After I bought my house and started blogging in May 2016, many of my friends were coming to me for advice on how to invest and save. They saw that I bought a house, backpacked around the world a few times, and graduated university debt-free. Truthfully, I am still learning every day. I also know that Financial Well-being is personal and depends on individual lifestyles (earning, saving and spending).
People often focus on salary and how much you make but if you’re making $50,000 and spending it all, racking up credit card debt, don’t have an emergency fund, and living a life you can’t afford, that doesn’t necessarily mean you have financial well-being. Financial well being is about having choices, freedom, flexibility and security.
- Think about well-being in the present and the future
- Think about Security: Do you have enough for your daily and monthly expenses, and FUTURE (an emergency fund)
Financial wellbeing is also about choice.
- Do you have enough financial freedom to make choices that make you happy WITHOUT COMPROMISING YOUR SECURITY?
3 Steps to get Financial Well-being
- Making changes always starts with a MINDSET. You need to envision something, set goals, and then take steps to get there. Success doesn’t usually fall on your lap.
- Mindset changes are then FOLLOWED BY BEHAVIOUR CHANGES. That could be changing your spending and saving habits
- AND THEN ACTION: Make more money, automate savings, reduce your spending and set your goals.
If you are interested in financial independence and wellbeing, check out these resources: