Episode 45: Financial Dream Walks
Financial Dream Walk
What do you want your life to look like in the near future?
Why do you want your life to look that way?
How soon do you want to make it happen?
Do you know anyone who is where you want to be?
- Famous or not, they have a track record on how they achieved their lifestyle.
- Ask them, read their book, blog etc., dig deep into their story
- Is it something you can replicate?
What can you do today to put you in position to get to your goals?
- First thing is to set Boundaries: having clear boundaries will allow you to say “No” to things easier because you know why you are saying “No” instead of not feeling like doing something.
- Second thing - look into your financial situation. Will spending the way you are get you to the next level? What additional financial education you need to take you to that next level?
- Third thing - Do not blame your up bringing for why you are the way you are. You are still breathing and have the ability to change your financial situation to something that you are happy with because of the choices you are making today.
- Fourth thing - Unlearn and relearn what you know about finances. You have to learn how you learn. Some people are afraid to do something because they don’t want to mess up. That is all brought on from school. You have to win in practice in order to win when it matters. So fail and fail often. Millionaires lose thousands to get to where they are today. Billionaires lose millions to get get to the next level. If you have little finances, you will lose time to get the next level.
- Final thing is share your goals and your passion of where you want to be. If you are looking for a job and you ask a friend,”Hey, I’m looking for a job. What you have available?”
Your friend is going to look at you side ways and ask you to be more specific or what do you want to do? Where do you want to go? do you want to work remote? etc.
Now if you come to that same friend and say Hey I’m looking for a job in photography and I want to work remotely, your friend can say a few things, but at least they can point you in the right direction so you can achieve your goal.
This is important for many reason. Sharing your goals allow you to build up cheerleaders and can guide you to the next challenge on your path to being where you want to be.
Accountability is your responsibility, so you can’t yell at someone for not waking you up or the alarm not going off when you wanted it to to reach your goal. You need to be an adult and take ownership of your actions. Yeah people will ask you “is that part of your goals?” - You can either say yes or no. It’s your life and if you are not true to yourself, how you expect to be truthful to someone else.
Easy actually.. Many of us would rather help someone else out than to help ourselves. I get it, but you gotta yourself first, put your goals out there for everyone to know what you are all about.
We just went through talking about your destination and a few things to think about.
Know where you are starting:
Take time to write out all of last month expenses and income on a calendar and see where your money money went.
Start tracking your expenses for this Month
Predict what you think you are going to spend Next Month
Pay yourself first.
Many people tithe faithfully. A tithe is paying 10% of your income, even bonuses, to the church. If you believe you are made in God’s image and you are paying him first. Then pay yourself 10% too.
If you cannot afford to pay yourself 10% then you need to either cut out something or start making more income. (there are plenty of jobs that you can do remotely, see link in show notes to get started today on making money on your own free time.
Live within your means
Your mortgage / rent should be 25% of your Take Home Pay. If it is not, which is usually the case, just take a moment and reflect on how to boost your income at your current job, can you seriously move to another part of the city to reach that 25%?
Questions to ask yourself:
Should you consider having a child right now while getting financial stable?
Should I really have a big wedding? Can I get married for under $100?
Do I need to stay in this relationship?
Should I get into a relationship with someone who is not good with their finances?
Do I move back in with my parents?
Do I move in with my kids?
Can I make dinner on my own with the food in the house?
Say No to outings even when you have funds in your savings/ emergency fund.
You have to learn to move the 0. This is a process in which you feel you are broke and will not jeopardize your financial future for a 1 day outing. so say you have $50 in the bank, you have $2000 in your emergency fund, and your monthly expenses are $1400. Technically you are still at $0.. so technically you don’t have funds to support a $60 outing. Maybe enough for a tank of gas. Some financial experts would say you are still broke because you do not have at least 3 to 6 months expenses saved up.
Always be learning
Tax laws change yearly. So it is imperative to learn the taxes as a W2 wage earner, a 1099, a solo-prenuer, and/or as a home owner, home investor, stock investor, and so on.
You must learn how to pay little to no taxes, Learn other financial strategies that fit your family needs and it is something you can share without losing. Just like I am with this podcast. I will continue to share with you and leverage other people’s knowledge to get
Listen to podcasts on road trips such as this one, Read financial news, Learn from your financial role models, read business and/or financial books or magazines, take a financial course Links in the show notes.
Talk to people, your parents, your friends, colleagues or whom ever about the financial lessons they’ve learned or are doing now that changed their lives.
Cherry pick your information and make a cherry pie. Enjoy the fruits of your labor!
I am not a CPA, attorney, insurance, contractor, lender, or financial advisor. The content in this audio are for educational purposes only. You must do your own research and make the best choice for you. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments. If you need advice, please contact a qualified CPA, CFP, an attorney, insurance agent, financial advisor, or the appropriate professional for the subject you would like help with. #financialdreamwalk #goalsetting #ATW45