Good Friend,
I hope your week has been a productive one.
As we're about to enjoy the weekend's goodness, I want us to continue our financial discussion.
Today, I'll share how your dreams can fuel your financial goals and turn your vision into reality.
Let me start by asking you these….
What are your Financial dreams?
Do you have a clear picture of them?
Is it:
1. Retiring early?
2. Traveling to different countries?
3. Leaving a legacy for your future generations?
4. Building a home for your family?
5. Starting a business?
You see, Your dreams are the spark that ignites your financial success. They inspire you to make smart money decisions, overcome challenges, and stay focused on your goals.
Whatever drives you to save, invest, and build wealth, they hold the key to unlocking your financial potential.
Let's say your Financial dream is to make N100 million in the next 20 years. To turn this into a reality, you must do the following:
1. Define Your Dreams:
You can't just say you want to make N1o0m in 20 years and do nothing. Set a SMART goal for your dream.
S-Specific: N100m in 20 years is specific, you know the figure you want to make and in what year and currency.
M-Measurable: Make sure your goal can be tracked. For example - I will invest N100,000 every month.
A-Achievable: Is it achievable even if it looks challenging? You decide by picking a vehicle that will turn your monthly savings into N100m. Your best bet will be a compounding vehicle and saving in dollars.
R-Relevant: It's a goal that is relevant to you to achieve your dream, isn't it? If your dream is to build a house for your family, then your goal should be having multiple income streams and saving/investing the profit you make.
T-Time-bound: In how many years do you want this to become a reality? 5? 10? 20 years? Setting a deadline creates a sense of urgency.
2. Create a Vision Board:
Have pictures of those who have achieved this dream of yours, place them in places where you can see them frequently and get reminded of your dreams.
3. Break Down Big Goals:
Your dream may look unattainable, but if you're able to break it into smaller chunks, you'll see it's attainable. For the previous example, you could break down “I’ll make N100m in 20 years” to “I’ll save N100,000 monthly in a compounding investment with 20% annual returns”
4. Develop a Financial Plan:
You must align your spending and investing with your dreams. Prioritize investing in a diversified portfolio. Leverage compound interest, and resist the urge to increase your lifestyle as your dream starts becoming a reality. I think this is the killer of many even myself, once we make more we think we need to start living a different life, and then we remain in that same cycle of poverty forgetting our dreams and vision of becoming financially independent.
5. Surround Yourself with Support:
Get a Finance expert to help you on your journey, have someone to mentor you, and hold you accountable. Build your tribe, and get 2 - 3 friends to join you on the goal of saving N100k monthly. Share the vision of having N100m together and don’t stop until you achieve it.
The steps I have mentioned above are not too big to start. So, pick a pen and paper and start now. What’s your dream money? Retirement? New House? Car?
Set your target and work towards it. You need a mentor or friend to keep you accountable.
One thing I do so I don’t break into my funds is to lock it up for the number of years I intend to keep it. Some platforms allow this.
Come rain, come Sapa, I can’t access those funds, sometimes we need to go to that extreme to stay focused.
Actionable Steps:
Write your financial vision
Write a target amount that will match the vision
Use a compound interest calculator to get the amount you need to save monthly.
Pick a trusted platform - I use different platforms - you can start with RISE App. My Rise Referral Code - 1Q89QO2 or click https://risevest.com/ref/1Q89QO2
Start Savings - Have a Monthly Amount (Target) and when you have more, add more to get to your dream faster. Get an accountability partner(s).
This Week’s Ponder
What extreme do I need to go to stay focused on my financial goal?
- Sam Femi
What am I Reading?
Still reading: Dan Koe & Research Papers
What am I Watching?
Currently Watching: Lidia Poet
What am I Selling?
my Books - CLICK HERE
my Programs - CLICK HERE
What am I Listening to?
Kaestrings - For Deep Work - LISTEN HERE
Talk to you soon. Kindly recommend this newsletter to someone.
If you are not subscribed, this is your cue.
That's it for today, my friend.
Remember, You too can create a brighter financial future for yourself. It's within your reach.
What are the struggles you're currently facing with your finances?
I will be waiting to hear from you.
I will write to you again soon,