When you visit the doctor, it's common for the doctor to ask you a series of questions.

Here are three questions that are imperative to help the doctor identify the cause of your distress and produce a treatment that's right for your situation. 

Assume that you are visiting the doctor because you frequently feel fatigued.

✅ Your doctor might ask you the following:

1. Have your sleep habits changed?

2. How much sleep do you get per night?

3. How often is your sleep regularly interrupted?

4. How much caffeine and alcohol do you consume (and when do you consume it)?

5. What medications and supplements are you currently taking?

Your doctor's goal is to ask you questions that are relevant to diagnosing and managing your condition.

Not only does this give the doctor better insight into your overall situation, but it can provide you with insight into things you may need to do differently. 

The same concept applies when searching for a path to financial independence.

Identifying any distinctive obstacles that might impede your journey is crucial to develop a strategy for surmounting them.

Consider these questions as you create your strategy for attaining financial freedom.

1)How do I want my money to add to my life?

Financial independence means something different to each person. Consider what you want your money to do to enhance your life.

Do you want to travel the? Perhaps your goal is to retire early.  Or you might want to leave a legacy for your children and future generations. 

✅ Tip: Not sure what you want your money to add to your life?

Uncertain about how you want your finances to enrich your life? Begin by pondering the issues that weigh on your mind.

Perhaps you might be concerned about your capacity to navigate a life event that dramatically alters your financial future, such as job loss, divorce, disability, or the death of your spouse or partner.

Are you anxious about downsizing your lifestyle in retirement, the prospect of outlasting your savings, or leaving a meaningful legacy for your family that aligns with your values?

Your concerns are often a reflection of your values.

Utilize both your concerns and your values as compass points to steer your financial choices.

2) What financial issues do I lack confidence in?

The path to financial freedom is paved with knowledge and behaviors that align with your expertise.

The more you have an understanding of a specific financial issue, the better you will understand your options. 

For example, assume that you are confident in your investing abilities.

You understand the differences between various stock funds (like index funds and exchange-traded funds) and know the risks associated with different investments.

This helps you create an investment mix that aligns with your timeline and comfort level with risk. 

However, if you feel lost when it comes to estate planning, you are less likely to draft the proper documents and set up the necessary accounts to make sure your loved ones are taken care of.  

Know what you don’t know and what you need to know. 

✅ Tip:  Be open to explore and ask questions from credible sources about key areas to holistic wealth building such as asset allocation, risk vs. return, interest rates, retirement vehicles, and inflation. 

You should also include budgeting, taxes, insurance, estate planning, and more. 

It’s important to know your strengths and weaknesses.

Knowing what you don’t know helps you find the bugs in your financial life that you need to seek more information.

Knowing what you don’t know allows you to get some perspective before making any hasty decisions.   

Play on your strengths and find ways to maximize any opportunities that may present themselves.  

3) What financial habits do I need to change? Which ones should I continue? 

As with many things, the money, lessons and habits you pick up as a child play a crucial role in your adult life. 

Sadly, there is no school curriculum on financial literacy. 

Your financial habits are key to your quest for financial independence.

You must be self-aware so that you can identify what areas you need to work on and affirm the habits that promote financial well-being and success. 

✅Tip:  Take a trip down memory lane and analyze all the lessons, if any that your parents gave you that were misguided and currently may not serve you well. 

Perhaps you have done a great job automating your savings and retirement contributions, but you still purchase a lot of items impulsively because that is what your parents did.

Consider decreasing the amount that you spend on impulse buys.

Ask yourself, is it a want or a need?  Then monitor your bank account to see the difference. 

I am sure you will be surprised and delighted at the results. 

  “Millions wish for financial freedom, but only those that make it a priority have millions.”

There is wisdom in knowing what you know and don’t know.

Approach your finances with honesty so that you will have the flexibility you need to move along the path to financial freedom intentionally with purpose, clarity, and confidence.

Take Charge of your Finances ~ Mind Your Money Blogs

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