Understanding and managing personal finances is critical for achieving long-term goals, mitigating risks and seizing opportunities for growth. When people actively engage in their financial planning, they're prepared for the future. Natalie Kime Consulting is dedicated to empowering individuals and families to achieve financial independence.
Natalie Kime says the importance of taking responsibility for one's financial and investment decisions has never been more critical. Natalie emphasizes that no one else will manage your finances for you. The task of digging into one's financial details and keeping track of expenses can seem daunting, but it's essential for achieving financial freedom and independence.
“Over the past two years, hyperinflation has made it more vital than ever to maintain a budget and review it regularly. This practice ensures that individuals can adjust to higher costs and rising expenses without draining their savings or relying on credit cards, which can lead to long-term financial problems,” explains Natalie. “By staying on top of their budget, people can make necessary adjustments to avoid financial pitfalls and continue saving for the future.”
For those unsure where to start, Natalie advises getting a solid financial education. It's crucial for a financial professional to educate clients about overall financial principles and how specific recommendations align with their values and goals. Without this understanding, individuals risk mismanaging their hard-earned money and financial plans. Creating an extensive budget that tracks all income and expenses is another critical step. For those needing guidance, working with a financial professional can be invaluable. Natalie believes meeting with a financial professional to discuss short-term, mid-term, and long-term goals is also essential. This discussion helps identify existing financial assets and any gaps that need addressing. While not all gaps can be immediately filled, having a plan to follow is crucial for long-term success.
“The impact of inflation and rising interest rates has necessitated changes in many people’s financial plans,” says Natalie.
Natalie observes that many individuals are now prioritizing expenses more carefully to make ends meet. The reliance on credit cards and consumer debt has increased as emergency savings have dwindled. There has also been a noticeable reduction in large purchases, with many clients delaying home buying, vehicle purchases, and travel. Natalie has also seen an increase in people starting their own businesses or taking on second jobs to boost income and create more financial freedom.
When exploring financial and investment options, Natalie suggests five key points:
1. Financial help doesn’t have to be expensive. Natalie Kime Consulting is free, and no investment minimums are required.
2. Building wealth doesn’t require a large initial investment. Starting early with a small amount can lead to significant savings and retirement funds.
3. Knowing the numbers and sticking to a budget is crucial.
4. Dream big. Visualize the ideal future and find opportunities to make those dreams a reality with proper financial education and a customized plan.
5. Work with a trustworthy financial professional, who is committed to building a relationship and regularly communicating. If your financial professional is unresponsive, it’s time to find someone who will prioritize your needs.
Ultimately, the ability to build wealth is accessible to anyone willing to learn, plan and take action, regardless of their background. Natalie believes that "it’s not about where you start but where you want to go." With the right guidance and mindset, anyone can achieve financial independence and create a legacy of wealth for future generations.
Tune in to Natalie’s podcast, "Nickles and Dimes: Finding Financial Freedom," aimed at providing listeners with insights and strategies for managing their finances effectively.
Natalie Kime's Recommended Steps For Financial Empowerment:
- Educate Yourself: Gain a solid financial understanding.
- Budget Wisely: Develop a comprehensive budget plan.
- Consult a Professional: Discuss short-term, mid-term and long-term goals with a financial advisor.