Financial Security by Age Fifty
Becoming financially secure by age fifty is now my priority in life. I have slightly less than six years to achieve this goal – it seems like a long time, but I know it will pass by all too quickly. I’m going to tackle this project with the intensity it deserves, but there is going to be plenty of fun along the way.
My current financial situation is unacceptable to me. Living from month-to-month was fine as a single guy, but I now have a family. I’ve wasted far too much time worrying about my finances – if I’d used this energy to actually do something constructive, I’d be in a much better position now. I’m completely to blame for my current situation and now is the time to put things right.
What Does it Mean to be Financially Secure?
‘Financial security’ is a bit of a woolly concept. My current definition of what this means is modest and would include four elements:
• Clear my debts – I owe €6000 (about US $8000)
• Buy a house – a starter-home here in Rayong averages 1,000,000 THB (about €25,000 or US $31,000).
• I need to be earning the same amount of money from writing as I would get working as a nurse back in Europe (my old career) – this would be about €30,000 (US $39,000) a year. I’ve no savings or retirement plan so it needs to be at least this amount.
• I need to be earning the bulk of my money from my own writing rather than the content I provide for clients.
I know that these goals are realistic and achievable within a six year period.
The Cost of Financial Worry
Worrying about my financial situation has cost me a great deal of money. This stress has been a drain on my motivation, and it has interfered with my ability to make good decisions. Worry makes me tired and depressed. It means that my focus is always on the obstacles rather than the opportunities available to me. Worry is just an excuse for failure, and I’ve already overindulged at the self-pity pot.
I work as a freelance writer, and there have been a few periods when the work has dried up. The truth is that these periods don’t justify my financial struggles. I regularly turn clients away with the excuse that I’m too busy. My problem is not really lack of work, but my inability to make the most of my opportunities coming my way. Up until now, I preferred to waste time worrying rather than doing the work that would lead me to financial freedom.
The Motivation Needed to Achieve Financial Security
I didn’t break away from my almost two-decade long alcohol addiction by worrying – that is what kept me trapped for so long. In order to escape, I needed to make it my number one priority in life. I’m going to do the same here. For the next six years I’m going to make achieving financial liberation my main focus. I’ll start by eliminating everything that is getting in the way of reaching this goal – this means worry, negativity, and excuses have to go (no exceptions).
I’m going to make everything in my life serve this goal of financial security. I will exercise daily and eat sensibly because this will give me the energy I need to succeed. I’m going to continue to meditate every day so I can enjoy good levels of concentration. I’ll make time for my family because taking care of them is really what this goal is all about. I’m also going to have plenty of fun because otherwise there is no point in trying to achieve any goal.
Enjoy the Process of Achieving Financial Security
A mistake I’ve made too many times in the past is focusing on the destination rather than the journey. The problem with this is that life happens on the way to a goal – that’s where the real happiness is to be found. I feel super-excited about this six-year project. It is going to be such great fun to work on this challenge – it is going to give my life a new meaning and purpose.
Please check out one of my latest posts:
zen and the art of financial security 😉
Only if Zen can make me more productive Tom
Great post. Its motivated me to set some goals.
What are your plans for “earning the bulk of my money from my own writing”?
Good luck!
Hi Joe, I want to move from selling my time to selling my own digital products (eBooks etc.), It is likely to take a few years, but it is definitely achievable.
Sounds like a good plan.
Have you come across Tom Ewer of leavingworkbehing.com ?
He is a freelance blogger with a successful information product/ebook.
Might be worth checking out for some tips, his income reports make good reading.
Okay Joe – thanks, I’ll check it out.
Great plan Paul, everyone should have one.
I made a mini-plan and am two years away from completing the purchase of a couple of items that will become assets to my family, but neither is a house since I find it difficult to find a home in the center of Bangkok.
More play to you for moving away to somewhere where you can buy a place and put down some roots. Good luck with turning the plan into action!
Thanks Jon, I do think it is much easier to achieve things with a plan of action. I enjoyed living close to Bangkok, but I love living in Rayong.