In the words of Guns and Roses, “Welcome to the Jungle” of personal finance management. This is a space where I promise to support you through your financial transformation. As a [now] financially savvy 50-something who navigated the rather white-water rapids journey of divorce and single parenthood in my 40s, I stand as a testament to the power of bouncebackability, resourcefulness, and determination to craft a life of happiness, wealth, and abundance. I mean, let’s be honest, life can be like a rollercoaster with all the ups and downs, but if there’s one thing you can take control of it’s your money. I’m here to share my knowledge with you, because if I can turn around my financial situation and bat that stupid debt into oblivion, so can you.
I extend this post as a warm embrace to you and hope to serve as a beacon of guidance and maybe put a little smile on your face along the way because as many of us already know, there are ALWAYS challenges but sometimes you just have to grasp on to something and weather the storm. My last life trauma saw me grasping on to my money, for dear life. Within these digital pages, I’ll share a treasure trove of insights and strategies which I’m hoping will empower you on your journey towards financial freedom and personal fulfillment. They say money can’t buy you happiness and I agree, but it sure can make you sleep better.
For over a decade, I’ve embarked on a trajectory of wealth accumulation that has transcended all my expectations, propelling me from debt-ridden to comfortable prosperity. And it’s still growing – it kind of blows my mind to be honest.
The essence of this journey lies in the profound realization that the path to riches is not paved with ostentatious displays of opulence, but rather rooted in the prudent management of the resources that are available to us (e.g. our income!) and a steadfast commitment to happiness itself. The change in mindset was an ‘aha’ moment and continues to serve me as my wealth snowballs along.
Let’s take a wee moment to imagine life without money worries. A life where you are in control of your money and have solid goals in place. A life where your money is working for you every day and helping you get closer and closer to your goals. It might be a down payment on a home, a huge vacation that you’ve had on your bucket list forever, or it may be to get out of the rat race and retire early and run a petting farm filled to the brim with rescued llamas and guinea pigs. Whatever your goals look like, being financially liberated is what is going to help you achieve them.
Now here’s a little secret, the cornerstone of your financial liberation lies in the simple yet profound principle of living beneath your means. Yup, by embracing a lifestyle characterized by living lightly and spending consciously, you pave the way for substantial savings and accelerated wealth accumulation.
Consider this: saving 50% of your take-home pay from an early age can culminate in early retirement by your late 30s, ushering in an era of unparalleled freedom and abundance. Now, like me, you may be way beyond that milestone. But what if you can save, 10%, 20%, 30% or more? Sounds like madness I know, but you CAN do it.
So how do you achieve such lofty savings goals? The answer lies in a radical departure from societal norms and consumerist impulses. STOP BLOOMING SPENDING and embrace minimalism over materialism, prioritize experiences over possessions, and cultivate a new mindset of contentment rooted in gratitude rather than fleeting indulgence. Bid adieu to debt emergencies, streamline your expenses, and revel in the liberating joy of simplicity. Oh, we have so far to travel together, I’m quite excited to get started.
No matter where you are in your financial journey, it’s never too early or too late to start, to change, to tweak, and to refocus.
There are lots of theories out there on how much you should have saved at different stages of your life so that you’ll be able to have a roof over your head in retirement. One theory that I found suggested the following:
Age Your Savings Should Equal:
Age 30: 1x your income
Age 40: 3x your income
Age 50: 5x your income
Age 60: 7x your income
Age 70: 9x your income
Age 80: 11x your income
Egad, I can tell you right now, that I fell far short of this mark, to the point of negative equity (i.e. I was in debt up to my eyeballs). But it’s okay, we have to start somewhere, and today is as good a day as any. I don’t believe there is any number that is right for any one person. We’re all coming from a different financial place, and that’s great, what’s important is that you move forward in a way that supports the present and future you.
So, as you embark on this transformative journey with me, remember that wealth is not merely a reflection of a life full of stuff, but a testament to a life well-lived. It’s time to invest in yourself both financially and emotionally and watch as the seeds of your focus blossom into a bountiful harvest of fulfilment and wealth. Cross my heart and hope to die, stick a needle in my eye (clearly I’m joking), there is nothing quite like the feeling of knowing you have enough to cover whatever catastrophe comes your way.
And when it comes to the practicalities of wealth management, don’t panic about the complexities of investment jargon or market fluctuations, we’re going to break it all down together. Choosing simplicity and diversification, channelling your savings into index funds, real estate ventures, and other avenues of passive income generation will set you up for success. As your portfolio burgeons and you become healthily wealthy (trying saying that fast ten times), you’ll be assured that financial security is not a distant mirage, but a tangible reality within your grasp. Feel free to stand up and do a quick dance to celebrate your future!
In closing, my new friend, I extend my heartfelt gratitude for embarking on this transformative path with me. Together, we will walk towards a future imbued with happiness, wealth, and abundance, where the true currency of prosperity lies not in material possessions, but in the richness of life’s experiences and the depth of our gratitude. Welcome to a journey where every step brings you closer to achieving financial freedom and personal fulfilment.
