3 Tips to Fuel Your Financially Fabulous Fire
By Lisa Elle
If you are setting financial goals without knowing the WHY behind it, don’t! What most people do is set random goals along these lines, “I want to have $1,000,000 by age 65!”
I can’t begin to tell you how many clients say this to me and then how many clients don’t follow through, give up, or get frustrated with their financial situation and create the opposite of what they want for themselves.
Okay, yes, it is super possible, totally doable and super easy to save a million when you start saving at a younger age, however there is no FIRE behind words just tossed out into thin air. And why a million? Is it just some marketing scheme we’ve been trained to aspire to from some old school retirement commercial?
There is no passion, no emotion, no energy behind random financial goals or copying your neighbours financial goals. To make your goals meaningful, accomplishable, and the ability to stick by them over the years, you need to know the reasons why you want to hit that specific target. What’s the WHY behind your financial goals?
Let’s face it. Most of us don’t even think about retirement. We are just trying to get through till tomorrow, so thinking about something like retirement feels like this illusive dream or something so far down that road that we have plenty of time to think about it later, and then we put it on the back burner.
This is why I recommend setting short term financial goals for something you really want in your life that you can accomplish in the next six to twenty-four months. To do this, we need to start putting our efforts into what really matters to us and setting short term goals and accomplishing them – this is what really keeps your fire going. Here are the 3 steps you need to know to put some sizzle back into your money!
#1 FIGURE OUR YOUR HOT SIZZLE!
Most people don’t ever get to the point in their lives where they have made the decision to have a fire or a deep burning desire to just go out and accomplish their goals or even have the guts to dream big in the first place. The problem is most of us are trying to use our fuel on so many different ideas or we try this or that and we aren’t actually focused on one fire, rather we haphazardly throw our fuel around, wasting it, without focus.
If you find yourself spinning your financial wheels, then you haven’t given enough thought or energy to discerning what it is that you are actually trying to accomplish in life, which spills over into your financial affairs. Take a journal and write out what is most important to you. Knowing your WHY really is the most important first step to allowing money to flow freely to your dreams.
#2 REMEMBER, IT’S NOT ABOUT THE FUEL, IT’S ABOUT THE FIRE!
The fuel you use for your fire doesn’t matter as much as the heat it produces. Type of fuel is not important. If you build a fire, your goal is usually to have heat, or to cook something, or to burn something. Don’t get caught up in the type of fuel that you use to get the fire going.
Same goes for your financial picture. Some people get so caught up in what type of financial account they need or what to invest in, or if this type of insurance is better than that type of insurance. Just do something already! Procrastination and worry over what type of plan is perfect can kill your financial planning. Good intentions do nothing for you. Yes, do your due diligence, but also go with your gut feeling when it comes to deciding if a plan, type of an account, or investment is good for you.
Take the action necessary to get there. How you get there is not as important as taking the step to do something. Providence will move with you when you get clear on what you want!
#3 FEEL THE BURN BABY!
When you aren’t taking action in your financial life, you’re staying small, playing small. You are like stuff that hasn’t caught fire yet. Add some heat to your life.
How do you catch your financial self on fire? Easy! Take action. Book that date with your awesome financial advisor, or start an automatic savings plan for the specific money goals you’ve set. I’ve met with hundreds of families and individuals over the years, and what makes me sad, frustrated and so passionate is that most people don’t know what they want from their money, or from life. This is my fire and my reason for doing what I’m doing.
Remember this – the fire, passion, dreams, goals are never really about the money. Making the money is a by-product of having those plans in place so money has a place to flow to. So, why not put the sizzle back into your money?