Finding Your Own Path to Financial Freedom
We have all heard the saying that “money makes the world go round”. And, we have also all heard the saying “money isn’t everything.” So, which one is it? The truth lies (as it often does) somewhere in the middle. We do need to understand financial matters to fulfill our dreams and desires, but we also need to know how to not let financial matters rule every ounce of our existence either personally or professionally.
Attaining financial freedom is an objective for most individuals, but how can we promote this important value in our own lives / organizations? Some of the best ways to create personal financial freedom are small, manageable nudges that help you to shift your mindset, build confidence, and take action. Here are a few to get you started:
Shift your horizonRather than seeing financial freedom as the end goal, try shifting your mindset to be more about the small steps that you can take to move towards those goals. Find someone to help you understand more about finances, set small, attainable goals together, and then increase them as you meet them.
Trust yourself, but not too muchThink about what systems you can put in place that aren’t intimidating and are ultimately things you know you will do. Maybe look for systems that help you without having to do much of anything—like cash back incentives, or set up your own automatic transfers or investments before you cash your paycheck.
Create opportunities for choiceThe sure ticket to financial failure is feeling like you don’t have any options. When setting up systems offer yourself alternatives, such as I will either put x amount of money into my savings each month or I will limit the amount of times I eat out for lunch. Instead of “forcing yourself” into behaviors, you’ll find that you’re nudging yourself into lifelong healthy habits.
Be honest about what you do and do not knowThen, be honest about what ways will work and not work for you to learn those missing pieces. We live in a time of infinite information. Sign up for a financial literacy newsletter, check out the many radio shows, podcasts or television shows dedicated to financial freedom. There are tons of tips and strategies available online.
Share your thoughts and knowledgeAs an employer, make sure you share with your employees the following three areas: understanding salary data, preparing for retirement, and informed financial behaviors. As an individual, tell others what has worked for you. We all have our own tips for finding financial freedom and we all have our own barriers to truly realizing it. Share either a tip that has worked for you or a habit you need help breaking.