Elevate Your Life: Get Financially Independent
I am often asked by clients what’s the best thing they can do to lower stress. They are surprised when one of the recommendations I make is not a special meditation or an amazing supplement etc but to consider working towards financial independence.
Many of our problems look different but on closer examination have a similar cause- money. Poor health, fractured relationships, anxiety, fear of the future etc can all be due to money issues.
Most of us spend over half of our waking hours in the pursuit of money. Yet most of us are a missed pay day away from financial disaster.
We exchange our life energy for money, so we want to be prudent with our earnings. Yet many of us don’t even know where our money goes!
The rough maths of financial independence is that you need to save 25 x your annual overhead to be financially independent. The easiest way to achieve this is to save and invest heavily when you are young- saving perhaps 60% of your income, investing this and letting it compound- although you can do this at any age. The simplest way to save more is to eliminate or dramatically reduce your biggest overhead- accommodation. So you share a room with a friend, live with your parents, rent out rooms in your house etc. The next biggest overhead for most people is transport- so you might choose not to have a car and cycle instead. And on it goes- but you can see that you don’t start saving by cutting out coffees!
Obviously most people don’t find frugality attractive and would prefer a great flat, amazing holidays, meals out etc. But there is a hidden price for the conventional life- you are essentially a wage slave. While frugality might feel tougher, it is much more freeing in the long run.
You can of course still spend money on things that are important to you- whether personal training, organic food or a travel. But you you need to budget for this.
And the good news is that if you are a massive shopaholic in tons of dept, you are likely to be able to turn that obsession towards saving and be very successful.
Those with body dysmorphic disorder can especially struggle financially, as low self esteem ends in buying clothes/ make up/ plastic surgery/ tweakmeants. Elle in the US recently started a YouTube channel cataloging her journey from financial ruin to hopefully freedom, and the special challenges she faces as a BDD sufferer with a high-appearance focus. Check her out - https://www.youtube.com/@dbalemon.
@dbalemon
Many of us are scared of the future. Not having enough money to retire, what AI will mean for our jobs. Even if we are not fully financially-independent, having savings or paying off our mortgage or investing can help us to feel more secure and positive.
Of course not everyone will be able to create a huge gap between their income and spending, but education is free! Maybe there is a small way you can improve your financial situation or maybe you might make plans for a time when things change. Read Mr Money Moustache’s online blog, borrow a copy oif the book Your Money or Your Life by Vicki Robin. Watch YouTube financial independence channels such as Elle’s). Understand that the purpose of money is not to buy things, but to earn more money!
In yogic terms, you can support your financial independence by mediation, chanting and prayer. Simply start focussing on what you want and what you need to do to get there. Then start giving away what you no longer need or want.
Wishing you prosperity!