Critical Steps To A Financial Turnaround Part 2

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How Do I Create a Financial Turnaround?

More  Ways To Financial Turnaround

 In the first part of this series on how to effect a financial turnaround, we looked at the first step of acceptance and the importance that it plays in the process. Once you have accepted that you have a problem that needs to be solved, it is critical that you also recognize the cost that the problem brings with it, not just financially but emotionally and in some cases to one’s health. A financial turnaround is so much more than just a return to having some folding money in your pocket, it is a whole attitude and an undeniable burst of confidence.

The next step was to set goals, and the need to focus on short-term reachable goals as opposed to big, far reaching and all encompassing goals. It is wise to choose goals that are more immediate and that will have a profound impact on your psyche and on your pocket book, rather than reaching for some nebulous hard to attain goal that you can’t connect to your current situation.

3. Planning Your Financial Turnaround

financial turnaroundPlanning is a key step that should not be taken lightly. It is, after all, going to be your roadmap through your financial turnaround, and your success will only be as good as the route that you intend to take. Don’t rush the planning process. Give yourself some time to allow your goals and intentions to set into your brain, and all sorts of possible solutions will begin to show themselves to you. You will end up with a better set of plans if you give yourself and your mind time to digest the goals that you have set.

The human mind is a wonderful thing ,and once you have given it a goal that you want it to steer you to, it will become very innovative on how you might accomplish this. Don’t be critical of your thoughts, and don’t toss out any ideas that are frivolous at this stage. Gather them all in and then sort through them until you are convinced and sure that you have the best possible plan for your unique situation before you proceed.

When you review your finances, you will see fairly quickly what you can realistically do to bring about a financial turnaround. In a very few cases, the solution is easy and simply requires a reduction in lavish spending. Most times, this is not true, and costs have already been cut to the bone and beyond. The only hope is to look for ways to bolster your income. It may be possible to work some extra shifts,or to do some freelance or contract work to increase income over a short period of time. Caution must be exercised here though, and becoming unduly tired due to lack of sleep and overwork won’t be beneficial.

There are other innovative ways that you can produce cash in the short term, such as holding garage sales, or selling some of the toys that you really don’t all that much, snowmobiles, ski boats and fifth wheels. However, that can only go so far and take care of very limited amounts of debt. If your debt is really significant and it is long term, then bankruptcy protection may be the only option left that makes viable sense. This should always be viewed as a last line of defence after all other efforts have failed. However, it should be considered an option, especially when it isn’t realistic to cut costs and increase incomes enough to make a meaningful reduction in overall debt. Bankruptcy is a financial tool designed to minimize the impact of long term debt that is no longer serviceable. Bankruptcy protection is designed to save you from being permanently scarred throughout your life.

Till Next Time….

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Sigrid McNab

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About Sigrid McNab

Sigrid McNab is the author of #1 Amazon Best Seller, speaker and the CEO and Founder of 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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