:47","slug":"moneynav-bootcamp-setting-financial-goals-and-preparing-for-challenges-part-two","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=9006","title":{"rendered":"MoneyNav Bootcamp: Setting Financial Goals and Preparing for Challenges [Part Two]"},"content":{"rendered":"
\n

Did you know that April is\u00a0National Financial Literacy Month? Its purpose is to bring awareness<\/em> to the importance of financial literacy and educate people\u00a0on the significance of establishing and maintaining healthy financial habits. As financial advisors, we wholeheartedly support taking these steps and what better time of year than FLM\u00a0to start working out your finances?<\/em>\u00a0\u00a0<\/span>Taking the leap towards financial freedom can be daunting, but it doesn’t have to be difficult. Over the next few weeks, we will break down the Financial Literacy Month\u2019s (FLM) “Thirty Steps to Financial Wellness” into a four-part series we’re calling\u00a0MoneyNav Bootcamp<\/strong>. These posts will outline\u00a0basic steps to take in order to begin revamping your financial life, managing challenges along the way, and staying motivated. Let\u2019s get started!<\/em>\u00a0<\/span><\/p>\n

Quick Recap<\/strong><\/span><\/p>\n

By now, you’re probably feeling the “burn” and are well on your way to becoming more financially fit — great job on making\u00a0it through Part One!\u00a0<\/span><\/p>\n

Just as you would want to maintain your energy and find your rhythm during a tough physical challenge, the same applies to working out your finances. During part\u00a0one of MoneyNav Bootcamp, we went over the importance of the commitment to a new financial you, assessing and auditing your finances, developing a plan for success, and keeping track of your credit. If you missed week one of MoneyNav’s Bootcamp, check it out here!\u00a0<\/span><\/p>\n

Week #2 of MoneyNav Bootcamp: Keeping up the Momentum<\/strong><\/span><\/p>\n

All of that hard work has established a strong foundation for you to build on and now you’re ready to spend some time on one of the most important aspects of taking on any new endeavor: Setting Goals. Let’s build on top of the momentum from week one to blast through week two!<\/span><\/p>\n

Step #8 –\u00a0<\/strong><\/em>Identifying your starting point:<\/em>\u00a0When you set a goal, you should have a baseline, or in other words, a starting point. To determine your starting point, first, you need to\u00a0calculate\u00a0what your financial picture looks like, or in more technical terms, your Net Worth. This will provide a snapshot of everything you have earned and spent up until now, debts you still owe and how much is in your investment accounts.<\/span><\/p>\n

Step #9 –\u00a0<\/strong><\/em>Did you pass your debt test?<\/em>\u00a0Besides being incredibly stressful and the cause of many financial downfalls, like poor credit and bankruptcy, debt\u00a0also prevents financial independence. Debt can really inhibit your ability to have sufficient income to cover your daily needs, save for the future and ensure financial freedom. Using FLM\u2019s\u00a0Debt Test\u00a0will give you a better perspective of your situation and then you can come up with a strategy that will enable you to cross the finish line of financial freedom.<\/span><\/p>\n

There are many reasons why facing your debt head-on is better for you in the long run. Besides keeping the number of headaches you have to a minimum, you can also look forward to:<\/span><\/p>\n