Greetings to all. I am Success Jenkins and I welcome you to my financial blog. My desire is to educate and motivate my audience about Financial Wellness and how to achieve it. Every Friday I will be posting a new blog that will address various topics, giving tips and/or sharing events that one can attend to learn more about Financial Wellness.
Many people are aware of physical and mental wellness, but do we understand what it means to have Financial Wellness? Let us start off with a basic definition of it. Financial Wellness is the process of taking control over your money, developing the skills you need to manage your financial responsibly. There is a strong connection between health and wealth. In America, many people are struggling with their money and are seriously in need of help. 78% of Americans live paycheck to paycheck. 39% are not able to cover a $400 emergency should one occur. 48% have less than $10,000 saved for retirement. It is easy to see how this can cause financial stress and unhealthy spirals.
Some people believe that Financial Wellness is a short term fix or a pay advance, an easy access to more debt or loans or an automatic program and payroll deduction.
All these notions are false. Financial Wellness, like exercise, is a constant process. Once a person learns these principles and processes, they will have to continue exercising their money muscles and keep themselves financially well. Just like exercise, if one lets up or stops, they will fall back to the state they were in before they started the journey.
The good news is that everyone can learn how to create Financial Wellness. There are four main parts to creating Financial Wellness. The first part is having control over the day-to-day finances. The second part is creating a cushion to handle most financial emergencies. The third part is getting out of debt and managing expenses without using a credit card. The last part is staying on track to meet retirement and saving goals.
A person will experience true Financial Wellness when they stick to a budget, have saved a full emergency fund, have eliminated debts and have planned for and is saving for retirement. It creates people that are happier and healthier, and this happens through hard work and dedication. I welcome you to join me in this journey to Financial Freedom.