I’m sure that most of you are filled with questions about how to get started with regards to your journey to [tag]financial freedom[/tag]. Its daunting believe me, I’m right there with ya! We are faced with changing years of bad money habits, habitual emotional spending and developing and maintaining new goals. Its alright if you fall off the bandwagon, it happens. Just get back up again and keep chipping away at it.

How do you maintain the right perspective?

1. This is a process

Sure, we read a few blogs and get the epiphany that we CAN get out from under our debts AND we have proof that others have done it. Keep in mind that while some of the blogs you read are by people who have reached their goals, they were once where you are today. But it took them going through the process of getting on and falling off and then getting back on again in order to get to their goals. Again, you’re working on changing a large habit in your life. That is, changing the way you view money. How do you view money? What does money mean to you?

2. Set and Maintain S.M.A.R.T Goals

Tristan Loo explains SMART goals here:

Specific: Do you know exactly what you want to accomplish with all the details?

• Increase savings and/or emergency fund
• Reduce debt

Measurable: Are you able to assess your progress?

• Save $2500 per month
• Reduce debt by $1500 per month

Attainable: Is your goal within your reach given your current situation?

• Make it automatic via drafts through ING
• Allocate $1500 of take home pay to debt

Relevant: Is your goal relevant towards your purpose in life?

• Yes, I will increase savings
• Yes, I will reduce debt and free up more money to increase savings

Time-Sensitive: What is the deadline for completing your goal?

• Target goal–> December 2008

Fabulously Broke in the City has a great example of this as it pertains to fitness and personal finance, check it out!

Do this for each area you wish to make a change and write it down on paper or in a journal.

3. Incorporate Discipline

Again, it takes discipline to get situated in your new approach to money. If you are like me and need a schedule then develop one. That is, get on a schedule with your finances, get a Bill Calendar and review it weekly if you need to just to get in the habit of making it a part of your life.

4. Outcome-What Do You Really Want?

Seriously. What do you really want? To be debt free? MY goal is to be one of the callers on the Dave Ramsey Show who screams IM [tag]DEBT FREE[/tag]E!!!! Do you want to fully fund your 401k for the year? 6 months in an Emergency Fund?

Think about it and write it down.

Determine what exactly you want out of this process and maintain that goal. It will take discipline on your part and you’ll suck at it a few times. But you’ll gain a deeper understanding of the process, what you want out of it and how to get there.

What motivates you in life? Personally, financial freedom and the ability to pursue my dreams motivate me each and every day.  This is why I started Girls Just Wanna Have Funds because I believe that women should be be inspired and motivated towards breaking any glass ceilings present in their lives.  For me it’s money and ding something that gives me purpose, for you it could be around starting a business, leading a healthier life through better diet and exercise, finding a life coach, going back to school-whatever your goal, it should leave you feeling free once achieved.

How am I moving towards my goals?  Writing them down and keeping them in mind as I go about reaching them.  I then take action every day in some form or another to my stated goals.  You’d be surprised how writing things down propel you towards your dreams.  I can’t explain it other than to say that it works!  I also utilize affirmations like “whatever I need always comes my way“!”  Watch it work!

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I want to be a millionaire, its that simple and I am willing to be as diligent, focused and prioritized in order to get there. The millionaire mindset isn’t just about changing habits, but moreso the mindset that is needed in order to achieve it.

How to Think Like a Millionaire and The Millionaire Next Door have been instrumental in helping me understand the mindsets of millionaires and learning more about what enabled them to achieve what seems like a lofty goal. The authors made the information concise and to the point while informative leaving me with much food for thought. Both books left me with an solid foundations for what I like to call the millionaire mindset.

What is the millionaire mindset?

Belief in Self

Millionaires align themselves not only with the goal but with the belief that they will be successful in achieving their goals. Your beliefs create your life experience, and as such if you believe that true wealth was only created for the chosen few then that will be your reality. The truth is that your mind and attitude bar your entry, and in order to achieve you must first believe.

What are your beliefs about success?

Passionate about Life Goals

They pursue their passions and make it their vocation. In essence, they’ve made their passion their life’s work. It is who they are and enables them to reach the ever elusive level of self actualization while pursuing their passions.

What is your calling? What is your life’s passion?

SMART Goals

Millionaires set SMART goals. Specific. Measurable. Achievable. Relevant. Time bound. Their goals are clear intentions with detailed steps on how they will get there. There’s something about writing your goals down on paper which sets them in motion.

What are your goals? How are you poised to achieve them? Have you written them down?

Learn from Mistakes

Millionaires learn from them. Obstacles are to seen as an opportunity to learn and grow. If they are knocked down, they get back up. Remember when Donald Trump faced financial trouble not too long ago? Look at where he is now. My personal favorite, Steve Jobs-took Apple like a Phoenix dead and buried and resurrected it into the corporate giant that it is today. He believed in his passion for Apple, took risks, failed, learned from his mistakes and is reaping the benefits.

What mistakes have you made? How will you learn from them?

Frugality

One thing consistent among millionaires that Ive read about or spent time with is that they are frugal and rightfully so. Wealth isn’t about spending money, it is about acquiring and maintaining it. The newest techie gadgets, shoes or designer handbags aren’t priorities in their lives. Hey, I’m talking to myself here so I’m not on a soap box. I think its hard to remain frugal with constant bombarding of advertising of juicy new tech gadgets like the new apple thin notebook, Yves St Laurent Muse and Balenciaga handbags. Its hard being a young fashion forward fashionista but it must be done. I am not advocating being cheap, there’s a thin line but to be conscientious about our purchases.

What areas of your life are you most frugal?

As you can see, being a millionaire isn’t just about spending money on “bling”, but its an intentional mindset. One that demands careful planning and prioritizing in order to get there. Personally, it isn’t about having a net worth of a million dollars, it is also knowing that I am committed to remaining true to myself and all of my ideals in order to get there. Achieving this mindset is something that will take work but I am determined to get there.

What are your life’s passions?

Do you want to be a millionaire?

How do you plan to achieve that goal?

photo credit: Black Collegian