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Week 3: Maintaining Your Net Worth
This Week’s Goal: To create a long-term strategy for growing your net worth by finding your why, creating a hands off system, and surrounding yourself with the right network.
Today’s Easy Financial Task: Find a "why" that will keep you motivated to continue growing your net worth.
How to rock this task:
- Complete the Dream it, Design it, Share it exercise
Welcome to the last week of the LRC: Net Worth Edition!
How have you been doing with all the tasks?
Have you been enjoying our live videos at the end of each week? I am!
In today’s lesson, we’re going to talk about your why through a fun exercise.
The Reason Beyond Finding Your “Why”
During the Live Richer Challenges and in the Live Richer Academy we talk a whoooole lot about money.
The goal of the Challenges and Live Richer Academy isn’t to turn you into a stingy Mrs. Scrooge McDuck who’s sitting on a big ol’ pile of coins.
It’s not all about seeing the Benjamins pile up either.
Instead, my mission is to help you build wealth by increasing your income, savings, and investments so you have the means to live your best life.
When you see people talking about “living your best life” on the ‘gram, you may not be sure what that means for you.
Social media celebs and ads try to tell us what living our best life should look like. But only YOU can determine what your best life is.
For today’s task, I want you to completely free your mind from what you THINK you should want so you can determine the real why that ignites a fire in you.
This why is going to keep you motivated while building wealth.
Step #1: Dream It // Deciding What “Live Your Best Life” Means to You
I want you to do this exercise with minimal distractions.
Give yourself 10 completely free minutes to do this.
I know how you like a good worksheet, here’s one that you can use for this exercise too.
Here’s what to do:
- Close your eyes
- Envision what a day in your perfect life looks like if money’s no object. Write down the answers to these questions:
- What time do you wake up?
- Where are you?
- Who are you with?
- What do you do first, second, and third?
- How does it make you feel?
- What major goal have you achieved?
Get as specific as you can with the exercise.
Here’s an example.
Let’s say this is the perfect day for Michelle:
- I wake up at 10:00 a.m. because in a perfect world I can sleep in a little bit.
- I’m at home.
- I’m with my kids because I want to homeschool them.
- I wake up, get my kids ready for their lessons, teach them, and take them to extracurricular activities. At the end of the day, I also teach Crossfit at the gym because fitness is my passion.
- This day makes me feel happy, purposeful, fulfilled, and productive because I’m involved in my kids’ lives. I’m also healthy and active and teaching people how to be fit in their daily lives.
- I’ve paid off my student loans and saved money for my children’s education.
Step #2: Design It // Designing Your Best Life
Now’s the exciting part.
We get to design the life we want.
In this second step, I want you to figure out how much your dream lifestyle would cost you. Michelle wants to be a stay at home mom.
If she has a partner who’s contributing to the household, she could beef up her emergency savings account, replace her current salary with her own business, and accelerate her retirement savings plan.
Say she brings in $3,000 net income each month (or $700 net per week).
If her goal is to replace that $700 per week within two to five years, she could:
- Negotiate a raise at her current job so she has more money to save and invest for the next few years
- Start and grow a home based business on the side teaching Crossfit with a goal to replace her income
- Reduce household expenses to grow her retirement savings plan faster (we’ll talk about saving for retirement this week!)
We have classes on starting a home based business in the Live Richer Academy (joinLRA.com), if that’s something you want to do, too!
See how this works?
You may find that achieving your ideal life is actually far more in reach than you think.
Whenever you’re making sacrifices (i.e. saving instead of spending), close your eyes and think about the lifestyle you’re creating for yourself.
There's one more task for today.
Remember the goal worksheet from the first week? If you don't have it, here's another copy.
There was an action part of the worksheet that we haven’t filled out yet.
Go back to that goal sheet and add three action steps based on the lifestyle you want to achieve for yourself.
Step #3: Share it // We Want to Know Your Dreams!
The last step in this exercise is committing to live for your why, and then share with us.
Dreaming is the fun part.
Acting on your dreams takes effort, but it can change your life!
For the rest of this week, I’m going to give you several more tasks to help you make living your best life possible!
Before you go, there’s something powerful about speaking your dreams into existence.
I’ve done it many, many times in my business!
Share what your perfect day and best life consists of in the comments below!
Check in with your accountability partner(s) to see what their best life is like as well.
Share what you’ve learned today with your tweeps:Woohooo! Today, I imagined what “living my best” life looks like and how to attain it! Day 15: #LiveRicherChallenge #LRCNetWorth Click To Tweet
You can reach out to me here:
Facebook: The Budgetnista
Private Forum: Dream Catchers: LIVE RICHER
P.S. Don’t forget to get your free Live Richer Challenge: Net Worth Edition Starter Kit. GET IT HERE.
P.P.S. Here’s a copy of the Challenge Calendar. It’s a fun way to keep track of your progress.
Want to work through the Live Richer Challenge: Net Worth Edition in a workbook? It's part of a bestselling series!
Click the link below and get your copy.