Financial Wellness

“Why are we talking about money?”, that’s the first question that was asked during the webinar and it was very insightful to know that handling the finances wisely leads to overall success or growth in personal life. It was cited that talking about money should not be considered a negative condition but those stigmas must be eliminated and the topic of money should be brought in a positive light. Moreover, in personal finance, 80% is behavior and 20% head knowledge, meaning some people have understood the value of saving money but still forgot to put those skills into action. For that reason, some financial approaches were given in order to guide in better understanding of the financial situation of an individual. 

The first financial approach according to what was discussed in the webinar, is honestly assess your current financial state. With this, it is important to acknowledge the financial obligations of an individual to determine how much expenses, income, and current personal finances a person has and avoid exceeding those limitations. Second, is having a bias towards reaction, with this concept it is important to know where your money goes, have a plan as well as monitor your behaviors, and expect the unexpected. It is important to convert the information or theories into small steps and put it into action because if it is done wisely, then there’s a tendency to achieve much better financial decisions not just in the short term but also in the long run. Lastly, to know your clear why or reasons on why to save money. According to Dave Ramsey, he said that “A goal without a plan is just a dream”, which means that there will be no point or direction if all we do is just say empty words or just use the stock knowledge in our minds, we must prioritize to create strategic plans to meet our target goals. Hence, these approaches are just some of the concepts that were discussed during the webinar and this sums up why saving money is crucial in order to attain overall financial wellness in life.