If we are being honest, most young wealth builders are busy trying to run the world. (Trust, me I know!) They are usually the type of people you find in leadership positions, moving quickly up the corporate the ladder, or relentlessly pursuing idealistic dreams. With so many activities fighting for time and attention, it can be difficult to give our personal finances the resources it requires to thrive.

In the grand scheme of things, it makes no sense to put so much time and energy into other activities without securing our financial future first. So, no matter how difficult it is, top wealth builders should use these strategies to manage their wealth and stay on track despite busy schedules and overloaded calendars.

Recharge:

Great motivation and passion is exactly what young people need to propel them forward as the next generation of leaders. But it inevitably leads to burnout and fatigue and people who are drained of energy do not have the capacity to think productively about money management.

In order to successfully build your financial foundation you will need to find time to renew your financial outlook and recharge those batteries. Use holidays and time off from work to assess how far you have come on your financial journey and get motivated about how far you want to go. Remind yourself that young adults are experiencing one of the worst economic recessions in history and it is up to you and no one else to ensure that you are doing everything possible to stay on top. Young wealth builders do not aspire to mediocrity. So while everyone is enjoying play time, we will be securing our legacy.

Reevaluate:

After you are pumped up about doing whatever is necessary to build substantial wealth, you need to reevaluate your short term and long term goals. Once you have a destination in mind, you have to make sure you are going down the right path to get there. Reevaluating your goals is a time for you to check the map to confirm that you are indeed headed in the right direction.

Young Wealth Builders use holiday time to restructure goals and assess portfolio growth. Take some time to understand your portfolio expenses and your return on investment. Is this in line with your expectations? WIll it allow you to reach your personal year end goals? If not, do you have a plan for how you can compensate for that? If you need guidance on the above questions or on growing your portfolio, feel free to email us at LKinnard@startyoungfinancial.com. It is important that young adults think about growing their wealth because we have to make up for the devastation of student loans and lower lifetime wealth potential.

Refocus:

Now that you have identified your new goals, it is time to zero in with laser like focus to make them a reality. Young wealth builders are the kings and queens of lifehacks because with everything we have going on, there are few things that we value more than efficiency. So, holidays are a time where you can build in some fail safes to help you stay focused on your financial goals even when you don’t have the time.

Lifehack 1: Make your financial goals the screensaver on your computer and on your phone and anywhere else you frequently look. This will help keep your goals top of mind without you having to seek them out on your own.

Likehack 2: Set up your mint.com account to send alerts to your phone so that you know when you are going over budget. Mint.com will you give you your whole budget break down directly in a text or email.

Lifehack 3: Use Your Calendar to help you stay on track. You can remind yourself not to eat out for lunch during the week or about that bill you always forget to pay. This is also a good place to schedule goal check-ins so that you don’t forget about them.

All of these lifehacks require that you use a little bit of time to plan on the holiday (or the holiday weekend) and that’s it. If you can think of more feel free to comment below!

Recommit:

Now that you have done all of the above, recommit yourself to making these goals a reality. You are the only person responsible for your future and the actions you take every day will determine the outcome. Don’t get so caught up in day to day activities that you make excuses for yourself. Commit to taking massive action so that you can live the life you desire. I’m sure you deserve it!

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