We've heard people say that there is only one path to success and happiness. Going to school, getting good grades, getting into a good college, graduating to get a job, finding your partner, getting promoted, buying a car, a home and one day you will be happy. Like everyone I too am following that path and through all the trials and tribulations the financial disasters and successes. I realised that discussion about life milestones was actually a discussion about money. So, why is it that we talk religiously about achieving all these in life, avoiding the topic that runs it - M.O.N.E.Y. The reason behind why are we taught history and chemistry but not about Banking and investments. The topic of money impacting our abilities to have the best of lives is avoided. We are indirectly having these conversations about money already by the clothes we wear, the cars we drive, the homes we live in and the photos we share on social media ! #just_saying
Financial knowledge is life-changing and has empowered me to get from where I was to where I am today. Let’s understand and break the social taboo about money beginning with asking ourselves “WHAT IS MONEY TO US?” Most of us have answers as common to:
1) Money is power
2) Money is evil
3) Money makes me feel good
4) Money is something that is necessary
The answer to that question explains your relationship with money . Eliminating that any of those answers are wrong but simply money is a tool we need and we need to master earning it. In order for us to achieve our best lives, we do not think of money as something more than a tool. But a tool that we need in order to build the life we dreamt of.The life that would make us proud so making us assume that money is a very complicated topic. Though there are simple truths about money which we fail to see, understand and imply in our lives. Here are five practices:
1. Save more than you can spend.
2. Invest early and frequently.
3. Pay the debt and use credit occasionally.
4. Build assets
5. Have multiple and passive incomes.
SIMPLE & EASY !
Financial Well Being
Money, well being and financial wellness is something that empowers every individual. It sparks the curiosity when it funnels down to a fairly misunderstood concept that it's boring or it's not engaging enough. Everyone of us has either bought our friends a drink or split it. We tend to split the bill to a limit where we had a salad and the friend had an appetiser wit dessert for dinner. The philosophy of purposeful living can be achieved through financial decision making. Financial wellness is about our health, wealth and the overall quality of life. It is has never been financial goals on the contrary it is about life goals. Let’s close our eyes, envision our dream lifestyle and ask ourselves: “What brings joy and happiness into my life?”
We start thinking about our current financial realities - monthly instalments to the car, calling debtors, need of taking care of our ageing parents and their health care expenses. The chances are having thoughts about our financial situation but unable to think about the dream lifestyle. If there were no income goals or financial obligations how we spend our time defines our values and we trade our time for a pay check. We work 8 hours a day and five days a week for it ignoring the truth of loosing on something more priceless being our lives. The thought of expenses that do not matter to us makes it a complete waste. Therefore, what a waste of lives.
How we knew everything about money?
1. Our parents must have taken out time and explained us through their learnings and definitions about money.
2. We are fortunate enough to take birth in a wealthy family.
It was easier for my parents to talk about religion, politics, career options and future responsibilities. Parents are hard-working, they make sure that we as their children have the best of food, shelter and clothes to wear whereas, they did not want us to think about money terming it as an offence. I still remember the day of my first pay check ,I held it in my hand and stared at it thinking I had my own money and I didn't have to go to my parents asking them. Growing up I believed that money is the only answer to all problems leading me chasing money instead of chasing the purpose of life. I cleared entrance exams for admission and that followed an internship leading to multiple jobs. Motive was to stay happy one day!
With the past and present I had many unspoken realities, I started blogging. My family always wanted to know my plan for life because the goal is to provide access and information, to be open about my story. After spending years meeting people, jobs, failures and experiences I realised that the secrets of financial wellness and well-being is having a VISION for our lives. That vision can change our hopes and dreams. In our thoughts it is important when we are talking about money we need to clarify our values. We need a financial plan in order to do so.
My learnings are “Our perception is what matters and we can change our perspectives. When it comes to money we clear about our financial situation. As we accept that reality we start sharing our financial stories of success and failure.We give hope out to others where hope is hearing other people's experiences. Our ability to share the information or experiences to others empowers individuals. Now is when they realise that their situation is not something without a solution. I challenge you today to break the social taboo about money, free yourself from any shame, guilt or judgment you have had about your finances. Give hope to others and to yourself too. Believe that knowledge is power and financial knowledge is life-changing. This realisation mere understanding will make you happy that very moment.
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