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Ep. 131 – Cash Clarity: How Do You Actually Create Financial Security in 2024
In 2024, creating financial security means more than just saving for a rainy day. In this episode, reevaluate our strategies and embrace a more dynamic mindset for building wealth. So, here we go!
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How Do You Actually Create Financial Security in 2024
This is the Your Money Your Life podcast, Cash Clarity Edition, where you get a micro money tip so you can get the money when in five minutes or less. I’m your host, Aimee Cerka.
After over 10 years in the personal finance industry, and multiple personal financial and medical crisis, I was fed up with the lies that are being shouted from the rooftops, by the Gurus and the media. So now I make money simple so that you have the confidence that you need to, to handle the money thing without sacrificing your lifestyle.
If you’re a female entrepreneur who wants to make more money and are ready to eliminate fear, stress, struggle, frustration and guilt, from your finances, in all the areas that they affect. You’re in the right place. Welcome. I’m so glad you’re here.
Last week, we talked about why you needed to stop saving for a rainy day, or maybe it was two weeks ago. But there was a lot of feedback on that video. So today, I want to talk about what you actually should be doing to create that financial security, because there’s three main ways that you should do it in 2024. So here we go.
If we haven’t met yet, my name is Aimee Cerka. I’m your go to any confidence coach for making money simple with straight to the point strategies all so that you can make more money in less time.
Why Stop Saving for a Rainy Day?
So how do you create financial security in 2024? Right, because we do need something. A lot of the comments that I got on that other video, I’ll link to it, if you haven’t checked it out, was that this seems irresponsible.
And like, Well, yeah, that really summed it up was a lot of people said like, it feels irresponsible to say that. So the first thing, though, is like why would that feel you’re responsible? Because this is what we’ve been told to do. Right?
Adapting to a Changing World: Rethinking Financial Expectations
We have to save money, we have to put it away. But we’re not acknowledging how the world’s changing. So that information that we were told, probably came from your parents, right?
So is the world that we’re growing up in now or growing up in the world that we’re living in? Now? Is it the same as it was when you’re saying that? No, things are totally different? We talk all the time, even about like our phones, and, you know, having the calculator and the internet like at our fingertips?
I mean, I’m sure you’ve seen the memes and the gifs that talk about like the math teacher that said that you wouldn’t have a calculator in your pocket like now you do all those things, right? So why would it be any different?
Creating Financial Security in 2024: The Three Key Categories
When it comes to our money, we have to adjust our expectations and what we’re working towards. Okay, so again, what the heck do we do, Aimee? There’s three areas, or three different categories that we create financial security, in between these three categories, you should have three, six, I mean, no better than that. That’s great.
I always say start, like, aim for having three months worth of financial security in these three categories, and then work towards six if you got six, great, but ideally, like you’ll keep growing it, it just looks different. And 2024.
Liquid Assets: Quick Access to Cash
Okay, so what are they? What are the categories? The first category that we have is liquid assets. So yes, we need to have cash on hand, if something happened tomorrow, you lost all of your income, you need to have liquid assets available to take care of your expenses.
Now knowing what your financial security number is, and how much you should have. Those are all things that you have to calculate and look at the numbers don’t just ballpark it. Okay? liquid assets.
Marketable Assets: Balancing Growth and Accessibility
So money and savings accounts, having cash on hand, those things are liquid you can get to them to borrow. If you need it. Then your next category should get liquid assets. We have marketed assets, these are things that, you know, stuff hits the fan tomorrow, 30 days, down the road, you’ve had time to liquidate these, these assets, they’re available to you. But they’re stored maybe a little more securely, maybe they’re invested. All of those things.
This can be like mutual funds, 401k, stocks, cash value in a life insurance, IRAs, CDs, kind of work annuity, those things, those are all marketed assets, so you can get to the money if you need to, but they’re off doing their own thing. They’re growing as an investment. It’s marketed all those things.
Long Term Assets: Preparing for Worst-Case Scenarios
The third and final one is long term assets. So these are things that aren’t as liquid it would take longer to be able to sell them to cash them out. This can be jewelry that you have that you will be willing to part with.
This could be extra vehicles, businesses, real estate, there were some vehicles, those things that will take longer to liquidate. But in like worst case scenario, everything melts down you still have that money available. So between those three categories, that’s what we use to create our financial security.
Now inside the financial security calculator, and inside Money Mastery Academy, I give you the breakdown of like what you need to have where within what category at a minimum, you can always have more, but what should you be aiming for that first level that you should hit to create financial security and feel confident about it in 2024? Right.
That’s what I’ve got for today, we wanted to talk about like what actually makes sense in 2024 and so that was such a hot video a couple of weeks ago. I want to hear from you. Let me know in the comments below, what was the biggest like aha moment for you from this video.
Unlocking the Power of Liquid Assets: A Pro Tip
And that first level, that liquid assets, I’ve got one major tip that is going to make all the difference for you. I’m making your savings account actually worked for you. And we’ll talk about it next week. So make sure to subscribe, follow like up or whatever you need to do, depending on the platform we’re at so that you don’t miss it. And that’s what I’ve got for now. We’ll see you next time.
This episode originally aired on YouTube, but don’t worry, all the resources and support options mentioned are hanging out in the show notes for you. And of course, if you have any questions, please reach out to me @aimeecerka on Instagram and that link is below as well.
