Becoming Financially Self-Sufficient

May 10, 2011 - Deatrice
What does it take to be financially self-sufficient today?
 
To quote, Pablo Picasso, “Action is the foundational key to all success.” Is it really that easy? If it were, most likely everyone would be independently wealthy.
 
Self-sufficiency is relative to individuals’ unique life experiences and aspirations. One may aspire to be the first to matriculate in their family while another may view owning their own business as being self-sufficient. Yet as people mature, the self-sufficient perspective may shift to the ability to retire and give back to their community. The pathway to independence is fundamentally shaped by actions taken today.   
 
Overcoming the fear of failure is the first step in becoming self-sufficient. Fear is a natural response to an unknown element similar to starting a new job or parenthood. Take control of your destiny by making a commitment to yourself to be the best at whatever you chose to do. Your commitment may be egocentric or altruistic, but what counts is that your plan has been executed.
 
Does the plan have to be perfect? No. The best plans are both flexible and scalable. Life is unpredictable and nothing is guaranteed except as they say “death and taxes,” so be prepared to make modifications as needed to ensure your success. For example, it’s okay if you have to defer saving for retirement to meet an immediate expenditure today; resume when you can. Take advantage of employer-sponsored retirement plans, make sure you understand expense charges and make paying yourself first a priority.  
 
What’s not okay is misunderstanding the risk/reward trade-off required to become self-sufficient or failing to educate yourself. Take charge of your future. There is a wealth of information on investing, savings, and penny pinching, however, the bottom line is that only you can do the work. Don’t be afraid to acknowledge you need help and seek professional help when necessary. All obstacles are surmountable with the appropriate tools. Make today your priority.
 
“Independence is a journey in self-awareness.”  --Deatrice

4 Comments:

  1. May 12, 2011 - Tony

    Independence is the correct application of knowledge to obtain your goals, short medium and long term.

    Life will challenge you financially and ethically. One must live through today and plan for tomorrow concurrently.

  2. May 13, 2011 - Roberta B. Johnson

    Thank you Deatrice. I agree it's never to late to save but self discipline is the key.

  3. May 13, 2011 - sharon ofori

    Interesting, This is my goal to become self sufficient on a Realtor's salary, quite difficult, but attainable. I wake up each morning with a desire to make a real difference in my life, thanks for the tips quite interesting. shashatweet.............is my twitter, name, this blogging is my first.

  4. May 16, 2011 - Lewis

    Developing a plan and starting the execution early increases the likihood of success.

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