Rachel, Co-Founder of The Oysta has dropped some must read tips on getting your finance in order.
We all know how important goals are - they help us achieve the things we want to do the most in life! But rarely to do we sit down and fully articulate them.
Goals apply to every single aspect of our lives, from;
- Health & Fitness
- Career and;
- Ultimately lifestyle.
The reality is they’re all connected and come together to help us create better versions of ourselves and lives.
When it comes to setting financial goals, at The OYSTA, we believe it’s important that they are led by your lifestyle aspirations. For us, lifestyle goal setting is about assessing your life now, and then articulating what you want it to look like in the future and by when.
Do you want to move overseas in 12 months?
Do you want flexibility to work remotely while traveling the world?
Do you want to own a family home and travel a couple of times each year?
Do you want to become a freelancer in 12 months and have enough savings to sustain your lifestyle when cash flow isn’t consistent?
Do you want to achieve financial freedom by 40?
Setting these lifestyle goals is ultimately going to help you prioritise and make the right sacrifices.
For example if your lifestyle goal is to achieve financial freedom by 45, then one of your financial goals might be to purchase a number of positively geared properties in the next 5 years to generate cash flow and inch you closer to building a passive income that is going to sustain you in retirement.
Start with the lifestyle goal and then work out how to get there (financial goal) – from experience it's easier saying no to a few more of those smashed avos on toast when you have fully articulated the ‘why’ and lifestyle impact of the financial goal.
Following this, the key is to articulate your other goals and work out how they all come together to achieve the ideal you and lifestyle.
Without goals, you’re not assessing your current position, providing yourself a benchmark to measure against, nor are you giving yourself strong focus, clarity and permission to prioritise.
So kids, get goal setting and remember, just like saving, it’s the small, consistent focus on each goal that leads to success.
Kick your finance goals off and educate yourself. We love these guys.
Financial Wealth for people in their 20’s and 30’s