Why are you still living pay cheque to pay cheque? I should probably ask myself that question. I’m saving, I’m paying off a block of land, paying off a credit card, and it feel like I’m living pay cheque to pay cheque. The small steps are not significant enough to make me feel comfortable in my finances – and that sucks!
I’m a hard working person. Whenever I set my mind to do something, I do it. I am an over-achiever. Except when it comes to my finances. I like the finer things in life. I don’t have a problem spending $11 for a glass of Sauvignon Blanc if I get to enjoy this view.
When it come to my finances, I find it hard to gain any traction. I take two steps forward and one step back. While that’s still moving in the right direction, it’s just taking too damn long.
It comes down to all the mistakes I made in the past ten years. I’m still trying to get a break. I’ve always worked but I didn’t prioritise the important things.
These are the three things that cause the ‘pay cheque to pay cheque syndrome’. In order to change it to the ‘i’m financially free syndrome’ which is a good one to have, is to do the following;
Figure out your priorities
Increase your income
Clean up your spending habits
Simple, not necessarily easy.
I want to live a location independent life. To do that, I need to earn more from side hustles, spend less on crap.
Unfortunately, my needs are a little mixed. I want location independence but I also want a nice house for my son to grow up in. You can say that I want it all.
Fortunately, it’s possible to get most of what you want if you work hard enough.
At the moment my income is not good enough to get what I want. But I’m working on it.
Books, websites, blogs, freelancing. That’s how I hope to make $100,000 per year. Eventually.
Step one is to shift priorities.
Step two is to increase my income.
Step free is to clean up my spending.
Goal for the rest of 2016
- eliminate credit cards (They suck!) ($5k) due by end of June!
- start building a house (ouch for the bank balance) (my portion $1500 per month!)
- create my freedom fund (shares! Growth and Income!) (aim for $5k by year end)
- publish six books (future income stream!)
- pay for Hawaii holiday with money earned from side hustles (need $2-$6k)
- be saving 25% of my income by year end!