Make your dreams more reachable
- Pick three levels of financial dreams that matter to you most.
These levels are financial security, financial vitality, financial independence, financial freedom, and absolute financial freedom. Once you’ve picked the three levels, build on each one successively. Your income and life stage should greatly influence your choice. You need a target close enough that you feel certain of achieving it in the near future.
- Determine the amount required for each level.
Find out what each level means to you. For most people, 65% of their expenses are their mortgage/rent, food, utilities, transportation, and basic healthcare. So, financial security to them means not having to worry about these expenditures for the rest of their lives — without working. All you need to know is the annual income you’ll need to achieve your dream.
- Invest for the future.
Once you’ve determined how much your dream costs, invest a portion of your income that will yield a return equal to, or more than, that amount in the future. Automate your investment contributions to keep you disciplined and consistent.
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