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  • Writer's pictureReal Finance

5 powerful confidence-building exercises for financial independence

Updated: Sep 2, 2022

Are you someone who struggles with an overall sense of confidence around finances and wealth creation?

If that voice in your head piped up saying 'yes', you’re not alone! A recent Financial Wellbeing study by ANZ found, that on average, one third of Australian’s lack general financial wellbeing.

ANZ measure financial wellbeing through four components. They're:

1. Meeting everyday commitments

2. Feeling comfortable

3. Financial resilience

4. Feeling secure for the future

Australians strive to achieve wealth creation. Though, when you lack confidence surrounding wealth and financial abundance, it’s easy to jeopardise any sort of financial related goals for yourself.

As much as we’d love to tell you that you can establish confidence overnight, the truth is that’s not always the case. Thus, in this article, we’re going to explore the five powerful confidence-building exercises for financial independence.

The five exercises are:

1. Know your why

2. Knowledge is power

3. Assemble a like-minded network of financially independent people

4. Acknowledge self-limiting beliefs around wealth creation

5. Develop wealth management techniques

Know your why

As basic as this exercise sounds it’s probably the most important one. Knowing your ‘why’ sets the foundation for understanding the purpose behind what you want to achieve. Therefore, allowing you to get specific on the strategies that can help you get there.

Is your ‘why’ so that you can provide for your loved ones? Or is it so that you can build and sustain a level of wealth to lead a better quality of life?

Once you become clear on this, you can follow the next exercises.

Knowledge is power

Financial literacy is key! It allows us to make informed money related decisions.

In a recent article we explored financial literacy. Some factors that comprise knowledge around financial literacy include:

- knowing how to budget

- understanding taxes

- credit management

- debt

- investing

- creating income

Financial literacy allows us to make informed money related decisions
Financial literacy allows us to make informed money related decisions

There are several ways to improve your financial literacy. This can help you develop a greater relationship with money and improve your overall sense of wealth management. Strategies for improving financial literacy include:

1. understanding the basics of budgeting

2. listening to finance related podcasts

3. reading personal finance and self-development collateral

4. engaging with free financial resources

5. talking with experts

Assemble a like-minded network of people

When building any sort of financial wealth, it’s important to surround yourself with people and professionals who can support you on your journey to wealth creation.

When you begin your journey it’s not uncommon to feel insecure around talking about money. Despite this, it’s important to talk about money. More so, with people who can provide a judgement free space for you to express your situation.

Communicating with a network of people can help you become more educated on financial related topics. Additionally, it could help you hold accountability for your actions.

Acknowledge self-limiting beliefs around wealth creation

When developing a financial abundance mindset, it’s not uncommon to have to face limiting beliefs that you may hold. This includes beliefs that may have been created from past financial mistakes or from earlier stages of life.

Beliefs are rooted within the subconscious mind. Though, you can still change them. It takes time and strenuous abundance exercises, but it can be achieved. Once you understand these beliefs you can start to reverse them to establish a neutral relationship with money.

To learn more about creating a more positive money mindset, we recommend reading an earlier article of ours here. We explore addressing self-limiting beliefs in greater detail.

Develop wealth management techniques

There are various wealth management techniques that you can implement in your everyday finances to help you build confidence with money.

Some basic wealth management techniques that you can look at include:

1. Setting yourself SMART goals

2. Budgeting

3. Looking at ways of diversifying your income

4. Managing your debt

For more information

If you’re looking at ways to improve your financial situation, we’d be more than happy to assist you. REIF are comprised of a national team of finance and wealth creation experts who are helping everyday Aussies invest their wealth into cash-flow positive real estate investments.

Download our free guide for more expert tips about Building Wealth Through Property.

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