Key 5 – Rinse and Repeat, Keep Going
Here we are at week 5. The final key to financial independence is to take the previous keys and rinse and repeat. Just keep going! The most common refrain I hear from investors is that they wish they had started earlier. Stay vigilant and monitor your success. In week one, you learned that you need to decide to be financially independent, week two you learned the key to stop living paycheck-to-paycheck and get out of debt, week three the key was to rightsize your lifestyle, and week four the key was to start amassing wealth for your future. Each of these keys takes time, patience, vigilance and determination.
This week’s key to financial independence can best be described as living the life you envisioned in week one. With that comes tenacity to stick to your decision to make the positive changes in your life that were covered over the previous four weeks. Here are a few additional keys to reach those goals:
- Visualize your success. If you need to, create an image board.
- Calendar your steps. Change cannot happen overnight, so calendar these goals. Mark a date by which you want to know your cash flow and start gathering the info you need. Do this for the additional steps in each of our keys.
- Talk finances with your partner and make sure they are on board. Your new ship is sailing, be sure that you are both along for the journey.
- Start small, and build. Remember, change on this level is a marathon, not a sprint. Einstein called compound interest the “eighth wonder of the world.” It truly is. If you start with $100, and invest $100 per month for 30 years ($36,100) and earn a market average of 7%, you’ll have over $114,000. That’s nearly $78,000 in growth.
- Celebrate your victories! Small, or big, remember to acknowledge your accomplishments and celebrate.
- Set reminders. Set monthly, quarterly, or annual reminders as needed. You need to keep your goals in mind and stay focused.
- Track your progress. It’s good to see actual achievements that you can point to.
- Get help. Seriously, get professional help. Hire a fee-only planner to help you. It will be time and money well spent.
- Keep going! If you fall off the horse, get back on.
As the saying goes, keep your eyes on the prize. Implementing these keys takes time, patience, and dedication but the results are well worth it. If you embrace these keys and implement them, you’ll be well on your way to your own financial independence!
As an independent Certified Financial Planner™, I can help stay on-track and meet those goals. Contact me and let’s celebrate your financial independence! #talktometuesday #Hireaplanner #income #cash #CFPPro #FinancialIndependence #FiveKeysToFinancialFreedom #CFPPro #goals