Welcome to the first week of the Master Your Money Bootcamp on deciding what you want. This week we're dreaming up goals!
Exercise 1: Dream big
Money is a ticket to freedom. When used strategically, it can help you build a fulfilling life. But you have to start somewhere.
It can be hard to see the path from Point A to Point B, especially if you want to go from $0 to an early retirement, homeownership, or taking a once-in-a-lifetime vacation. Making a plan can reduce a lot of that mystery.
So, grab a glass of wine, cup of tea, or soothing beverage of your choice (not mandatory, but it doesn't hurt), and let's get to it.
The goal for this week: Pinpoint the goals that require capital to achieve.
1. Step back and consider: What exactly do you want in the future that you don't have now?
Write down everything, whether it obviously requires money ("throw the wedding of my dreams") or not ("marry the person of my dreams").
Here are some examples to kickstart your brainstorm:
- Pay off my student-loan balance
- Own a home
- Stay out of credit-card debt
- Rent an apartment in an expensive city
- Save up a one-year emergency fund I can dip into when family members need help
- Run a business that generates X dollars a year
- Work from anywhere
- Spend half the year traveling
- Have enough savings to pay college tuition in full
- Retire at 60 and ...
2. Isolate the dreams that require money to achieve - star them, highlight them, or write them on a separate piece of paper. Sit with them for a while. Next week, we'll prioritize.
As a reminder, here's what you'll accomplish in this month's Bootcamp (we'll link to each exercise as it goes live):
For each exercise, you'll get a detailed explanation of how to complete it and why it's important. Use the hashtags #MasterYourMoney and #MasterYourMoneyBootcamp to share your thoughts, progress, and connect with others across our Twitter, Facebook, LinkedIn, and Instagram as you make your way through each exercise, then join us for the live events.