Do you ever feel like your finances are controlling you? “The money” is one of the most common reasons that we stay in careers we don’t enjoy. This is especially true for healthcare professionals, who have high student loan burdens. But you don’t have to stay stuck in financial fear and scarcity.
In this episode, financial expert and pharmacist, Colleen Patel, discusses how to start building financial health so you can take control of your money.
You’ll learn:
- How to start moving from financial avoidance into financial awareness, especially when it all feels too intimidating.
- How to start building up a “future self fund” so you can take a career sabbatical without financial pressure.
- How to align your spending habits with your values.
If you are sick of feeling chained by the golden handcuffs and want to take control of your financial health, this is the episode for you.
Use the audio player above to listen, or tune in on Apple Podcasts or Spotify.
How to Take Control of Your Financial Health
Financial stress can be a significant burden on individuals and families, causing anxiety, tension, and even depression. Yet, many people still struggle with how to take control of their finances and achieve financial empowerment. This is where Colleen’s Prescription for Financial Health comes in. Colleen Patel, a pharmacist turned financial coach, has made it her life’s work to help people achieve financial stability, independence, and confidence.
Building a Strong Foundation
The key to financial success, according to Colleen, is building a strong foundation. This foundation includes having a plan for retirement and emergency funds, using credit cards properly, and not overspending beyond your means. By focusing on these fundamental principles, you can create a solid base upon which to build your financial future.
Financial Awareness
One of the most critical steps in taking control of your finances is becoming aware of your spending habits. Colleen recommends printing out bank statements and highlighting areas where you may be overspending. By rating your spending as A, B, or C level priorities, you can identify where you can cut back and save money. This process of financial awareness is essential as it helps you identify areas where you may be overspending, and it also helps you to be mindful of your financial goals.
Mindset Shift
Colleen believes that a mindset shift is necessary to achieve financial success. Instead of feeling restricted and deprived, she encourages her clients to spend money on what they love and be strategic with their debts. By creating a spending plan and a financial plan for your family, you can make choices and have the freedom to pivot in your career. This mindset shift is crucial as it helps you to be more intentional with your money and encourages you to make choices based on your values.
Financial Independence
Colleen is a proponent of the FIRE (Financial Independence Retire Early) movement, which emphasizes finding a pathway to financial independence and being able to retire early if desired. By having enough “FU money” (or savings), you can have the power to make choices that benefit your life and career. Financial independence provides you with the freedom to make choices that align with your values and interests, rather than feeling trapped by financial obligations.
Join the Community
If you’re ready to take control of your financial health, join Colleen’s Prescription for Financial Health Facebook group. This brave space for women to discuss money, learn about financial empowerment, and ask questions. Colleen provides free training and money challenges to help you take your financial health to the next level. Joining a community of like-minded individuals can provide you with the support, encouragement, and accountability you need to achieve your financial goals.
Don’t let financial stress hold you back any longer. With Colleen’s guidance and support, you can build a strong financial foundation, become financially aware, shift your mindset, achieve financial independence, and join a community of like-minded individuals on the path to financial health. Remember, financial empowerment is not just about the numbers; it’s about the freedom and peace of mind that come with taking control of your finances.
“Taking care of your financial health is an act of self-care.”
Colleen Patel
