The one thing needed for tht work-life balance of your dreams is financial freedom. You are probably wondering what financial freedom has to do with the topic at hand, but planning for financial freedom is actually a core foundation for living a balanced life.
Take a moment to imagine having the finances of your dreams. Will you pick up an extra shift at work? Probably not. Having a financial blueprint and following it will help you to live in abundance instead of scarcity. By doing so, you will be able to protect valuable time.
Here are a few treasures that have helped me reach financial abundance:
- Review your finances to determine how much you need to live comfortably each month. Once you’ve determined that, create a separate account where you always maintain that necessary amount.
- Use any remaining funds at your discretion, but remember to live within your means.
- Monitor your spending pattern to determine where you can cut back or save money. I do this often to avoid being wasteful. There are several apps that I use to monitor my finances, one of my favorites being Mint. American businessman and author, Dave Ramsey, also has recommended dollar apps.
- Have a three to six month cushion of money that is based on your expected monthly expenses. In some circles, this is known as “F.U.” money. There is a level of comfort knowing that you can be financially stable for three to six months in the event that something unexpected happens.
- Strive to be debt-free. That is one principle that changed my life. Dave Ramsey is an expert on debt-free living. Reading his book, The Total Money Makeover, changed things for me tremendously. Can you imagine all the money you make coming to you instead of giving it to creditors? That alone had me sold!
- Once you’re debt-free, save and invest at least 15% of your income to start building the wealth that you want.
A good resource is the White Coat Investor Book, Blog, and podcast. He also has an online course which is fantastic.
Boom!! If you are debt free, and have plenty of emergency fund in the bank you are more likely to take the necessary steps needed to achieve that elusive work-life Balance. Why? Because you will not worry about money if you take time off to spend with your family.
As always, I encourage you to self-experiment with this plan and see what comes out of this; but be careful, paying off your debt can be addictive. Enjoy the ride!
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