Your Finance Travel Buddy presents One Simple Step

Happy Sunday fellow Financial Freedom Seeker

Mindset Moment

One Simple Step

This is our first ever newsletter, so when reflecting on which simple step to start off with, it made sense to start with a step that really underpins your financial success.

Your One Simple Step this week is…

Understand Your Why

What does this mean?

When I say “understand your why” this simply means understanding why you are doing something. It applies to all aspects of life.

But when we talk about it in financial terms, it means understanding why you want to improve your personal finances. It means understanding why you decided to sign up to this newsletter. It means understanding what you are aiming to achieve by focusing on your personal finances.

Why is this important?

When you understand the deeper purpose behind why you are doing something, it keeps you grounded through challenges. Personal finances have challenges.

Whether they’re existing challenges like being in debt you want to get out of or living pay cheque to pay cheque because you have no budget or emergency fund. Or whether the challenges haven’t come yet, like future downturns in investments you make.

No one, not even the wealthiest individuals, have had financial journeys without any challenges. It is when you face a challenge that knowing why you are focusing on your personal finances and working to improve them, matters most, as it guides you through difficult times.

Purpose is powerful. Knowing your why enables you to maintain focus on your purpose through any challenge.

How do I implement this?

1. Set what your financial goal(s) specifically is/are.

   Are you trying to pay off all your debt?

   Are you trying to save money to fund a specific purchase/event like further education, your wedding, your first house purchase?

   Are you trying focus on your personal finances now so you can retire earlier than you otherwise would?

   Are you trying to invest your money so you have passive income streams that enable you to have more financial, and therefore, time freedom?

   💡Top tip: it is ok to have more than one financial goal. It is also ok for your financial goals to change over time as your life changes. This isn’t necessarily a one off exercise.

2. Reflect on why you want to transform your personal finances?

   Sometimes taking some quiet time to think through our thoughts is important. Sit somewhere quiet and just reflect.

   Note, why you want to transform your personal finances will be closely linked to what your financial goal is.

   💡Top tip: appreciate that there may not be one resounding reason that you want to improve your personal finances, just like there may not be one goal. There can be several. Perhaps use a pen and paper to brainstorm what you’re thinking and how you’re feeling. The goal is to come out with a succinct sentence on why you are doing this.

Personal Example

I took the leap to start Your Finance Travel Buddy as a business this year.

My financial goal is running a sustainable business that helps others and enables me to no longer work in full time employment.

Why I am doing this is twofold

1. I believe my larger purpose is to serve people by educating you on personal finances.

   I graduated from The University of Oxford and am a Chartered Accountant who qualified at one of the big Four accounting firms.

   Yet, I was never taught about personal finance.

   No one is formally taught about personal finance. I am incredibly blessed to have the education, experience and knowledge I have and I want to share it with you so you can make your own informed financial decisions.

2. On a more personal level, I want to have the time and financial freedom to focus on my business and not have to work in full time employment

   I am having my first baby next month (great time to start a newsletter series, I know), and I want to generate enough profit from this business that means I don’t have to go back to full time employment and can have more time freedom to spend my time with my baby.

📩 Reply to this email with what your financial goal and larger why are - we would love to know so we can work to help you

Found this email thought provoking and helpful? 🤔 Refer just one friend/colleague/family member to the newsletter and we will send you a free list of financial goals to help you think through your why more efficiently

Have a fabulous week ahead!

Until next week

Pernia | Your Finance Travel Buddy