Have you ever had the experience as a child where an uncle gave you money for your birthday, but just after he handed you the cash, your dad came and took it away?
We are trained from a young age to set aside money; this is probably a good thing because it prevents us from overspending on Cadbury chocolates.
Money is just a tool, a medium of exchange. But, if we buy things today that we don’t need, one day we may have to sell the things we do need to stay afloat. Therefore, it is critical to set aside money today, because it might just save us tomorrow.
There is a purpose for the money that we earn, whether we realize it or not. It is very important to clearly define and create a strategy to meet these purposes by linking our money habits to our life goals.
One such life goal is building financial resilience. Sometimes, we are faced with an unexpected financial hit in our lives; there is a medical emergency, or we may face a loss of income. Planning in advance for such a rainy-day helps us build the confidence to deal with any setbacks we may face financially with dignity and security.
Another life goal is achieving financial independence. Being financially independent means not having to depend on anyone else to look after us financially – it means not having to depend on a paycheck to live the life you choose.
We will discuss these life goals and many more over the coming months and I am excited to welcome you to our newbsite!