Your Financial Funnel: It’s Time for a Review!

I recently had a very nice chat with a fellow entrepreneur. It was an open and raw discussion about money matters. We tend to avoid certain conversations, money is one of them. Why?!!!

As entrepreneurs, one of our primary goals is to make money, to be profitable, to be positioned to give, invest, and build wealth on behalf of our family’s legacy.

One of the tenants of my work with financial wellness is to share what I know and continue to learn, so that I can help others become successful, financially and otherwise.

The financial funnel is a concept that we can all leverage on the journey as entrepreneurs, individuals, families as stewards of our finances.

“The survey, called the Financial Health Pulse, found that only 28% of American households are financially healthy, meaning they are in control of their spending, are saving money, don’t have too much debt and are planning for the unforeseen.

An additional 55% are financially coping — struggling in a few areas, but doing OK in others — while 17% are classified as financially vulnerable, meaning they are struggling with most aspects of their financial lives.” For those struggling and deemed vulnerable, there are viable solutions to enhance their financial standing. One place to start is with the funnel!

Think about this. We all have subscribed to various services, magazines, email auto-responder, courses, a ‘box’ of the month club, you get the picture. Is it still a viable subscription? Then, cancel it! Save or invest the funds elsewhere. What about this, your car insurance, business insurance, homeowners or life insurance. When’s the last time you took a earnest look at them and actually considered researching other options?You get the picture.

As a financial educator and coach, when meeting with individuals and families, this is one of the first recommendations I make, review your financial funnel. What is found to be true, an opportunity to make an adjustment is always identified! Talk about how great it feels to experience the revelation of money you didn’t realize you have.

So here’s the challenge for you! Give some thought to where your funds are going, cancel subscriptions you no longer need. Then take a serious look at other expenses that warrant some research and make adjustments.

Stop losing money unnecessarily! Strengthen your financial position by ensuring that money is not simply being funneled out in ways that are no longer viable. Take the funds you find and channel them elsewhere, like to investments for your financial legacy!

Will you accept the financial funnel challenge? Awesome!

***Note in the comments, challenge accepted and invite a friend to join you! Be sure to let me know how it goes! Know that your truth will likely help someone else!

Cheers to your financial legacy! Rita Stewart, Legacy Builder