- Track your net worth regularly to understand your financial standing and make informed decisions.
- Know your credit score to improve access to capital and financial opportunities.
- Research incorporation and open a business bank account to explore self-employment and entrepreneurship.
- Get a bookkeeper and check your finances daily to manage your money effectively.
- Make “Money Church” a weekly ritual to review your financial statements, set goals, and boost your money mindset.
Rachel Rodgers, a self-made millionaire, has designed a million-dollar system to help you achieve financial freedom and take charge of your money. Her book, “We Should All Be Millionaires,” challenges common misconceptions about money and empowers readers to overcome fear and shame related to their finances. Let’s delve into Rodgers’ five-step plan to building wealth and transforming your financial future.
Step 1: Track Your Net Worth
Understanding your net worth (assets minus liabilities) is crucial for wealth-building. Consistently tracking it provides insights into how your financial decisions impact your overall wealth. Beyond budgeting, this step allows you to make informed choices, driving you closer to financial prosperity.
Step 2: Know Your Credit Score
Your credit score holds significant importance in accessing financial opportunities. A good credit score opens doors for credit cards, loans, rentals, and more. Monitoring your credit through free reports and credit monitoring accounts is essential for making better financial choices.
Step 3: Research Incorporation and Open a Business Bank Account
Considering self-employment or entrepreneurship? Researching business incorporation and finding the right business fit will set you on the path to success. Start a side-hustle for additional income streams and open a business bank account to nurture your business’s growth.
Step 4: Get a Bookkeeper and Check Your Finances Daily
Develop a habit of reviewing your bank accounts and transactions daily. This practice helps detect potential issues and provides clear insights into your spending and earnings. Utilize budgeting apps and bookkeeping software for effective money management. If needed, seek professional help for small business finance management.
Step 5: Go to ‘Money Church’ Every Week
“Money Church” is your dedicated time each week to sit down with your finances. Analyze your financial statements, spot patterns, and challenge limiting beliefs. Reinforce positive affirmations about your money skills and set future financial goals during this sacred session.
Mastering your money matters is a journey worth embarking on. Rachel Rodgers’ million-dollar system equips you with the knowledge and mindset needed to navigate the financial world. As you become proficient in money management, you gain freedom, flexibility, and boundless possibilities for your life.