New Year Resolutions…getting yourself financially fit
2023 is here and when new year’s come around, we often hear about New Year’s resolutions, so I decided to do some googling and according to a survey conducted by Statista.com, the top 5 for 2023 are:
- Exercise more
- Eat healthier
- Lose weight
- Save more money
- Spend more time with family/friends
I find new year’s resolutions interesting for a number of reasons but a common, recurring question I have is why wait to the new year to kick off something that may have a positive impact on your life? Start today, build momentum, stay focused and you are on the path to success. It may not be easy but as a wise mentor of mine once said “nothing worth having comes easy”.
Whenever we meet with a prospective client one of the first things, we ask them to consider is their goals over the short/ medium and longer term. We then ask them to visualise their goals and articulate why they are important to them. This is an important exercise in the “lets get moving towards making a positive change. It also provides us with a baseline to worth with.
The most common goals we hear from our clients are to have more time, more money, and a desire to give back, or to put it another way, have more control over their lives- which all could be made possible with improving financial fitness.
Why is it important to be financially fit? This is similar to trying to run a marathon when you’re struggling to remember the time when you ran 5km. If you not financially fit, how can you expect to achieve financial freedom?
When it comes to financial fitness, at a minimum we suggest:
- Having an understanding your household numbers (money in and money out).
- Being discipline with your spending whilst still enjoying your life- setting a “fun” budget can help
- Setting meaningful goals and implementing a plan to achieve them that is reviewed regularly
- Have contingencies in place in case something unforeseen happens (such as a health issue)
- Working with specialists or coaches who have the time, experience, education, and processes to fast track you to success and help you avoid making mistakes
We assist our clients every day to achieve financial freedom and we do this by helping them to own their homes sooner and building wealth through property.
So why is this important? Owning your home sooner than the standard 30 years is important because a mortgage generally occupies more than half of the household budget and think about all of your hard earned money that goes in interest payments to the bank. Imagine what your budget (and life) could look like without it?
Building wealth is also important because not only does it help you to own your home sooner, but it can provide you with less reliance on your job and give you the freedom to live life more on your terms.
Finally, whilst its great to have resolutions and goals, they do not mean a whole lot unless they are backed up with action so I would like to encourage you to start your journey to financial fitness now and wish you every success.
