If you have been following along you know that each day I have been writing about my personal 120 Wealth Action Plan, the one I set up during Loral’s Big Table Mastermind Workshop in June.
Since yesterday was Independence Day in the U.S. it got me thinking about financial independence and what that means.
To each of us Financial Independence may mean something totally different. For some it means working for ourselves, for others it means paying down debt, paying off our homes or making 1, 5 or 10 million dollars a year. Until you know what financial independence is for you, you may not recognize it when you see it!
Just what is your measure of Financial Independence? And how will you know it when you have achieved it?
On DAY TWO, I mentioned that in order to achieve our own financial goals we need to know what they are, to write them out and describe how they will “show up” in our lives. We need to set S.M.A.R.T. financial goals. SMART Goals need to be Specific, Measurable, Attainable, Realistic and Timely.
For me, “financial independence is paying of my bad debt, and having a steady stream of passive income that allows me to spend money without worrying if I can afford to, to spend time with family and friends, to take at least 3 two-week vacations a year and contribute to my church and the nonprofits I believe in, am passionate about and that will benefit those in need.”
That is my Declaration of Financial Independence. When you make your declaration, you have a concrete statement as an ongoing reminder of what it is you really want for your life.
Here are some questions to ask yourself as you formulate your Declaration of Financial Independence:
1. What outcomes do I want to achieve?
2. What will achieving them feel like?
3. Do I have a goal that is “bigger” than me?
4. Who else will benefit from my financial independence?
There may be other questions you want to ask that will help you craft your statement. Things like “what am I passionate about,” “why do I want to achieve financial independence?”, etc. Since this is YOUR Statement, only you can decide the “what’s, and the why’s.”
When you answer these questions it will be easier to make a statement that you can live with, follow and work toward. Wealth Building is personal in that each one of us has our own perception of wealth. True wealth can be measured in a number of ways. That is why declaring your financial independence can help you as you create your own 120 Day Wealth Action Plan.
Feel free to leave a comment below and share your “Declaration of Financial Independence” with our readers.
Happy Financial Independence Day!