4 Key Steps for a Financial Breakthrough

For most, a new year signifies a fresh start. It’s when many people look back on their past, take lessons from it, and set new goals. It’s when we create resolutions for the different areas of our lives. And this can vary from self-improvement, relationships, health, career, and more.

Many people are preparing to take action to reach their objectives, especially with their finances. So in this article, I’ll be sharing with you the 4 key steps to focus on doing to get a financial breakthrough this year. And my goal for you is that these will guide you in creating a plan and will help you achieve it.

Now, let’s start.

1. Learn how to grow your income.

The number one thing to focus on is growing your income because your finances are directly tied to it. Whether it’s for your emergency funds, your travels, day-to-day expenses, insurance plans, or long-term investments, your income determines how much you can save, spend, and invest.

Regardless of what your source of income is, may it be your salary as an employee, commissions from your projects, or profits from your business, this is something you need to focus on. And to help you get started, here are some guide questions you need to find out the answers to:

• For those employed:
  • Is there room for advancement in your current job or career?
  • What steps can you take to position yourself for promotions or salary increases?
  • What skills do you need to learn or what certifications do you need to take to reach the next level of your job?
• For self-employed or business owners:
  • Is there any untapped potential within your existing market?
  • How can networking with others help you discover new opportunities or business ventures?
  • What skills do you need to develop that will help you move forward in your business?

With this, you need to keep in mind that the answers here should be well-researched as it will identify the path you’ll have to take. And the best way to know how is to directly ask someone who’s already achieved what you’re trying to accomplish. It can be the superior of your superior, or maybe a fellow entrepreneur in the same line of business as yours. If you haven’t connected with these people, then the first thing you have to do is to build rapport with them.

If you’ll notice, this step is all about knowing how you can grow as a person. You should learn how to go out of your comfort zone and grow in different aspects of life. And your growth as an employee or as a business owner directly impacts your ability to increase your income.

With that said, let’s now go to the second item.

2. Identify what you want to spend on.

Yes, you’re reading it right. While this may be unusual for most, it’s one thing that a person should practice doing. Focusing on the budget, spending less, and trying to save as much as possible can only lead to frustration and make you feel like you’re being deprived. And we don’t want this to happen. Instead of focusing on the budget, you should identify what you want to spend more money on this year. And creating a spending plan is one way to go about it.

Find out what you need or want to do. Do you want to enroll in a fitness program to improve your health? Or maybe have weekly date nights with your spouse? Or maybe go out of town and travel with your kids? It can also mean buying a new type of air conditioner for your room or maybe a new electric kettle for your morning coffee. And it can also be increasing your donations to your chosen charity.

Whatever it is, keep in mind that a financial breakthrough doesn’t have to be all about budgeting and saving. A lot of meaningful experiences and fulfillment come from spending, and there’s nothing wrong with that. By realizing these things, let it serve as inspiration to grow yourself as a person to help you increase your income, even if it means going out of your comfort zone.

3. Figure out the things you’re ready to let go of.

As mentioned, a new year means another opportunity to start again. And in new beginnings, we’ll also find things that no longer serve us, unlike when we were younger. This can be anything like a physical object, or maybe a habit, or relationships, or even beliefs. It can also be your current career, a losing investment, or maybe your credit cards. It doesn’t need to be a bad thing at all. It’s just that now that we’re older and wiser, we've learned to let them go.

Maybe you’ve thought of something or someone. But before taking any action, ask yourself, “Am I really ready to let go of this?” If it’s an absolute yes, then it’s time to say goodbye to it. But if it’s not, then don’t force yourself to do so.

Last but not least, the biggest of them all.

4. Focus on what’s most important to you.

I include this to serve as a reminder of what really matters. There’s nothing more inspiring than the people or the things that are most significant to you. And knowing who or what they are and focusing on them as you work through this year is what will bring you your financial breakthrough.

To help you identify what this is or who they are, let me ask you this question: If this would be your last year on Earth, what do you want people to remember you by? The answer to this doesn’t need to be grand, like saving the world. It can just be making sure that you’ve provided for the needs of your family. Or maybe you teach the street children. Or you donated to the homeless. Or you may want to be remembered as someone who volunteered to help those who are in need. It can really be anything. You just need to find out what’s most important to you.

And now that we’ve covered these, I hope that these open up your mind and make you realize things from a different perspective. Financial breakthroughs are not just about money; it’s much more than that.

Spend time to do each of these and expect to realize new things about yourself. Create a plan of action following these steps. And make sure to remind yourself of this on a regular basis. Maintain your focus on your goals so that when this year ends, you can look back and say that it's been a year of financial breakthrough for you.