These 6 steps 👟👞 start with the letters TWIRLS 🔄 , like the TWIRLS we do when we dance 💃.
A good dance has many twists 🔀, turns, and now TWIRLS 🩰!
T is for Twenty — Save 20% of your income 💲.
Here is a Jedi mind trick: automate savings of 20% of your after-tax income. Warren Buffett said this, but it also reminds me of something that Yoda 👽 from Star Wars ⭐could have said: “Do not save what is left after spending, but spend what is left after saving.” If you are spending more than 80% of your after-tax income to support your current lifestyle, then you might not have a lifesaver in your financial future.
W is for Will & Estate Plan 📜— If you have minor children or others who depend on you financially, it’s really important to have a will and an estate plan. Make sure you list your beneficiaries on all your major accounts like your 401(k), IRA, bank accounts and other investments. This minimizes the risk of people fighting over money if you die.
I is for Invest — Invest for the Long Term 📈
Understand and accept that the markets will go up and down, but over the long term the market recovers and goes higher. Get comfortable with downturns and selloffs. Avoid the temptation to sell when others are selling. and always be prepared with safety nets like emergency funds. Know that unexpected things out of your control can also happen in life and with your career. So have a backup plan in case a spouse dies, you have a divorce, you lose your job, or you suddenly have to care for an elderly parent.
R is for Regret — Don’t live a life of Regret! ⌚
Don’t live a life of regret! My dream 💭was to one day start my own #business💼👜, but I was afraid of failure. Then I heard about the book Top Five Regrets of the Dying by Bronnie Ware and I asked myself: What is the one thing in life I want that I would regret if I didn’t do?
To minimize the risk of failure and build my own confidence, I decided to take a series of small and large (dance steps 👠 of course) that helped me get closer to living my dream.
L is for Low — Keep lifestyle costs (and fees) Low! 💸
Keep lifestyle costs (and fees) low. Never spend more than you make, and keep your spending level low so that when you make more money you’ll have extra to put toward savings. Never ever carry credit card debt 💳 — that is wasting money on interest and high fees, and you might as well set your wallet on fire. If you can’t pay off your credit cards every month, then don’t go out to dinner, shopping or clubbing until you do.
S is for Specific — Have specific goals 🥅.
Have a dream and a plan, but also have specific goals so you can benchmark your progress and measure your success. Research shows that setting goals increases performance and productivity by 20%! There is a strong correlation between the specificity of a goal and the chance of success. For example, instead of saying you want to learn how to dance (which is vague), set a goal of learning the tango 💃by the time of the wedding you are going to — it’s challenging and specific, and that makes it a good motivator.
Following these 6 dance steps can help you get your financial house in order and invest in yourself so you have a more secure future.
Not sure where to begin? One of my superpowers is bringing clarity to your financial situation with a fresh and objective view of what’s possible. I can help you decide what’s important to you and help you solve real problems, and overcome your fears and uncertainty. Reach out to me tiffany@wealthengagement.com I would love to meet, zoom or talk with you!! Happy Friday! Best, Tiffany