We say we desire financial independence, but how serious are we really? Too many of us talk a good game, but our actions tell a different story. We proclaim that we wish to be wealthy but haven’t even created a simple budget, cracked open a single personal finance book, or even built the smallest of emergency funds.
Becoming financially fit is not a mystery. It’s often as simple as doing what others can but won’t. As Dave Ramsey explains, you have to decide to, “Live like no one else now, so later you can live like no one else.”
So you say you want to be wealthy, but are your actions matching your desires? Here are a few questions to ask yourself.
How many hours did you spend managing your money this past week?
We spend at least 44 hours each week commuting and working hard for our paychecks, but how many of us take even 30 minutes to sit down and create a budget or spending plan for our money? You work long hours to bring home the bacon. Take a few minutes and decide how to use it wisely.
What did you do this past week to invest in yourself?
The wealthy understand that the best investment you can make, is the investment in yourself. Knowledge is power and the source of all wealth creation. Yet, according to a HuffPost/YouGov poll, 42 percent of respondents had not read a single nonfiction book in the last year. Reading just one book a month in your area of expertise could catapult you to the top of your field. If you can find time to watch basketball, Scandal, or the Housewives of Atlanta, can’t you find the time to invest in you?
What new financial habit did you work on this past week?
We are the sum of our habits. If you want to become financially independent, commit to developing one new frugal money habit a month. The habit can be as simple as saving your change at the end of the day or implementing a “cooling off” period before you purchase any item you truly covet. At the end of one year of developing a new frugal money habit each month, you’ll have dramatically improved your financial picture.
What money holes have you plugged recently?
We all desire financial freedom but what actions are we taking to turn our desires into reality? Make the decision to plug one money hole each month. Switch to a low fee credit union. Shop around for lower car insurance or install a programmable thermostat to lower your utility bill. Plug your money holes month by month and soon you’ll be in charge of a financially fit ship.
Becoming financially independent is within the realm of possibility for all of us, but we have to commit to taking action.
BMWK, do your actions match your aspirations?