Gaining Financial Wellness


The key to gaining financial wellness is two-fold: getting out of debt and securing a financial future. What is financial wellness and how does it relate to one’s overall health and wellness? It is much more than being able to pay your monthly expenses and have a little left over or set aside for unforeseen challenges or your personal wants. Financial wellness is a state of being where you have access to products and services and are afforded choices and opportunities you may not have otherwise. It can help you achieve balance, happiness and a peace of mind in your personal and family life.

A 2015National Debt Relief survey of 1,107 adults with credit card debt revealed some interesting differences between the sexes. In the survey, the only major difference between genders was this: Younger and older women are more likely to carry credit card debt than men of the same age.

What are your steps for obtaining financial wellness? The norm or ideal way to get started is to ensure a solid foundation by graduating from high school, obtaining higher education, and starting a career that will yield long-term benefits. Most times, those benefits include things such as competitive wages; medical, dental, vision and life insurance; and paid leave and retirement. Now, this isn’t the only way to move toward financial wellness. There are those who have been just as fortunate and blessed to reach financial wellness via other avenues.

So, what if Plan A doesn’t work out for you? Along your journey to financial wellness, life happens, debt accumulates, and it seems you can never get ahead. Dave Ramsey, a personal money-management expert and national radio personality, designed Seven Baby Steps, a debt management process, to help people get out of debt. In the first step, the goal is to save $1,000 as fast as you can to start an emergency fund. Alternative revenue sources to help you save for this includes working an extra job or, better yet, working for yourself from the comfort of your own home.

Is there a passion or dream you’ve always had, but never pursued it or never thought you could fulfill it? Venture out a little and turn your passion or dream into your business. Your new business can serve as your Plan B, assuming you have very low start-up costs and competitive compensation. A simple way to get started is to begin to build your customer base. Create a list of 50–100 potential clients by:

1. Taking the “plan a wedding” approach. Reach out first to those people you would invite to your wedding. 2. Forming new alliances and reconnecting with old friends. 3. Creating a business social media presence where you can engage directly with your target audience.

Following these start-up tips will get you well on your way to creating a business that will last a lifetime.