Almost everyone wants to be financially independent, just like almost everyone wants to be fit. But a gym membership doesn’t make you an athlete, and a savings account doesn’t make you a millionaire. If you want to reach the top, you need to build your ‘money muscle.’ Here are 13 ‘exercise tips’ to make you stronger.
Is financial independence important to you? Is it important enough that you will work for it and wait for it? Resolve to grow your money muscle, whatever it takes.
Build your money muscle
Every sporty kid dreams of competing in the Olympics. But having an end goal is rarely enough to see you through. The ones who make it have progressive targets and they work forward step by step. Map out your plan to financial freedom.
If you live paycheque to paycheque, make your first goal to build a buffer. This is your safety net. With a good safety net, you will be able to weather any financial storms that come your way, and then keep moving toward your goal.
If you were earning $10 less per week than you are, would you survive? What about $20? $50? Most of us would quickly adapt to the reduced income. So why not reduce your own income? Commit those $10, $20, or $50 to savings as a matter of course.
Don’t wait for the New Year, your next pay rise, or flying pigs. Start now!
Resolve to grow your money muscle
Don’t spend tomorrow’s money. Avoid all high-interest debt such as credit-card debt and quick-cash loans. Your money is yours. Use what you have now, and protect your future.
A huge amount of money is spent on trying to keep up with what’s ‘in.’ If you can have the humility to miss out now, you’ll be the one laughing at the end of the day.
Just because you are living below your means doesn’t mean you can’t increase your means. Build your career, your income, or your business. As your means grows you can increase your savings and your spending allowance at the same time.
Your money is yours
Invest whatever you can. Look after your safety net and expenses, but don’t leave extra money just lying around. Make it work for you! Invest in assets that generate income.
Sporadic investors can strike it lucky, but investment over time leads to more reliable returns. Be consistent in investing and reap the rewards.
Spread your investments, and spread your income sources. This reduces your vulnerability to the unknown future.
Commitment pays off!
Some days are harder than others. Roll with the punches and stay on your feet. Commitment pays off!
13 Money Coach
The best athletes depend on a coach or trainer to challenge them, keep them on track, and help them progress. If you are serious about building your money muscle, talk to our expert team today.