Critical Steps To Achieving a Financial Turnaround

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How Do I Create a Financial Turnaround?

The First 2 Ways To Financial Turnaround

 

financial turnaround

 

1. Acceptance

There are actually three stages to acceptance in a financial turnaround. First of all, one must accept the realization that you cannot magically fix all of your financial problems overnight. It took time for you to get into the scarcity situation that you are currently in, and it will take time to repair it and to return to abundance.

Secondly, you must take stock of your financial situation. Know what your resources are and how liquid they are. Know what you income is and all your sources of income, your expenses (fixed and variable) and your long-term liabilities (mortgage).

Last of all, comes the stage of acknowledgement and acceptance about your feelings surrounding the financial situation that you are currently in. Think about how you react to even the simple things like getting a bill in the mail. When you have money it’s no big deal. You just check the balance and verify that the amount being charged is reasonable and then you stroke a check, or put down your credit card number. When you are struggling, it isn’t so simple, you need to figure out which of your credit cards you can charge it on and then decide how you will juggle your few dollars to manage to pay it off. Then the day arrives when you can’t pay them all off, and you have to make a decision on who is going to get paid and who is going to have to wait.

Acceptance can best be described as an admission to oneself that you have gotten yourself into a nasty situation, but by hook or by crook I am going to repair my credit by following a well laid out plan and remaining committed to   it.                                                                                                                                                                                          

2. Goals

This crucial step of a financial turnaround requires the establishment of goals or intentions for how you can begin the improvement of your financial situation. Very few people have the ability to plan going from total destruction to the beginning of total abundance. It is better to set smaller goals that are clearly defined and measurable.  Set monthly income goals in a very well lit conspicuous place where you are going to see them often. This will encourage you to work on them even at a subconscious level. Once they have been achieved, then they can be adjusted to reflect your new realities. Do not try to overcome all of your shortcomings in one set of targets. It is about setting the correct target so that it helps to produce the desired movement towards your big main goal.

 In the next post we will further investigate the following steps towards creating the perfect financial turnaround:

Plans

Commitment

Action

Wealth Consciousness                                                                    

                                                                             

Till Next Time….

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Sigrid McNab

Skype: sigrid.mcnab

Email: sigridmcnab@gmail.com

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About Sigrid McNab

Sigrid McNab is the author of #1 Amazon Best Seller, speaker and the CEO and Founder of sigridmcnab.com. Sigrid specializes in blogging, attraction marketing, and generating highly qualified leads. Sigrid teaches people how to build a successful online business.

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3 Responses to “Critical Steps To Achieving a Financial Turnaround”

  1. Damayanthi Says:

    Hi Sigrid,

    When we come to the world of ‘entrepreneurship’ sometimes we don’t want to accept certain things. I learn this the hard way, when my business was not going well and if some one asks the dreaded question – How’s business?
    My answer – going great…
    But really it wasn’t, I was in denial all the time which prevented me from taking action to get out of the situation.
    “Fake it till you make it” – doesn’t work.
    You are so right we have to accept the situation & know that there is no overnight solution.

    Thanks for sharing
    Damayanthi
    Damayanthi recently posted…How to Save Your Energy by Effectively Tackling Your Email Overload?My Profile

    [Reply]

    Reply

  2. Dagmar Wichary Says:

    Hi Sigrid,
    I was doing very well until a year ago,then it seems harder & harder, to turn things around.I know the plan I had made up did not work ,now I am starting over and with a little more knowlage I think I am on my way

    [Reply]

    sigrid Reply:

    That is great Dagmar. It is important to step back and reassess and set new goals.

    [Reply]

    Reply

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