How to Move Toward Proactive Money Solutions

Before the next economic crisis rears its head, it’s time to get proactive instead of reacting all the time. Our special guest to walk us through how, financial educator, Jonathan Thomas. He shares his money story and proactive solutions for building wealth.

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What’s the value of being proactive?

According to the Journal of Vocational Behavior, when people are proactive, they take the initiative to influence their environments and embrace personal agency. Hence, they are curious, confident and seek positive control. They make changes, take action, and avoid passive acceptance of their circumstances.

Being proactive can have many benefits, including:

having a sense of control over situations.
being prepared by thinking, formulating ideas, understanding alternatives, and acting ahead of time.
you can yield more successful outcomes
proactive people are less likely to be complacent.
it can also help reduce stress and improve overall well-being by allowing for flexibility.
proactive people make decisions in a mindful, well-informed way.
you can grow from experiences and be open enough to accept new challenges.

Here are five ways to become financially proactive:

Face Your Debt

Lots of people who are in debt don’t even realize the extent of their financial situation. Most ignore their statement balances, make the minimum payment, and move on. This type of behavior can cost you nearly half a million dollars in interest over a lifetime.

Get Insured

Reactive people aren’t insured or knowledgeable about the process. While it’s hard to grasp at first, having an end-of-term strategy can help your family cope with the costs. This means having insurance for your home, your car, your family, and more.

The sooner you do, the cheaper it will be.

Build an Emergency Fund

Most Americans don’t have a sizeable emergency fund to help them during hard times. Instead, there is a heavy reliance on credit cards as their emergency fund. In staunch opposition to financial security, household personal saving rates fell to less than 4%. Proactive people think ahead and prepare for whatever life might throw at them.

Even four new tires can run you $2,000, think it through and make it easier on yourself. Read why $5,000 saved isn’t enough and why having an emergency savings plan is better.

Don’t Neglect Maintenance

Much like having an emergency fund, paying for regular maintenance can go a long way to maintain your peace of mind. For example, getting an oil change on your car, cleaning out the gutters on your house, or keeping your assets in good general repair, are all maintenance tasks that need to be performed to avoid future financial ramifications.

Seek more Income Streams

With the instability of the job market and the economy in the past few years, building multiple streams of income for your household is now mandatory. On average, one source of income can’t cover your variable amount of expenses. Those who are proactive are betting on more financial security in the event that they lose their job, become ill, or even need to take time off.

More streams offer more opportunities.

Be Proactive and Follow the Financial Griot

The Financial Griot is a play on two words (Finance + Griot) that hold significance in closing the wealth gap while embracing our differences. We tell the stories that others don’t. Stories about growth, opportunity, and embracing changes. Beyond that, we talk about Finances. Specifically, how to become Financially literate, incorporate actionable steps, and ultimately build generational wealth.

Can you imagine being a Millionaire in 20 years or less? Yeah, it’s possible. 80% of millionaires are the first generation. That means they didn’t come from wealth. We teach you how. Join a community of subscribers who welcome a fresh take on money.

So there you have it, The Financial Griot, or TFG for short. The hosts were able to amass over $2 Million in wealth in about eight years and are on track to retire early. We will gladly share the secrets if you want them since the opportunity is abundant and Win-Win.

Connect with the TFG Crew Hosts on Instagram

Alainta Alcin – Blogger, Travel and Money Enthusiast @alainta_alcin
Lawrence Delva-Gonzalez, Financial Foodie and Educator @theneighborhoodfinanceguy
Lovely Merdelus – Entrepreneur and Small Business Growth Specialist @lovelymerdelus