In this episode of The Money Scope, we zoom back out to plotting our course again. Not as the abstract destination, like in episode one. Rather, how to concretely find your way. Specifically, how to set concrete goals as waypoints. Plus, making targets that motivate you to work towards them. Plus, strategies to weigh competing goals when the currents are pushing you in different directions.
One very common goal is financial independence (FI). Financial independence is not only a major financial goal and objective in financial planning. It is also a powerful tool to recognize and use. Like the engine of your ship. You can plot the course, but FI helps you to move forward and even power into new directions. So, take your seat at the helm and join us for Episode 4 of The Money Scope.
“I think the other part of it is to think about financial independence in degrees. Because you’re@LoonieDoctor
trying to make this trade-off over time and it’s not really some discrete event in the future, it’s
something that happens gradually.”
“[Financial independence] is really about figuring out what your values are and figuring out@benjaminwfelix
what the life that you want to live looks like. And then being intentional about spending and
saving to achieve that.”
“As a rule of thumb, when you view a goal as central to your identity or see it as a moral or@LoonieDoctor
ethical issue, then it makes sense to rank that highly.”
“If you make small, bad decisions incrementally over time, all of a sudden, at some point in the@benjaminwfelix
future, due to compounding, there’s a big impact. And that can be health. It can be financial.”