Step 92: Track you progress

Step 92 of the 100 steps mission to financial independence: Track your Progress
Step 92 of the 100 steps mission: Track your Progress

One of the most fun parts of setting goals is seeing yourself getting closer to it with each step that you take. By tracking your progress (and celebrating your victories – something we’ll look at in the next step), becoming financially independent isn’t just a fun end goal, it should can also become a fun journey.

Regardless of your financial goal, whether it is big or small and whether it is a goal for the distant or for the near future, keeping track of how you are doing isn’t just  stimulating and motivating. If you track your progress and keep your tracking somewhere easily accessible and visible, you are also reminded of your goals regularly, which in turn helps you stick to your goal.

Compare the following situations:

  • Situation 1: You decide you want to save $10,000 for a specific goal. The first few days or weeks you feel very motivated and eager to get the money together and you cut out some expenses so you can assign some extra money to your goal. Yet little by little with time you start forgetting about your goal, you stop cutting some of those expenses and within a few weeks you stop putting money aside all together.
  • Situation 2: You decide you want to save $10,000 for a specific goal. You get out a big piece of paper, at the top write: $10,000 for (insert your goal). You decide that for every $10 or $25 you’ll draw a dollar note. You stick the paper in your agenda, on the inside of your bathroom cabinet door or on the fridge. Every time you see the paper you are reminded of your goal and how much you have left to save, which motivates you to take another small step so you can contribute just a little more and draw another dollar note. The more you save, the more motivated you become as you keep seeing the number of dollar note pictures increasing on the paper.

See how different tracking your progress can be in order to actually progress even more and keep up your goal? Tracking isn’t just to see how much you have saved. You can also use this strategy to track how much you have paid off a specific debt. Continue reading

Step 84: Find a Mentor

Step 84 of the 100 steps mission to financial independence: find a mentor
Step 84 of the 100 steps mission: Find a Mentor

Once you get further down your mission to financial independence, finding yourself a good, trustworthy and inspirational mentor can be absolutely key to your success on this mission. Especially if your aspirations go beyond “getting more control over my finances” and if you have indeed set yourself the target to get somewhere between stages 4 and 8 of the 8 stages of financial independence, you might find that without a mentor it will often feel like treading water.

Note that a mentor is very different to a financial advisor: the latter you pay whereas the first one you don’t. An advisor is also more a person to give you practical advice whereas a mentor can be more inspirational, somebody who keeps you going even when the going gets rough.

The advantages of having a mentor

A mentor can help you in a myriad of ways, including some of the following: Continue reading