Money goals and money habits

At first glance they might not seem important, but a combination of good money goals and money habits is a fundamental foundation for achieving financial independence. So what’s the difference between financial goals and habits – and why are they both so important? Money goals Examples of money goals include paying off your credit card …

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Sketchnote showing the link between good money goals and good money habits, which combined provide an important foundation for financial independence

Picture your financial health

Creating a picture of your financial health enables you to quickly see where you need to make changes to your lifestyle to reduce debts and grow your wealth. Just as a physical healthcheck tells you you’ve been eating too many chips and need to do more exercise, so a financial healthcheck (or you could call …

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Sketchnote showing how to draw a picture of your financial health. The picture consists of two columns. The lefthand column showing your monthly spend against earnings and the righthand column showing your net worth.

Ask yourself ‘why?’

When mapping your path to financial independence, it’s good to stop and think about the goals you want to achieve and to ask yourself why they are important to you. Why do you want to get out of debt? Why do you want to buy a bigger house? Why do you want to start a …

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Sketchnote explaining how behind every financial goal there are a number of rational and irrational reasons for why the goal is important to you. By understanding these reasons it's possible to prioritise financial goals and plan the steps to reach them.

What is financial independence?

Financial independence is a place you reach when you have enough income each month to cover your expenses and where a significant proportion of that income is generated passively. This means you don’t need to be actively working to make a living. Being financially independent also means you’re debt-free and (ideally) mortgage free and that …

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Sketchnote compares the financial situation of someone at the start of their journey to financial independence and what their situation looks like once they have reached financial independence.