To Be financially free - Go on a vacation
It’s December 2021 already. A new year coming up.
How have you done this year in terms of your financial health?
Are you on your way to being financially free?
Financial freedom is achievable when you decide to take
ownership of your finances.
You must have a dependable cash flow to allow you to
live the way you want.
You are worry-free about bills, sudden expenses repaying debts.
You are working towards planning a long-term situation by actively saving and investing for rainy days and a happy retirement.
You must be wondering how going on a vacation will help in
all the above goals?
Well doing what relaxes you will help you understand what is important.
With a refreshed and rejuvenated mindset,
you can begin to do the following:
1. Write down why you really want money?
Is it to get rid of debt?
Is it to be able to quit your 9 to 5 job?
Is it for travel to your dream destination?
Is it for education and wedding expenses for your kids?
Is it for a comfortable retirement?
Every item above can be quantified. Once that is done all you need is to work towards the goals.
My suggestion as a professional is to first set the goals. The path will be easier to determine. Knowing what you want exactly makes achieving financial freedom easier.
2. Pay yourself first:
Instead of using what’s left out of your paycheque after bills and expenses, make it a point to pay yourself a fixed amount every month. You deserve it.
Obviously, the amount has to be aligned with your earnings and fixed costs such as rent, insurance, taxes.
Determine an amount, start with a small one, every month
earmarked for you.
The remaining amount you can use to pay your bills.
This has a dual effect. You have money to invest in yourself or otherwise. You feel secure. Your expenses reduce as you will have removed money out. Either that or you will figure outside hustles to pay for the extra spending. It’s a total win-win.
3. Spend less:
It is really ok. Spending unnecessarily is induced and has
become a trend.
Buy what you really need or want. Just splurging for fun or showing off is totally useless. Smart people always spend less. Invest more.
Buy what makes you feel alive and positive.
Things that make your life easier.
Experiences that build memories with your loved ones.
Lesser stuff means lesser debt.
It also helps in reducing time wasted on organizing and keeping a million things you bought.
Less debt. More time. These both lead to more money automatically.
That’s why I suggest - Take that vacation you want. Build memories with your friends and families. Relax. Reset your mindset. That way it will be easier for you to start thinking clearly about your financial future.
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