What do you want? Like … really? What do you really want?
I was recently asked to speak on the topic of Financial Independence to a group of women re-entering the workforce, and it got me thinking. What does one say about this topic? It is such a personal thing and everyone has their own idea of what this looks like. But nevertheless, the question of ‘What do you want’ is a brilliant starting question for those who are willing to explore the concept of the notion of financial independence.
So here goes…..is it luxurious mansions, oversized super-yachts, gleaming red sports cars, and first class champagne travel staying in exquisite 6 star hotels?
Or does that all sound far-fetched and cliché?
The real question should be - WHAT DOES YOUR SOUL WANT?
You see, this is a question I’ve asked many people, and I mean literally hundreds and hundreds of women over a period of 10years.
I rarely get a clear reply.
And particularly when it comes to finance, most seem to have an ethereal notion of what Financial Independence is. Very few are super crystal clear on what it is that they really want, and how much money it takes to achieve this.
So let me ask you ….
How are you currently feeling about your financial position?
What would be the first word that springs to mind which best describes that feeling?
And it’s not just the word that describes what you think…. it’s deeper than that. I’m looking for that deep down gut reaction, that intuitive feeeeeling you get when you think about money. Is that synonymous with a sense of freedom?
Over the years, I’ve been greeted with more words like uncertain, desperate, struggling, not so good, treading water and going backwards, than I’ve had cut lunches. So if you fall in this category, don’t worry, you are definitely not alone. And if you did come up with something different, that’s fantastic.
By getting clear on what you want, you are able to start exploring your choices and taking the steps to achieve it.
So take some time to critically think about what it is that YOU want. What it is that really makes your heart sing. Take some ‘you’ time, head to a park or the beach, give yourself time to ponder what it is that you are doing, and what it is that you really want.
Once you start to build some clarity around this, then you are in a position to start looking at what you can do, from a financial viewpoint, to bring this into alignment. And there are so many opportunities to bring these dreams to life.
The problem often is, we cannot see them, because we are not clear on what it is we are looking for. What tends to happen then is we get bedazzled by distractions that ultimately serve only to keep us disconnected from what we truly want.
We all yearn to lead a life that fulfils us at the core. Choice is where the magic lives. And clarity is the precursor to that. What is it that you want?
To find out how to take your desire and move it to practical actionable steps to financially create what you want, check out MEMBERSHIP
Written by Deanne Carter
Your life right now is a story! And you my friend are the amazing author. You get to write the pages of how you realllly want to live your life.
If you are looking for something more substantial around your money then please DO read on. But this does come with a warning. I’m about to call a fairy wand a fairy wand ( or as some would say it ‘call a spade a spade’)!
So, let me guess. Right now you work hard. Your life is busy. You have money coming in the door but somehow it’s only ever just enough. You are able to enjoy a holiday here and there, and you have the occasional spending blow out which you scramble to pay off. And, when you look at your bank account it’s not exactly swollen with bundles of cash.
I gotta say it. Somehow this sounds all too clichéd. Clichéd because this is the same story we always read and hear about. Clichéd, because too many women are in the same boat. And clichéd because it’s so ‘normal, (meaning your girlfriends are all in the same situation) chances are you don’t even stop to question whether the picture could be any different. And, if you do, this is swiftly pushed to the background because you either don’t know how to manifest this. Or, there’s an underlying belief that you really aren’t the Cinderella in your own story. So you go back to your life as it is and choose to accept clichéd as ‘normal’. There I said it!! Sorry! But it’s true.
Quite honestly, this is less than acceptable. And the fact that we tolerate it is even worse! When I drill down on the numbers with women, most are totally underachieving on the money front. This is often justified with a whole pile of reasons, blame and excuses for why they do not have more which really just serves to externalise their responsibility!
So I declare that it is time. Time to get off your butt girlfriend and go after what you really want. There is actually no logical reason why you can’t have what you want financially. Your life does not have to be one of ‘just’ making ends meet. There are oodles of opportunities for you to not only earn more money, but be more resourceful, confident and in control of larger sums than what you already are. But a fairy wand is not your answer.
So here are my top 5 tips for getting started.
Perform a ‘net worth’ audit
Write down the value of everything you currently own, and everything you owe, i.e. an assets and liabilities list. From this you can work out your net worth i.e. subtract your liabilities from your assets. This will give you a starting reference point which is important as you start to track your progress.
Work out your monthly spend
It’s time to figure out where you money is going. You will have constants like debt repayments (mortgages, car loans, health care, credit cards etc.) as well as variable costs month to month. As tedious as this may sound, this is probably THE most important step to getting ahead. You simply must figure out where your money is going otherwise your fairytale will forever stay that way. Once you have determined your baseline of money coming in, and money going out, then you can start to be more calculated in how you go about creating your Financial future. It’s all about cash flow!
Put more cash in your pocket
Once you know what’s coming in and what’s going out, it’s time to redefine these two variables! It requires you to think bigger about what you want with a commitment to both a) making more money (instead of just a fixed income), and b) spending less. Anyone can make more money, but usually this is coupled with spending more. The trick is to earn more and spend less, and you will quickly draw ahead in no time. What ways can you generate more money? What ways can you spend less?
Spank the debtPaying debt off is a sure fire rapid way to increase your cashflow. All the money that you are currently feeding the bank in interest is far better when left in your pocket. So bring on your Wonder Women powers by paying debt off as fassssssst as possible. This frees up cashflow and gives you surplus money that you can then use to ‘Grow Your Money Wings’.
Decide what you want financially
This sounds too simple right? But how will you know where you are heading if you haven’t decided where you want to go? Start with what I call ‘expanded thinking’. It means moving outside of your current reality (which is really just the story that you are writing for yourself) and start authoring a new one. Be very specific. Get crystal clear on what you want. Understand also, that you do not need to know how this will happen just yet. Write down in dollar terms, how much you want per month, what you will use it for, how your life will look, and how you’ll feel about the change in yours circumstances. By writing this down as descriptively as possible, you will bring crystal clarity to what it is you are actually seeking. And, you are sending out your clear intention to the Universe for what you want.
Have fun with it – Money loves the positive energy, so stay upbeat and positive.
You are on your way to ‘GrowingYourMoneyWings’
Life is busy… regardless of who you are! It’s a constant juggling act of working, cooking, cleaning, emails, being a taxi, negotiating world war three with kids, washing dogs, juggling the wonky-wheeled trolley whilst navigating through desperate work calls, paying bills, making beds, and fitting in an occasional workout at the gym…..whew!!! It’s exhausting.
Despite being the modern day Wonder Woman, the last thing you may be thinking about is money.
But here are 5 staggering stats that you need to be aware of because you could be a women right now who’s falling into the “missing million dollars” camp and that’s not ok.
1. Women’s superannuation
73% of women do not think that their employer funded superannuation will be sufficient
33.9% women have no superannuation at all!
Here are the Superannuation balances ($) stats for 2014 – 2015
Question – what income would you like to have every year to live on? If you said $50,000 then based upon the figures above, how long will your Super last for?? Hmmm? Not very long!
2. Women are living longer
We are statistically living longer these days. A woman aged 45yrs in 2011-13 can expect to live a further 40.4yrs, compared to a woman who was 45yrs back in 1960 – 62 who was only expected to live a further 32.4yrs. Plus we are continuing to out-live men. In other words, there’s a good chunk of our lives where we are living without earning an income through paid work!
Life expectancy (expected age at death in years) at different ages 1960–1962 compared to 2011–2013
3. Women are marrying later, divorce is a statistic and de-facto’s are in
In 1986 there were 7.2 marriages per 1,000 people which has declined to 5.2 per 1,000 in 2014 with more women choosing to live in de-facto relationships. We are getting married later too, increasing from 23.5yrs in 1986 to 29.6yrs in 2014. And sadly, approximately 1 in 3 marriages end in divorce. What does all this mean? Well the notion of the ‘knight in shining armour’ is a fallacy so we need to be independently financially savvy.
4. Women earn less than men.
The Gender Pay Gap is the difference between men and women’s average weekly earnings for ordinary working hours. In November 2015, the wages gap was 17.2% which adds up to a WHOPPING one million dollars over a life time that women are missing out on. **** keep reading because this is important**** This comes from
5. How much do you need?
That MILLION dollars that you are missing out on, well you need it!
Did you know that when you stop working if you want to live on $50,000 per year, you need $1,000,000. That’s right! If you have $1million invested at 5% you will be earning $50k to live on each year in your ’retirement’ without ever eating into your million dollars. This is financial freedom. This means you not only can afford to live the life you dream of, but you are not sacrificing your legacy or what you can leave for your kids (or dogs/cats!!).
So what does this all mean? Well in simple terms, girlfriend, you’ve got to get moving. You cannot rely on your employer or a partner to provide for you. YOU, yes you, are in the driving seat here, WHICH MEANS, you want to get started at building your own nest egg. It all starts with you and, the sooner you start the better. Jump in and learn how.
Time to #GrowYourMoneyWings
There is a biblical saying that goes something like ‘to those whom have much, more will be given’. You may have heard this framed in other ways like ‘you need to have money, to make money’, or, ‘the more you have, the more you get’ Imagine for a moment that it’s a very hot day and you have Little Miss 3 wanting you to buy her an ice-cream. But not just any ice-cream! She wants the whopping, 3 scoops, mega sized ice cream cone that is almost bigger than her sweet little face. She is very insistent and so you succumb to the purchase.
Through squeals of delight, she takes passionate licks of the heavily laden cone which is already starting to melt into a puddle down her arm. Before you know it, bammmm …it ends up on the floor. Through tears and tantrums, Little Miss 3 demands yet another triple scoop cone. Quite frankly it’s obvious. There’s too much ice cream, it’s too hot, and she’s too little to handle it that mega cone effectively.
The same goes for money. Before you can tackle the colourful triple scoops of cash, you need to learn how to handle the smaller amounts first. Once you can demonstrate to the Universe (and most importantly to yourself) that you can competently control the smaller amounts, you can be trusted to handle larger amounts.
Where do you start? Let’s be clear. I’m not asking you to be a total scrooge!! Life is all about living – I totallllly get that. So, here’s a little ‘3 scoop’ formula that will make a heap of difference. It will set you up with some new habits which will give you more control on the smaller amounts – the single scoops of icecream. We’ll tackle the 3 scoops later.
Start with STOP
If you are a spender who thinks, ‘oh it’s only a couple of dollars’ then I want you to STOP. Now don’t go getting me wrong. I’m asking you to stop and THINK. There’s a lot of purchasing that we do very unconsciously. Bring yourself into a ‘totally present’ mindset before you get to the checkout and ask yourself these questions
Do I want this?
Do I really need this?
Do I have to have this?
Am I just buying this out of habit?
Am I buying this because I am feeling emotional about something else?
Notice what comes up for you as this will start to give you clues about your buying patterns.
There is no choice when you are unconsciously buying. Your behaviour is totally being driven by your habits and belief systems towards money. By making the conscious effort to STOP and THINK, you are bringing your awareness to why you are spending money. Then, and only then, can you truly choose. You choose to spend and deal with the consequence of the money now being gone. Or, you choose to save it for something that will ultimately have a greater value to you.
Start to “Grow Your Money Wings’
By adopting the ‘Stop, Think, Choose’ philosophy you are now entering into a very powerful position of gaining control over your money. I guarantee that these little shifts in your behaviour will result in incidental savings. And although these savings may only be small amounts, when leveraged over multiple purchases in a week they will rapidly add up. And as you build consistency, it won’t be long before you are saving yourself anywhere from $10, $20, $50 to $100/week just on incidental purchasing without really even trying too hard!!
The beauty about this simple formula is this
Go to it gals