I recently held a financial planning workshop. The organizers wanted me to provide three tangible takeaways for attendees to maximize their finances. Here is what I had to say…
At the core of every successful financial plan lies the nuance of personal finance. Primarily, it’s about more than just earning money—it’s about how you manage it. Understanding your income, expenses, and debts is paramount. Yet, this pillar isn’t solely about crunching numbers; it’s about cultivating a mindset of financial responsibility and mindfulness.
I emphasized the importance of creating a budget tailored to individual needs and goals. By tracking expenses and identifying areas for optimization, you better understand your overall financial setting. From there, we devise actionable plans for debt management, expense reductions, and alleviating other financial burdens.
One client shared with me that she spends approximately five hours a week dealing with her family’s medical insurance claims because of their poor coverage. She could spend that time with family or bill more work hours to increase her income. She realized that, beyond being a completely inefficient use of her time, the added stress only leads to poor performances in other areas of her life.
Pillar number two. Your career is not just a means to an end—it’s a vehicle for personal growth and financial prosperity. The second pillar revolves around optimizing your career trajectory, ensuring that you’re not only earning a living but thriving in your professional endeavors. This means not only negotiating competitive compensation packages but also seeking out opportunities for advancement and fostering professional relationships and mentors.
Through my consultations, I offer insights into skill development, networking, and strategic career planning. By identifying strengths through hyper-personalized aptitude testing, we tailor strategies to empower individuals toward their career goals. By honing these skills, clients position themselves for upward mobility and increased earning potential.
Pillar number three. In today’s dynamic economy, diversifying income streams is vital to financial resilience and abundance. The third pillar focuses on exploring avenues for additional revenue generation beyond traditional employment. I guide clients in identifying opportunities for side hustles, entrepreneurial ventures, and passive income streams.
Whether it’s starting a small business, investing in real estate, or exploring the world of e-commerce, we work together to leverage their skills and interests into profitable endeavors. More importantly, I stress the importance of financial literacy and education in navigating the complexities of investment and entrepreneurship. By equipping clients with the knowledge and tools to make informed decisions, we mitigate risks and maximize opportunities for wealth creation.
Essentially, the three pillars – personal finance, career trajectory, and additional revenue streams form the cornerstone of living a fulfilled and prosperous life. By integrating these pillars into a cohesive financial strategy, anyone can embark on a journey toward financial freedom and abundance.
Shoutout and birthday wishes to Malkie Benson, Derek Eisenberg, Barry Finkelstein, Ruti Galandauer, Beth Geisler, Rabbi Zev Goldberg, Brad Hercman, Amy Hyman, Noah Isaacs, Ellie Konigsberg, Jessica Lowy, Ron Lugashi, Judah Miller, Dmitriy Salita, Talia Stone, Adam Teller, Seth Warshaw, and Monis Young.
Shmuel Shayowitz (NMLS#19871) is a respected Real Estate & Finance Executive, Writer, Speaker, Coach, and Advisor. As the President and Chief Lending Officer of Approved Funding, a leading national mortgage banker and direct lender, Shmuel has facilitated over $2 billion of mortgages over the past two decades. Shmuel’s expertise spans various licenses and certifications, including specialized mortgage underwriter, licensed real estate agent, and accredited coach. His market insights and experience are highly sought after in the real estate, finance and coaching industries. In addition, Shmuel is a seasoned real estate investor and property manager, facilitating thousands of rentals nationwide. Shmuel can be reached at www.approvedfunding.com/shmuel.
