Before we start, I just want to add that this is not financial advice. This is information only.
One of my goals for 2022 is to start a YouTube channel. So, at the beginning of Feb, Personal Finances and Investing with Duffmoney will start on YouTube. This channel will help absolute beginners with their personal finances and then with their investing.
The first 20 odd videos will be loosely based on my 1st book all about my colourful relationship with money and how I’ve managed to turn things around. This will be split into 4 sections and there will be 5 videos in each section. The second section is all about the plan to hit your financial goals. See below for a little summary of the plan:
- The Plan – An overview of your monthly expenses ….. get organised so you know how much your spending each month
- Get your goals written down
- How to write your goals
- Document your journey towards financial independence
- Very very important to enjoy the process … work towards meaningful goals … and learn to live in the moment … LIFE is all about balance
This post will go over these 5 videos on The Plan:
VIDEO 7 – THE PLAN
Before getting into investing, Personal finance has to come first. It is difficult but you need to learn to manage your expenses and find spare money to invest with …. Or as I’ve read in many books – spend less than you earn and invest the rest.
This can be difficult because it requires discipline. It isn’t easy going through your bank statements and deciding what you can cut … like subscriptions you don’t really use or old gym memberships for example…
I would go through your bank statements and write down every expense so you know how much you are spending per month… this figure might be £2000 for example…
Then I would look to get a cash buffer in place before you start investing … this gives you breathing space so you’re not getting anxious over money – this is the way my mind works anyway… if I haven’t got a cash buffer I get anxious over money
A couple of years ago I really started focusing on my personal finances and got to a point where I had a cash buffer of 6 months expenses … so if my expenses were £2000 that would be a £12000 cash buffer.
THIS VIDEO IS ALL ABOUT GETTING AN OVER VIEW OF YOUR PERSONAL FINANCES… THEN IT IS ABOUT WORKING OUT YOUR FINANCIAL INDEPENDENCE FIGURE … WHAT YOU NEED TO COVER ESSENTIALS AND LUXURIES LIKE HOLIDAYS … YOU CAN THEN WORK TOWARDS THAT FINANCIAL INDEPENDENCE FIGURE WITH CLARITY AND PURPOSE.
Video 8 – Get your goals written down
This video is all is getting your goals written down.
Not writing my goals down in previous years is one of my biggest mistakes to date. So getting them goals down on paper or on your computer is an important step…
When I talk about the plan, a big part of it is goal setting. Like what do you want in terms of personal finance and investing. You can write other goals down as well… like experience goals … but them finance goals will help you with the experience goals… in my opinion.
There are loads of ways to set goals like SMART goals for example – SMART is an acronym for Specific Measurable Attainable Relevant Time-bound.
You can write short term goals, long term goals or a combination of short term and long term. Short term is like 6 months or a year. Long term is like 5 years or even 10 years.
Influenced by Tony Robbins and others mainly from personal development books, I write 1-year goals down… and even have a couple of 10 year goals … this is done every December … this way I can reflect on how my goals have gone for the year and look to make improvements the next year … incremental improvements every day is what I’m trying to do and it is the same year to year.
You have to go away and do some research and see what works for you … see what methods of goal setting works best for you..
In video 8 I also go over my 1st set of goals …. Don’t focus on my goals … as you will have your own goals that are important to you …
My 1st set of goals make me cringe to be honest but it was my 1st attempt … another negative is that they are all over the place.
After listening to the ALWAYS FREE PODCAST, I have decided to plan my 2022 goals to improve my chances of hitting all of my goals..
Video 9 – How to write your goals down
Video 9 goes into this planning a little bit … it also covers how to be very specific with each goal …. In case you haven’t noticed, I am into goal setting. I have been goal setting for the last few years and the results have been mixed. By planning my goals and being more specific with my goals, I am aiming to hit all of my 2022 goals.
Video 10 – Documenting your journey towards financial independence
As well as being obsessed with goal setting, another obsession is to get early financial independence.
A useful tool to get to FI is to document your journey … I am constantly writing and since starting the Duffmoney blog in 2019, I have realised that I love to write.
This is how I document my journey towards FI:
- Initially, I started journaling – this was again influenced by Tony Robbins towards the end of 2018… I write my goals in my notepad … I write key info like tax info on my limited companies … I’ve written stuff about mindset as I have worked hard to improve my emotional intelligence … If I read a decent book, I will take notes on key info … when I was learning about index investing in the stock market I wrote key points that I knew would be worth remembering …. I’ve written loads of notes on property investing after doing a fair bit of property training … and most recently ive been writing notes about crypto investing
- I also have a folder on my desktop with all my spreadsheets – this includes my budget … all my bills … tax info for the current year …. All my property info including expenses … I have a spreadsheet looking at the big picture in terms of assets and liabilities …. Basically I’m quite anal about my spreadsheets – they took maybe half a day to set up but I now spend a quick 5 mins each week checking them ….. this sort of attention detail means I know exactly what income I have coming in each month from assets …..
- Another way of documenting my journey has been to write my weekly Duffmoney blog – you can find details for this blog in the show notes … this one is important to me as it is a free tool for anyone looking to get some early FI – I will keep writing until I get there … and then I can tell anyone who is interested exactly how I have achieved my financial goals by directing them to my blog …. The blog has 2 benefits .. 1) it is improving my understanding of what ive been learning by writing it down 2) it gives me the opportunity to pass that info on to help others with their finances
If you decide to get into personal development, you will end up writing stuff down as you try to absorb as much info as possible. That’s what has happened to me anyway.
By documenting my journey into the financial independence rabbit hole, it has improved my knowledge and understanding of money. It is my belief that it will help me push towards my financial goals. It is a very useful tool that enables you to track your progress along the way.
Video 11 – enjoy the process
Very very important to enjoy the process … work towards meaningful goals … and learn to live in the moment … LIFE is all about balance after all.
Right, you have your goals written down and you are heading in the right financial direction … but there is a caveat … it is easy to get obsessed with your goals and actually miss what’s going on around you!!
This is something I have been working hard on over the last few years … there are periods when I become too obsessed with my goals. A few of my friends have even told me that I am too obsessed about money or all that I care about is money …. I’ll hold my hands up and tell you that I like money – but in my mind, I’m coming from a good place.
I’m not that person who tells everyone how much money I have got in a feeble attempt to impress. I just want to be FI so I can live life on my terms. I’m pretty neutral on what money is and don’t see it as good or bad. I’ve heard all my life that money is the route of all evil and this is not the case at all … in my opinion … if someone feels it is the route of all evil crack on – I wont try and convince you otherwise as we all have our beliefs. Money is an exchange of value … it is a unit of measure … and when you factor gold or silver in – it is a store of wealth
I can honestly tell you that my obsession with money is just about getting early FI …
But I do need to be more present in the moment! And luckily Mrs Duffy lets me know if I’m not quite in the room … like last April when I was completely obsessed with crypto. the lads at work got into a coin early and we all made a lot of money and none of us cashed out … this led to 6 weeks of complete crypto obsession.
This is a post to go over the 5 videos that will cover the plan to hit your financial goals on my new YouTube channel. This is the type of post I’ll be writing over the next few weeks just until the YouTube channel starts. If you like the sound of my new YouTube channel, look out for it in early February.
By the way, if you want some more info on personal finance and investing, you can always read my 1st book. Or if you are on a limited budget, I have no issues sending you a FREE COPY.