If you’ve read and implemented all of the previous 9 Parts to Financial Independence: first of all WELL DONE and congratulations on making it this far! If you have stuck with me on this journey, it shows you’ve got the right motivation and determination to achieve your financial dreams! If you’ve still got a few parts pending, or have skipped some, go back and revisit them over the next few days and don’t miss the opportunity to start your journey to become financially independent!
In this very last part of the 10 Parts to Financial Independence, we’re going to round off with some pro-tips to take your Financial Independence to the next level, by making sure you keep your mission to become financially independent at the forefront of your planning for the next year.
Part 10: Aim for Financial Excellence
As said above, if you’ve gone through and have implemented all of the previous 9 parts, you’ve already beaten the odds and shown real determination. The difficult question is: how are you going to keep that up over the next weeks, months, indeed years in order to keep building your wealth, creating more financial stability and becoming financially independent?
Firstly, consider getting a coach or mentor: somebody who can inspire and motivate you and keeps you committed to your goal. A coach can push you to stay accountable, share their experience, help you with specific goal setting and give you feedback on your journey, progress and targets. A good coach might cost a bit of money but they can offer you a lot more in return long-term.
Another way to keep working on your personal finance skills is to make it ta habit to play the “What If…” game, so you keep reminding yourself of the importance of improving your financial situation. In the “What If” game you ask yourself how you would financially be able to deal with some specific adverse scenarios: What if your income suddenly went down by 50%? What if you lost your job next month? What if you lost all of your savings? What if your partner couldn’t work anymore? It pushes you to have an emergency plan available and to build up savings and other income streams.
Lastly I’d like to advocate for two ways to spread the love and involve others to help them benefit from your increased financial awareness and financial situation. Firstly, if you have any children, grandchildren, nieces or nephews, consider passing on your knowledge in an age-appropriate way to them. I am sure there have been moments when you thought: “If only I had known about this when I was younger!”. Maybe nobody taught you, but you can still teach others and help them become more financially literate from a young age. This can be through games, stories, at-home-savings plans and many other ways!
Secondly, if you’re not already, start supporting a charity. Find one today that does work that you believe in and would like to support, be that in the field of health and health care, animal welfare and conservation, human and civil rights, environmental initiatives, arts and culture or social and community projects. You can make contributions from as little as $10 a year. That might not sound like a lot to you, but if that’s all you can miss at this moment, it is a lot more than nothing. With time when your finances improve, make it a habit to also increase your contributions. Even if you start small, you’ll end up making bigger contribution over time.
Make some time available today to sit down and implement the above suggestions, to ensure you stay on track on your journey to financial independence!
The above is an adaptation of part 10 of the 10 parts in the guidebook to Financial Independence: 100 Steps to Financial Independence: The Definitive Roadmap to Achieving Your Financial Dreams where you can find more details as well as action plans and guidelines to each of the 10 parts. Available in both ebook and paperback format!