Financial freedom is the end goal but why do you want it?
Last week we talked about FIRE. I know many of you read and follow these posts because financial freedom is your end goal.
Let’s talk about the many ways you can get there. And yes, sorry financial freedom seekers, there’s some sacrifice and hardship along the way.
When I coach writing students I always begin with this question… Why do you want to write a book? Each person’s answer is unique to them. We all have different reasons and motives for wanting to do something.
So, take a few minutes and think about why you want to achieve financial freedom?
I’ll give you an example of mine. I want to eventually take my work on the road so I can travel and work from just about anywhere. I know flying and staying in hotels isn’t something I want to do because it would cost too much money and I’d miss seeing lots of places I want to check out. I came up with the idea to travel via motor home. Not one of those rock stars on tour type buses but a used smaller one to save even more money. So when I achieve the goal of owning that, another hurdle will be having enough money coming in and being able to step away from being online whenever I want. I hope one day to be writing a post here at BSG and tell you that I’m in some place beautiful like Glacier National Park and share photos with you.
That’s my why and the next thing is to figure out what I need to do to make this goal happen.
I’m gradually switching my business to things that will run automatically. In November, I’ll be quitting teaching, and next year will switch to self paced classes that students can sign up for without me posting lessons every week. I’m also creating digital products that hopefully will become passive income I’m also watching what I spend. I’ve always been a person who thinks about a purchase for a week or more before I hand over my money, and these days, it’s sometimes months before I say yes or no to a purchase. If I didn’t have my why and the end goal of financial freedom, I probably would buy stuff I later regretted. That’s the sacrifice part of getting there. And yes, the hardship is working more hours, sometimes on weekends, giving up things I enjoy to get the self paced classes written and recorded, and all the products made.
However, in the back of my mind, I know it’s work now, enjoy that motor home and travel later.
So decide on why, what you want from your financial freedom and how you’re going to get there. Are you going to work harder, maybe set up a side business as well as work at your day job? Even pass on buying a new car when a used one will do. (Think of the money you’ll save, not only with the actual purchase but the insurance and road tax too).
One thing I also tell my new students is write your why down on paper and look at it every day. It’s sometimes having that why stare you back in the face that helps you get through the hardship and sacrifice and the days where you just want to quit the journey to financial freedom.