Freedom looks different to all of us and can be defined based on what you value most. When we consider our finances, what life plans must be made and executed to make sure we reach our personal level of success holistically? Here’s more insight into a few ways to create true luxury in your life.
Define what financial freedom means to you
We all have varying obligations and responsibilities that most times don’t come with a cheap price tag. Family, children, aging parents, and unexpected costs can occur at the drop of a dime – throwing many of us off track financially. This results in our financial recovery timeframe being so much longer than anticipated, causing finance goals to take a back seat. What are the things that matter most to you? Make it personal and take time to write down a list of things you’d like to have incorporated into your life. Think beyond taking vacations twice a year or frequenting a favorite clothing store. Would you like to be completely debt free? How much money would you like to have at your disposal at any time? Do you desire having your home cleaned professionally on a bi-weekly basis? Consider what brings you ease in your day-to-day decisions. Don’t concern yourself about listing them in order; just purge all your desires – big or small. Identify your ‘why’.
Narrow your focus
Once you’ve created your list, it’s time to choose between one and three goals to narrow your focus. It’s unrealistic to focus on investing, saving and potentially starting (or maintaining) a business all at once if you are starting out on your financial journey. Some of these habits take a few years to master. Avoid creating doubt that can result in little to no progression – leaving you discouraged. Start small, see your goals through and build your momentum.
Put a price on your sacrifices
Advertising and marketing that we regularly consume tells us we’re able to acquire anything we want without consequence or much sacrifice. This is truly a false, dangerous narrative that ends up with too much credit card usage and stress. Draw a line in the sand and start pinpointing small, yet effective ways to get a step closer to your personal goal of financial freedom. This could be making your coffee at home versus stopping by a coffee shop; or opting to cook in a few nights versus going out to eat. Remember, these decisions may seem laborious but they’re very temporary. Any change feels heavy until it becomes a part of your natural routine. Give yourself grace and watch your life transform.