My Money Story Part 2
My Money Journey Part 1, provided you with three of the steps that I took to pay off $40,000 of debt within 18 months. In Part 2, I will cover the last three steps that allowed me to eliminate my debt and put me on the path to financial freedom.
4. Obtained the proper money mindset- Once I obtained the proper money mindset, I began looking at money differently. I began studying the wealthy and saw that they find ways to generate income while they sleep. They take advantage of tax laws, create and sell businesses, and buy assets, thereby increasing their net worth. Instead of focusing on day to day survival, I started concentrating on the big picture which includes freedom, developing generational wealth, enjoying my family and friends, capitalizing on opportunities, being able to live strategically, living a life of contribution, and pursuing expensive hobbies (I love golf). My next post teaches you how to develop a money mindset.
5. Got an accountability partner and joined a community- It is CRITICAL that you cultivate relationships with people who have accomplished financial independence and who are trying to accomplish that goal. Otherwise, you will get lonely on your financial journey and it will become difficult to stay focused on your goals. I became involved with a ministry at church that focuses on helping individuals and families obtain financial freedom and I reached out to a friend who had already accomplished what I was trying to do. My community was there to support each other and help us stay focused on our goals.
We are constantly bombarded with marketing that urges us to buy, buy, buy. You will also have a million offers from family and friends to go to brunch and you will be tempted to go on that expensive international vacation. I had to evaluate my relationships and not associate as closely with people who tried to discourage me and make fun of me for going against the grain. And it will usually be broke people who will be saying these negative things about you and to you!
Do your friends exhibit the values that you want out of life? Are they financially savvy? Surround yourself with people who are and that shared mindset will rub off on you. You will find yourself naturally moving toward that perspective on money simply because you are surrounding yourself with people who have that mindset.
There are various online communities that you can join to connect with like-minded individuals. I will be creating my own group soon.
6. Called on God- I am not one to push my beliefs or spirituality on others. This blog post is intended to share what worked for me and a huge part of my success was prayer, fellowship, scripture, and conviction! God revealed to me that he was not going to bless me with more when I was doing such a poor job with what he had already given me. I believed that God wanted me to be a good steward of the resources that he had already provided to me before giving me more. If you do not believe in Christianity or a higher power, meditation is also a great way to stay focused on accomplishing your financial goals.
I fellowshipped with people in the personal finance ministry at my church. I also had to determine my values and God’s purpose for my life. His purpose was not revealed right away (it later was) but I did know that he did not want me to spend my life being a slave to the lender (Proverbs 22:7). It was not his intent for me to be stuck working a job that was doing harm to my body and mind just so that I could pay off debt.
Below are some of the scriptures that I would and still do meditate on to keep me focused.
- The rich rule over the poor, and the borrower is servant to the lender. Proverbs 22:7
- No discipline seems pleasant at the time, but painful. Later on, however, it produces a harvest of righteousness and peace for those who have been trained by it. Hebrews 12:11
- The plans of the diligent lead surely to plenty, but those of everyone who is hasty, surely to poverty. Proverbs 21:5
- In the house of the wise are stores of choice food and oil, but foolish man devours all he has. Proverbs 21:20
- Be diligent to know the state of your flocks and attend to your herds. Proverbs 27:23
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