By Elizabeth Nkukuu
Money is not the only answer but it makes a difference- Barack Obama
Elizabeth Nkukuu, CFA, Team Lead [Twitter]
Human beings have
various parts that complete them, these include Spiritual, Health &
Fitness, Family and Career & Financial.
Our needs for
each of the various blocks vary from person to person and they are largely
influenced by the environment we find ourselves in but, occasionally we have
seen people get above the norm and achieve significantly more on one value
compared to the others.
It is good to
note that people are driven by different things that form the core of who they
are e.g. Martha Theresa was a spiritual person who wanted to see the world as a
better place for all while looking at Elon Musk is a businessman who wants to
change the world differently and make money by doing it.
The aim is to
always have a much-balanced life and no wonder we have seen a lot of debate on
work-life balance and work-life integration. As we were growing up most of us
had career aspirations and the key driving force was either to make a
difference or at least make some money.
Below is a summary
of the key steps required as you start your financial freedom journey:
- Self-Awareness: Set out your soft issues, understand
your current position putting into perspective your overall objectives,
believes and what drives you. Most of us have done things that are not in
line with what we believe in either because of fear or not knowing when
and where to create boundaries. If you did what you like doing you live a
more fulfilled life and your work or business does not seem like work
anymore.
- Look
at your current resources: Resources
can be in different forms time, money, relationships, and personality just
to mention a few. Understanding what you have and what it can be used for
is a key starting point as it helps you know what assets and what baggage
you need to lay off. All the resources are finite and that is why the way
we employ them means a lot and we need to ensure that we put them to the
highest and best use.
- Create
an Execution plan: Depending
on what stage you are at, plans vary with some of them being rather a
short term meaning you can easily achieve them e.g. if you need to bid for
a certain business and what stands in the way for you is maybe a critical
certificate like the registration with AGPO and that can take a week and
you have it while others need just time for example if you identified that
what you need to do to get to the next level in your career is to
undertake some course or go back for some academic papers you might need
to be patient and take the time required to get the said papers. The
execution plan helps you see how far you are from attaining your goals.
- Starting: No plan can be achieved without taking
the first step. If it is starting a business you must begin with something
as basic as registering the company or even just telling someone about
what you want to do. One of the key things about starting is knowing when
to share your idea, who not to share the idea with and starting to
implement the sketch. If you ask many people who have started anything the
actual thing that they currently have as a success story is very different
from what they had in mind when they were starting. So, for as long as you
have the general direction of what you want to do the next is to start as
you shall always refine it on your way.
- Creating
a Feedback Loop: Being
human we shall make mistakes more often than not, the key is how do we
rise above the mistakes and how do we change tact and get back on track.
Remember “You have to make mistakes to
find out who you aren’t. You take the action, and the insight follows: You
don’t think your way into becoming yourself.” – Anne Lamott. With
the changes in the world, the people who make it big are the people with
significant adaptability capability to take advantage of the new
opportunities while alighting from the train that is taking them nowhere.
Creating a disciplined way to take stock is very important. This can be in
the form of having a coach/mentor, creating processes of accountability if
you are working with a team etc.
It is therefore
very important to ensure that your financial goals are in line with your other
goals and they both move in the same direction. We have seen many successful
people in business in their later years saying they would have loved to have
spent more time with family. For you to completely say you are on the path of
true financial freedom it has to not conflict with your inner self.
