In honor of July 4th, my great country’s Independence Day, I’ve been trying to figure out how to apply that to finances. Then I thought of it – Financial Independence.
You’ve probably heard people say it (and maybe even said it yourself) – “I need to be financially independent (or independently wealthy) in order to do ___________ (fill in the blank)”.
It’s fine to have financial independence as a goal, but as with any goal, you need to have a plan if you’re serious about achieving it. This is the perfect time for you to sit down and really think about how you want your future to look. Does it include traveling all around the country and even the world? Does it include a big house and fancy cars? Or is the size of your bank account what matters to you? Does it mean sending your kids to the best schools available in the country? Owning a vacation home or two? All of the above?
How ever you picture your perfect life, it is important that you have plenty of money so that you can follow your dreams. That is sometimes easier said than done. How do we get from here to there?
First, it’s vitally important to be doing something for a living that you love. I mean, really LOVE. It makes life so much easier when the way you earn your money makes your heart sing.
Next, take a close look at your finances. Decide if all your current expenses are really necessary. Ask yourself – does this expense make me happy? Will it help me to achieve my goals? Is this really something I want to be spending my money on? If you answer no to any of these questions, cut that expense out. Now I know you’ll likely say no when you examine taxes, let’s say, but there’s not much you can do about that!
Once you have an overall picture of your future, take a piece of that picture and break it down into little parts. This makes working toward your goals more manageable.
For example, if driving a Corvette is part of your dream life, first determine how much they cost. With that information, you can look at your monthly savings and determine how much of it to allocate to buying your new ‘Vette. Then you can figure out how long it will take until you are behind the wheel of your brand new car!
Finally, now that you’ve decided on an idea of what you want your future to look like, set about getting yourself there. Keep these goals in the front of your mind each day. In order to do that, consider building a vision board. Cut out pictures and phrases from magazines that remind you of your goals and paste them on a board that you keep in plain sight. Make it into something fun!
In the Corvette example, I’d certainly cut out a picture of the Corvette I have my eye on. I’d also find a large logo, and maybe even a picture of the steering wheel to add to my poster. Then I’d add pictures of the kind of house I want, places I want to visit, and so on.
Really get into your visualization of your dream life. Wait expectantly for it to come to fruition. This doesn’t mean to sit around and wait for it to show up. This means that you’re working toward your goals in a logical manner and you expect that you’re following the right path that will lead you to your dream life.
What is most important is that you commit to your goals and always work toward them. If you decide in the future that you need to tweak your goals, that’s no big deal – tweak away! There is no shame in realizing that you actually don’t want that goal after all. Feel free to make a complete 180 degree turn and go for a goal that is totally different.
As long as you work toward what you think will make you happy, you’re doing the right thing.
I recently found a great blog. The woman who writes it is passionate about cheering you on toward your goals, whatever they may be. If you need a pick-me-up, or just to feel like someone is on your side, cheering you forward, check out the blog: www.dailypeptalks.wordpress.com. You will be happy that you did!
I wish you success on your road to your own financial independence. I am happy that you have chosen me to help you along the way.
I’m proud to be an American! Happy 4th of July!
Fun fact for today – In 2011, the US imported a total of $232.5 million of fireworks – that’s a lot of fodder for great celebrations! (Source: https://www.census.gov/newsroom/releases/archives/facts_for_features_special_editions/cb12-ff12.html)