It’s Time for a Financial Check-In! Are You on Track?
Don't worry; if you aren't, here are 5 actionable steps to help you put your finances in order!
No matter how fantastic or challenging last year was financially, this is your reset button.
As the first quarter of 2025 ends, now is the perfect time to reposition yourself for financial success.
This guide will provide you with practical steps to set yourself up for financial success for the rest of the year and beyond.
To intentionally change the trajectory of your finances, here are 5 things you can do:
1. Know Where You Are
Before setting any financial goals, get clear on your financial position by assessing:
Your Net Worth: I have talked about net worth a lot on my YouTube channel. This is your assets (investments, properties, pensions) minus liabilities (loans, credit card debt, unpaid purchases).
A negative net worth signals the need for a financial shift; it means you’re spending beyond your means.
Your Income & Expenses: Track how much you earn versus spend. The wider the gap in favor of income, the better your financial positioning.
The wider the gap between your income and expenses, the better positioned you are to grow your net worth.
2. Set Your Financial Goals
Where do you want to be financially? Think of short-term and long-term goals:
Where do you want to be?
Do you want to buy a property?
Do you want to further your education?
What lifestyle do you envision for yourself and your family?
Assign a monetary value to each goal—context matters. And setting clear goals ensures you stay aligned with reality.
3. Create an Action Plan
Having goals isn’t enough; you need a strategy.
Ask yourself:
What do I need to do this quarter to achieve my goals?
Should I increase my income streams?
What financial habits should I adopt?
Educate yourself on personal finance. My YouTube channel has a wealth of content on saving, investing, and financial growth—start there!
4. Create Systems That Work for You
Good intentions fade without structure. Set up automated systems to manage your money effectively:
I have created a video on different methods of savings that aligns with your personality.
Here's a quick sample of a structure:
Utility Account: Covers recurring bills.
Investment Account: Automatically receives a portion of your income.
Salary Account: For bulk transactions and discretionary spending.
Giving Account: For charity and donations.
A system like this prevents second-guessing and helps you stay consistent.
Want to create a system like this? Apart from subscribing to my YouTube channel, you can join my club, where I share investment opportunities and help you get set up. It’s called The Money Wit Club. It's presently closed, but you can join the waitlist.
5. Adjust Your Mindset
Myth: "I need a lot of money to invest."
Reality: If you can’t invest $10,000 wisely, you won’t handle $1,000,000 any better. Start small, but start!
Kill this mindset and take action. Another thing to let go of? Your fear of the stock market. If you think stocks are too risky, remember that all investments—real estate, agriculture, even savings—come with risks.
In an upcoming letter in this series, I’ll share some of my best and worst investments. If you’re interested, drop a comment below!
Key Takeaways:
Step 1: Know Where You Are
Step 2: Set Your Financial Goals
Step 3: Create an Action Plan
Step 4: Build Systems That Work for You
Step 5: Adjust Your Mindset
Your financial health is just as important as your social and mental health. Stay intentional!
I hope you found today’s letter valuable. Have any questions? Ask in the comments.
Take a screenshot of your favorite part, post it on your stories, and tag me @oleroladele!
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