How can you take back control of your finances and invest in your financial independence? The holiday weekend may be the perfect time to take stock in your finances and career to help you gain a foothold. There are steps that you can take, in addition to celebrating and relaxing, that can put you on the path to financial independence.
Invest in Yourself by Starting a New Habit
One of the best ways that you can gain financial independence is to start a new habit. Of course, that is easier said that done in most cases. Many people suggest it takes 21 days to create a new habit. We all have bad habits and some of them are worse on our pocketbooks than others. But we can also create new, healthier financial habits as well.
So what new habits could you target in order to gain financial independence?
- Keep a notebook and track every cash purchase you make
- Pay yourself first from each paycheck
- Add additional payments to your credit card and debt snowball
- Take 24 hours and sleep on any purchase over $50
- Don’t go out to eat (including coffee and fast food)
Invest in Your Career
This Independence Day may be a great time to recommit yourself to your career. When was the last time you spent time and energy learning something or trying to become a better employee? There are many ways you can increase your productivity at work or increase your knowledge of your job.
You may also want to consider investing time this weekend in laying the groundwork for your next job. When was the last time you polished your resume? Far too many of us simply keep it in a draw or in a folder on our computer collecting dust until we lose our job and need a new one. Spend some time this weekend updating your resume and adding the skills and jobs you’ve recently had.
Do you have a mentor? Mentors are a great way to help you advance at work and learn what it takes to be successful in your career path. They can also be there to help answer questions or simply to bounce ideas off. Mentors can also provide you with needed contacts if you are job hunting. Be sure to continue relationships and discussions with mentors throughout the year. Now may be a great time to reach out to someone you admire if you do not already have a mentor in your career field.
Like networking and mentors, you never know when you are going to need their help. And it is easier to have the relationships in place already than trying to build them when things are going wrong or you are months into a job hunt. You also never know when you are going to need your social media accounts like Facebook, Twitter, and LinkedIn. You can leverage these accounts and contacts. When was the last time you updated your LinkedIn profile?
While ideas like updating social media profiles, finding a mentor, and brushing off the dust on your resume will not directly related to taking back your financial independence, they will pay dividends later down the road when you least expect it.
Invest in a Hobby
Are you living paycheck to paycheck and want to get your finances back on track? You’re definitely not alone. The problem is a lot of people struggle with where to start taking back control and are looking for help in gaining financial independence. The answer may be closer than you realize. One way you can take back control is to turn a hobby into a business.
Most of us have hobbies, and many of these hobbies can be money-making ventures. Do you like to make crafts? Can they be sold on eBay? Do you like to write or draw? Have you ever considered becoming a freelancer? It often does not take much money to start a small side business that can be profitable and help you take back control of your financial independence.
Invest in Education
One great way to invest in your financial independence is to look at going back to school. Whether you are looking for a new degree or a new direction, continuing a lifelong education can help you gain financial independence that most of us are looking for. Independence Day is often the start of college enrollment time at local community colleges. You do not have to look at going back to school for a new or additional degree. You could simply consider taking online classes in a subject you have wanted to pursue. Or, you could take a course at your local community college.
Have you ever wanted to take a second job moonlighting by tending bar? Maybe you should look for bartending classes, for example, to try it out. Or, maybe you want to turn your hobby into a part-time business. Many local community colleges offer small business and entrepreneurship courses. While getting a master’s Degree or finally earning your bachelor’s is a great step towards financial independence, it doesn’t have to be the only means of going back to school.
There are many ways that you can take the steps towards investing in your own financial independence on this long Independence Day weekend. Taking the long weekend off to recommit and invest in yourself, your career, and your family’s financial health can be time well spent while celebrating.
What are your plans for this Independence Day? Are you taking some time to reflect? How are you taking steps to financial independence on this Independence Day weekend?