Journal Topic #9—Professional Wealth, Professional Health

Financial readiness is based on a 5-step process to building wealth. Answer the following
prompts to see how ready you are, or how to get started, so you can make wise money
decisions that will set the course for your future professional health and professional
wealth.
Step #1: Where am I today?
Currently, I have a small amount of savings that I do not spend so I have somewhat of a
safety net. I would like to save more, but I cannot work enough to save due to being a full
time student. I also have somewhat of a problematic credit card bill. I am often stressed
about my financial situation and worrying about it, which is not a nice feeling to always
have in the back of my mind.

Step #2: Where would I like to be?

I would like to be able to make enough income monthly so that I can set aside a chunk of
that income to put towards savings. I would also like to have zero credit card debt, and to
be able to have enough to contribute to my student loan payments as well. I would also
like to not be stressed about my financial situation. I would like to buy groceries and go out
for dinner and a drink on a Friday and Saturday and not worry about how much it is going
to affect my finances.

Step #3: Can I get there?

I can get there, because I will have more time to work and increase my income when I am
not a full time student. I am also capable of solving problems, and I am aware that I am not
where I would like to be, which is a good first step in my point of view. I can also get there
because I have done it before, so I know if I “recreate” those previous circumstances in
which my financial situation was better than I can achieve my current goals.

Step #4: How do I get there?

First, I will have to increase the amount of hours I work at my current job which will give
me more monthly income to achieve my goals. I will also begin searching for a new job to
acquire around the end of summer/fall, that will pay me more for my skill set. I will also be
kind to myself, and let myself know that while I am not where I want to be, I will be
eventually as long as I stick to my goals and take the necessary steps to get to the end
result of those goals.
Step #5: How can I stay on track?
I will stay on track by being honest with myself, and trying to not let myself pay for things
and worry about the outcome later. I need to grit my teeth and think honestly about if I
can truly afford to buy something, rather than just buying it in the moment and trying to
convince myself I can take care of that later. I can also implement a budget and payment
plan to achieve my goals of increasing my savings and paying off my credit card.

Think about each of these steps--your honest self-assessment will enable you to make better
decisions if you truly believe you can do it!