JW's Financial Coaching Podcast Lesson #63-How to B.A.N.K More in One Four with guest Greg Pare
Highlights of today's show:
Greg Pare from Gregpare.com joins me on today's show to discuss how you can B.A.N.K More in One Four. Most people set resolutions and goals in the new year but fail to reach them. According to a ComPsych Magazine survey, 92% of people lose sleep over finances. Greg came up with this concept as a way to show people how they can actually plan to save more and achieve their desired result.
Before you can B.A.N.K More in One Four however, you must first know your Why, according to Greg. This is important because knowing your Why will allow you to reach your goal.
"If your Why is strong enough, you'll figure out How." ~ Greg Pare
Greg and I discuss the B.A.N.K concept and what each letter stands for.
B-Is for budget. The word "Budget" can be a scary word for a lot of people. If the thought of budgeting your whole income scares you, just budget for one thing. It can be as little as setting aside $50 a month to have $600 at the end of the year for Christmas. But the point is that you have to plan where your money is going before you can actually save the money.
A-Is for action. It is one thing to say what you are going to do; it is another thing to actually accomplish it. Greg and I share how to take action and Greg breaks down the five things you need to do to set goals.
N-Is for saying no. This is in saying no to yourself. This is the shortest answer but also the most difficult to do. It is hard to say No to yourself initially but once you get some positive momentum going and you see the long term results of saying no, your ability to continue to say no will grow stronger.
K-is for killing debt. Greg and I share the benefits of getting out of debt. You might not be able to pay off all your debt this year and that's OK. But make it a priority to pay off at least one debt this year. That way instead of paying interest you get to keep that money for yourself.
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