What Does it Mean to be Financially Alert?
It took me a rather long time to settle on a domain name when I began my search. It seemed like every last name was taken, or being squatted on. But, I wouldn’t settle until I found something that resonated with me, and the message I wanted to write about.
Luckily, when I came across Financially Alert, I instantly knew that my search was over. I loved the combination of these two words as it was exactly what I had been looking for. Here’s why.
Financial (as defined by merriam-webster): having to do with money or finance; and finance being defined as: matters relating to money and how it is spent or saved
Alert (as defined by merriam-webster): able to think clearly and to notice things or quick to perceive and act
So, my definition of Financially Alert is:
The ability to think clearly and act with confidence in all matters relating to money and personal finance
This is a state of awareness that you will continually strive to improve upon through financial education and personal development. Becoming financially alert is a road with no end, but it is filled with countless treasures along the way.
So, what’s the quickest way to become financially alert and accumulate wealth in the process? FOCUS.
Focusing on these three CORE questions will ultimately lead to the best answers.
1 – What Does Wealth Mean to You? How Do You Define It?
Let’s start at square one. What does wealth mean to you? Far too many people forget to answer this early on, and they fail to have a specific goal to achieve.
For me, wealth means an abundance of financial assets. And by abundance, I mean the accumulation of assets equal or greater than $10 million by the time I’m 50 (this number will be different for everyone).
Using the 4% rule, this would provide free cash flow of about $33,333/month to spend.
This money would cover all family and household expenses, expenses for extended family that may need help, taxes, travel to International destinations, generous contributions to philanthropies we’re passionate about, and seed money for future business ventures (side hustles)/real estate investments.
2. What’s Your Why?
The next question to answer is Why? Why am I doing this? Why am I attracted to wealth? Why even bother?
If you’ve never watched this Ted Talk by Simon Sinek, you need to! Although he references business as his model, I believe it’s easily interchangeable to us as individuals.
A strong Why will be instrumental to pushing beyond the inevitable dips and valleys of this journey.
My Why is this: To live an intentional life helping others achieve their greatest potential.
3 – How Are You Going to Do it?
Finally, you need to ask the question, How are you going to do it? How are you going to play they game? What are the rules?
At the end of the day, money is just money. It doesn’t define who you are, or what your worth is. You DO. So remember, you get to choose HOW to play the game.
For me, I’m playing the game to WIN. But, the game has to be played with a few rules – integrity, courage, and gratitude.
Integrity is important to me because it aligns closely with my WHY. How can I live an intentional life of helping others to achieve if I can’t first do what I say?
Courage is necessary because it will allow me to grow beyond my fears. Without discomfort, we don’t grow. And if we’re not growing, we wither.
Gratitude is what allows me to WIN along the way. $10 million will certainly feel great once it’s achieved, but what also will feel great are all the milestones along the way, and learning about who I am as an individual throughout this journey.
With that said, get started! It’s never too late to become financially alert.
Remember, the path to becoming Financially Alert is ours alone. No one person’s journey will be exactly the same, yet we can all learn together and support each other. I believe once you know these core questions for yourself, the mechanics of wealth are simpler to learn and easier to accomplish.
Financially Alert Interview Series (Coming Soon)
With that said, I will be launching a new interview series to feature other PF Bloggers or just regular readers willing to share their story on becoming financially alert. Please contact me here if you’re interested in participating.
Readers, what is your personal definition of wealth? Have you considered your WHY and HOW?
- How I Accidentally Wrote My Son Out of His Inheritance - September 14, 2021
- Financial Independence Update Report – August 2021 - September 6, 2021
- Finding FI Interview #38: Living and working abroad with Brian of Sparkrental - August 24, 2021