If creating wealth was easy to do, we would all be very wealthy. If you are looking for ways to get ahead, look at your daily routine to find hints and ways to do things differently. Set your goals accordingly.
Here is an example: I was joking with a friend that “project cruise” was coming up, and in a perfect world, I would like to lose six pounds before I go. She happens to be very analytical and broke it down in about five minutes. You have approximately six weeks to go – cut out 500 calories a day by eating less or exercising more. That equates to 3,500 calories a week. 3,500 calories in a week equals one pound. In six weeks you will be at your goal weight. Easy to say, but hard to do.
Translate this to your wealth situation. Take five minutes every day to think about what you could do differently in your financial life and do it. Small changes can lead to big results. I get that the illustration is hokey, but having a plan that you can stick to, execute, write down and visualize, will put the odds of achieving success in your favour.
Here are few other things to consider:
- Identify a definition of exactly what financial independence means to you – it has to be your goals so you can get excited about it
- Create a realistic picture of your current financial situation
- A realistic idea as to what you'll have to give up to achieve success
- A realistic assessment of the obstacles in your path
- A series of goals that will help you sustain the goal and keep moving forward.
I’ll keep you posted on if I actually end up practicing what I preached.
CTV's Chief Financial Commentator Pattie Lovett-Reid offers a financial tip of the day during the month of February for Your Money Month.