Part Four - Unstick What is Stuck - Financially
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You know, for being a new blogger, I really decided to kick it off with some really easy and commonly talked about issues *insert eye roll emoji here*.
Money. It makes the world go round. It can buy you happiness. It can buy you Starbucks and cute clothes and awesome adventures...which is basically happiness. It can also make you feel frustrated, stressed out, limited… the list goes on.
There’s a few things you gotta do ASAP to help with this. Again, there’s a secret to this like with getting out of a physical rut - it takes TIME.
Meet with a financial advisor.
I recommend getting a referral from someone who knows a financial advisor and go to them. You’ll want to look for someone who takes a holistic approach to finances. Also, you’ll want to confirm before you meet that it will be a consultative appointment and you won’t have to start paying them - yet. Most financial advisors understand that us twenty somethings aren’t quite sure where we are going yet in life and/or might not yet have the funds for long-term planning.
If you need a recommendation on who to meet with, I’d suggest North Star Financial in Minneapolis. Specifically - ask for Ann and Emily. I had three life changing meetings with them and I am finally feeling balanced and in control of all of my finances - emergency saving, long-term saving, paying off debt and most important, spending. Yes! They helped making spending fun and guiltless.
Think about what you value the most.
It’s easy to think about what we want in the moment. I want a new purse, I want new make up, I want a new shirt, I want happy hour. But, what is it that you really want? What are those things in your life that lead to your future? What is important to you that requires $$$? For me, it was about financial independence. I lived at home for three years to help pay off my debt, I’ve been saving for retirement since I was hot off the college press, the list goes on. The most important to thing to me is being debt free and financially independent. This makes it easier to prioritize my future over that quick shopping spree at Target.
Get straight with what you want in your future.
What are the big milestones you want to hit in your life? Do you want to be a homeowner? A car owner? A dog owner? Do you want to travel? Do you want to invest? Do you want material goods or experiences? Do you want to be able to donate financially to a greater good? Think about what you want and then consider your current inputs to reaching these goals. What do your spending habits need to look like to be able to buy a house? What type of income do you need to be able to do monthly pampering like nails, hair, clothes? What type of work benefits do you need to be able to travel (i.e. vacation time) like you want? Each of our answers will be unique to us as individuals, but the equation is the same: what do you currently have to get to your future goals + what do you need to get to your future goals = achieving your future goals.
Finances are a touchy subject but they don’t have to be. Do what you need to do now so that you don’t have to worry about this stuff in the future.
Hey - if you’ve made it this far, I have one more suggestion - There’s a book that helped shape the way I think about money. Check out “I Will Teach You To Be Rich” by Ramit Sathi. I actually have two copies on my shelf because I love it so much. It’s humorous, easy to understand and easy to apply.