Day 21: Focus
I believe in ‘goal creation’.Â Over the past three years, I’ve created three personal finance goals.Â I started this blog because I wanted to get out of debt.Â After getting out of debt, I decided to build emergency fund.Â Now I’m working to save 60% of my income in retirement and education savings.Â So, what’s the ‘secret’?
I create a goal and then I break that goal down into manageable micro-goals – and then I spend my days focusing on those micro-goals.
When I wanted to get out of debt, I put every extra dollar towards paying off the account with the lowest remaining balance.Â Instead of splitting extra payments between various accounts, I focused on one account, and I bulldogged my way from account to account.
When I was saving for my emergency fund, I didn’t worry about “the goal” – I focused on my “micro-goals”.Â If I wanted to save $20,000 in 8 months, that meant I had to save $2500 a month – which is $83 a day -and that means that everyday, every week, every month, I had to be ‘focused’ on finding ways to increase my income and decrease spending.Â I had to make plans and execute.
Trust me, I know hundreds of people who have decided to ‘get out of debt’.Â I only know a handful of people who have been successful in doing so.Â After a month or so, it’s very, very easy to get discouraged and quit.Â During my debt reduction process, I had to dip into my emergency fund THREE times – and I missed my goal date by more than FOUR months.Â But, I remained focused.Â I refused to give up or give in.Â I made a decision to get out of debt – and I got out of debt.
It might take you five months to get out of debt, or five years, of twenty-five years.Â But, I can absolutely assure you, no matter how long it takes, it is absolutely worth it.
Pep talk over!
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