When it comes to your financial situation, be aspirational. In other words, set ambitious goals for yourself and focus on achieving them. You cannot wish something into existence. It takes planning and commitment.
1. Write it down, break it down
Write your goals down on paper so you can see them. Break down each large goal into smaller pieces and try to quantify it and give it a timeline. For example, if your goal it to have $1,000 in your emergency fund, write it down on paper and establish a timeline: “$1,000 emergency fund in 6 months.” From there, state how you will do it. For example: “I will save $166 a month by reducing expenses and/or by putting $40 each week into my savings account.” Rinse and repeat! If your goal is to save $10,000 or $100,000 – write it down and record what steps you need to take to hit your aspirational target. Your focus over time will lead to success and you will build momentum that will carry forward into other parts of your life.
2. Invest in yourself
You are your most important asset. Regardless of any help or support you might receive from others, no one is more responsible for yourself than you! To the extent we have the freedom to make choices, the decisions we make put us on a trajectory that can lead down many paths. Prioritize learning. Become great at something you might be good at today. Learn a new skill.
Education has long been referred to as the great equalizer. I am a big proponent of investing in yourself through education. However, I would argue that technology and information are increasingly the great equalizers. A wealth of information and resources are available online, on everything from budgeting to starting your own business. You can go to the FDIC’s website and click on the “Money Smart” link to access online coursework that includes 14 modules on financial topics. You can go to the Consumer Financial Protection Bureau’s (CFPB) website and under “Consumer Education” find a range of lending topics. A number of online budget tools and resources are available, as well.
3. Practice selfcare
Mental health has been front and center as we all navigate a post-Covid world that is full of acrimony, natural disasters, war and the threat of more war, ecological and environmental changes, etc. You may be tempted to live your best life now, egged on by influencers and others on social media showing you how remarkable their lives are. You might be tempted to spend your way toward achieving a piece of that dream, aided by more credit and debt. At some point, we realize things don’t bring any sort of lasting happiness. However, helping others if both rewarding and fulfilling – the irony that helping others is one of the best ways to feel good about ourselves! The best things in life are free – taking a walk outside and reflecting on the things you are grateful for is a balm for your mind and soul. Find ways to be helpful and supportive of others and watch your feeling of value and self-worth grow while you grow your community.
4. Find a mentor and mentor others
Years ago, I heard the saying, you cannot soar with eagles, if you’re hanging with the pigeons. It’s not my intent to disparage those we currently surround ourselves with. However, one way to start on the path toward long-term success is to look at people who have achieved what you want to have. Look at people you admire and those you’d like to pattern yourself after. Try to find out what steps they took to get where they are. Then, try to model their behaviors. At the same time, you may have to find the will and fortitude to identify those people who may be clouding your vision, giving you negative feedback, and perhaps limiting your potential. Choose your friends and associates wisely, and spend time with people who build you up, not those who drag you down. If you do not have a mentor, seek one out and ask them for guidance. When you can, try to provide mentorship to others, which will in turn strengthen your own interpersonal and leadership skills.
5. Be humble!
I believe the higher one goes in one’s career, or the higher one’s status is in an organization, the humbler they should be. Humility signals to others that you don’t think you know everything and that you are interested in what they are saying and in their point of view. It lays a good foundation for diverse thought and innovative perspectives. Humility means being able to admit fault. Humility allows you to learn from mistakes. It removes the fear or ego when you need to ask for help. It allows you to check pride at the door. It allows you to set a great example for others and to influence others more effectively. Humility should not be confused with weakness or self-doubt. On the contrary, it is a strength that will serve you very well over time.