Get Your Money $hit Together Day 14 Activity
Secure Your Assets
Securing your assets is one of the key elements of getting your money $hit together. No matter how hard you work, if your money and assets can “leak” once you acquire them, you will be working much harder to have the same standard of living. In this module, you spend a little time seeking out any leaks or potential risks to your income and assets so you can put in place the necessary strategies to stop the leaks and to begin watching your financial basis grow steadily. I am so excited for you that you made it this far. Let’s get to plugging those holes.
Risk to your assets and income can show up in many forms. Some of the more common include the following. Be sure to consider where else your assets and income may be at risk.
Accidents Theft Bad contracts
Deception Litigation Divorce
Bankruptcy/Debt Loss of job Shifts in the economy/market
Injury/Illness Death of co-owner Disagreement/falling out of partnerships
Now let’s take a look at the assets and income section from your net worth worksheet.
- What assets do you own that could potentially be at risk? What are some of these risks?
- Where do you have steady income that could be at risk?
- Where are you “leaking” money (subscriptions, poor habits, undetected theft, etc.)?
Income and Asset Protection Plan
List your assets from the worksheet. How might they be at risk? How much is at risk? What will you do to mitigate (or reduce) this risk?
|Asset||Amount at Risk||Risk Mitigation Strategy|
Some ways to minimize risk include adopting insurance for your primary assets and for your income, hiring attorneys for legal paperwork, getting everything in writing, diversify your asset and income sources, technology, backups, and securing your assets inside safe investments…see more on this in module 25: Protect Your Castle and Livelihood.
SET YOUR ENVIRONMENT FOR SUCCESS
Prepare your space so you will not be interrupted. Use your favorite scents, sounds, and temperature so you will feel supported by your environment. Set a timer and write for an amount of time that feels good to you. I usually choose 27 minutes because I love that number. Don’t feel compelled to answer everything in that time. Just write. You can set the timer as many times as you need to finish. At any time you feel tired or like you do not want to keep writing, take a break for now. Decide when you will return to writing, and keep that small promise to yourself when that time comes. That’s it. You are ready to complete this activity. Enjoy!!
Sometimes when you begin to imagine your dream life, you may find some blocks coming up that limit you from believing what you want is possible. For now, allow yourself to dream. Don’t worry about “how.” Funding your dream starts with opening to all possibility before we judge any options. Pretend that anything you can imagine is possible, and go all in imaging all the ways you could fund your dream. If you find you need support in this, reach out and our team will help direct you to the best support for your needs we know.
When working through this lesson, you may wish to have a bit more on the subject.
I recommend chapter 12 of my book “The Money Shot” called “Diversify your income” for a longer read on this topic.
If you are looking for the specific strategies for increasing income, check out “The Money Makeover” a simple read with lots of value.
You may also check out Robert Allen’s book “Multiple Streams of Income” for even more.
For more support using the worksheets provided, you can check out the tutorial in our library. https://askprofessorg.com/library/
To see some of the principles I follow for financial guidance, read
Tips for ways to complete this exercise
- Solo—doing this alone and with plenty of space is preferred, at least in the first round. Spending time with yourself can offer you some deep insight into what you want when there is no one else to please with your choices. I recommend doing this solo as a first pass, and then getting into some activities you enjoy with people you love and see what else comes up for you that you didn’t think of before. Maybe you discover you love roller blading and want to live where there is a place to go near you home. That would be a great wealth component to add.
- Partnered—once you have given this some thought by yourself, you may wish to engage someone to share your vision with. For some, the vision is too delicate to share, and that is okay. Share it with your mirror. There is value in sharing what you want out loud and receiving support from those who listen. Be sure to set the stage for success, however. Choose someone who will support your vision and dreams, and not someone who will judge you or try to insert their idea of your dream. This is a listening exercise…and just maybe you can dive in together and do a bit of crazy dreaming together if you want to expand your ideas a bit.
- Group—again, after some personal reflection, it can be powerful to bring your vision before a small group and receive love and support for what it is you are creating. Doing this exercise with a group holds the power to create collective energy for your dream life. Keep in mind, as with partners, it is critical that all members of the group are there to support only. This is your vision. Allowing a group to expand your ideas is awesome. Letting a group tell you what is best for you is not. Hold to your own feelings and decision about your dream as you step deeper into your wealthy life. You’ve got this!!!
Remember to come share you insights, wins, questions, and breakthrough on Instagram and tag us @thegypsyprofessor using #moneychallenge so we can find you.