If you’re seeking spiritual direction on how to attract financial abundance with manifestation techniques, affirmations to repeat, crystals to display, or meditations to perform, this is not the article you’re looking for.
If it’s practical, real-world advice to achieve a more constant flow of funds, then read on.
What is financial abundance?
Definitions vary depending on who you’re talking to, but it’s generally accepted that financial abundance means feeling like you have enough and having gratitude accordingly. Are you surprised to learn that it’s not about having a lot of money? Well, you’re not alone.
Financial abundance is more like a state of mind, with a balance between knowing how much is enough, having enough, and being satisfied with what you have. For you, maybe financial abundance has meant simply the ability to make ends meet without worry; maybe it now means having more than enough money to live a dream life.
Whatever it is for you personally, the long and short of it is that your needs are being met and you are content... not afraid, boastful, or striving for more. Contentment is key.
What can you do to encourage your financial abundance?
It is our humble opinion, that although mantras and feng shui tips will certainly not hurt, they alone will not generate wealth and create financial abundance. So what can you do to achieve financial security and comfort?
To begin, know that you don’t have to guess or go it alone. A PAX investment advisor can support you in changing money habits while living more responsibly within your means, all while potentially accruing more through well-informed investing. Here are five ways to begin attracting financial abundance into your life:
1. Track your spending for a month
Pinpoint where your money goes, and where you could be wasting money. Make a note of all your expenditures for one month, every tank of gas, every Target run, every Dunkin’ latte. After a month, determine whether there are any areas where you can cut back or categories that surprise you. Often you don’t realize how significantly the little things factor into the grand scheme of your finances.
For example, just two $5 coffees each week will cost you over $500 in a year. Where could that extra $500 annually be set aside, possibly accruing more money to retire in Texas or whatever dream destination you have at heart? On that note, check out the world’s best places to retire in 2022. You might be surprised.
Conversely, small changes can have a big impact. Cancel the streaming service you haven’t used in six months, make your lattes at home, and commit to making one trip to Target each month instead of three. You could save hundreds or thousands of dollars a year.
2. Work with a Texas financial advisor to create a plan that works for you
After you’ve tracked your expenses, it should be pretty easy to use that data, along with your income info, to create a monthly budget and stick to it. Having a budget will allow you quickly and easily to identify bad spending habits and lousy financial decisions and to remedy them.
Your Texas financial advisor can also help you manage debt and make smart investments, all of which will aid on your financial abundance journey.
3. Spend less than you earn
Yes, it may sound simple, but how can you know what’s being spent when so many purchases are now automated and connected to multiple devices? There are a few great reasons for spending less than you earn, the first and most important being that if your expenses exceed your income, you can’t save anything.
In addition, if you’re spending more than you have, you’re likely incurring interest costs, which means you’ll have even less money next month. It’s a vicious cycle to escape if your goal is financial abundance.
Lastly, spend less by choosing what'll bring you lasting joy. Couple this with getting rid of expenses destroying your budget, and you’re well on your way to financial abundance and inner peace.
4. Pay off your credit card balances each month
While we’re on the subject of interest, let’s talk about how to use credit cards without paying interest. Yes, it can be done! And it’s pretty simple: Don’t charge more than you can afford to pay back - in full - each month.
As long as you pay the full statement balance each month by the due date, you won’t pay any interest. Paying less than the full balance, or only making the minimum payments, will exponentially increase the amount of interest you’ll pay over time.
5. Create an emergency fund
Set aside at least three to six months’ worth of living expenses to serve as a helpful cushion to fall back on when emergencies arise. This will not only provide you with a sense of financial security but also keep you from having to rely on high-interest credit cards in a pinch. It’s a double bonus if you can stash these funds in a high-interest savings account.
Almost as important as establishing an emergency fund is knowing what constitutes an emergency. Don’t dip into this money to pay for a vacation. It’s there for real emergencies, like to cover unexpected medical bills or if you lose your job.
REMOVE THE STRESS OF MODERN FINANCIAL PLANNING. WORK WITH A PAX FINANCIAL ADVISOR WHO IS TEXAS RETIREMENT-FOCUSED. SEE WHAT WE DO TO GET STARTED.
Other activities to create your own financial abundance
- Save and plan for retirement with an employer-sponsored 401k or IRA, or open your own IRA account with a brokerage firm. It’s one thing to achieve financial peace of mind when you’re working, but to maintain it for a lifetime you need to prepare now to provide for yourself during your retirement years.
- Make sure you have adequate life insurance coverage, especially if you have children or other dependents, to protect yourself and your loved ones from financial hardship if something were to happen to you.
- Understand, respect money, and be aware/intentional about how you spend it. This might mean keeping track of all your expenditures, taking more time to comparison shop (or begin to shop around for smaller items). Try implementing a waiting period for any unnecessary purchases over a certain dollar amount, to ensure it’s worth the expense.
- Have an abundant mindset. Yes, we did say that repeating “I have more than enough money,” 10 times before bed tonight is not going to ensure that you do have more than enough money tomorrow morning. Being mindful when it comes to money can help you get there.
Make conscious financial choices, have a positive attitude about money, exercise self-control concerning spending, and feel grateful for what you do have rather than always wishing for more. Financial abundance will come only when you truly value your current status and escape the never-ending cycle of needing/wanting more.
How PAX Financial Group Can Help
With the support of a financial advisor Texas-based, you can attract financial abundance into your life with confidence and gratitude. As fiduciaries in San Antonio, our Texas financial advisors are legally required to continue putting our clients’ interests first. For more on what this looks like or how we can help, contact us for genuine guidance.
This material is provided by PAX Financial Group, LLC. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. The information herein has been derived from sources believed to be accurate. Please note: Investing involves risk, and past performance is no guarantee of future results. Investments will fluctuate and when redeemed may be worth more or less than when originally invested. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All market indices discussed are unmanaged and are not illustrative of any particular investment. Indices do not incur management fees, costs and expenses, and cannot be invested into directly. All economic and performance data is historical and not indicative of future results.