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How to Stay Hungry on Your Journey to Financial Freedom

10 years of investing. That is 10 years of Frugal Living and saving as much as possible. In addition, that means 10 years of managing the portfolio & monthly budget. 25,000+ hours worked in your “career”. What do all these items have in common? Time. Time can wear you down or time can build you up. You may feel tired from putting in all of the blood, sweat and tears on your journey. I am here to show you what you may need to STAND back up, to stay HUNGRY and to keep GOING on your journey.

Symptoms of losing your fight

First, it makes sense to go over the feelings that you may be going through yourself. Some, you may not be aware of. Others, you may know full heartedly what I am talking about. Starting with the symptoms of losing the fight for financial freedom will help in diagnosing where it came from and then, ultimately, how to overcome these symptoms.

1.) Losing the drive. Essentially, you come home from a long day of work. You may have worked 8 hours or maybe it was 12. When you arrive home, you are depleted. There doesn’t seem to be a direction and you become ‘lost’, in a way. You know that there are things you can be doing, such as analyzing your portfolio, creating a watch list, finding out how to optimize idle cash or even negotiate an expense. However, you have lost motivation in doing this. You mindless wander online, from article to article and next thing you know, it’s late and you need to start your routine over again.

2.) You are lost. There’s the killer article that you want to write on investing and pursuing financial freedom, but don’t have a point to start or any clue on the topic to write on. Money is automatically transferred to your savings account, for that purchase of a new income producing asset, but don’t know how to begin analyzing what makes sense for your portfolio. You have the goal, but you truly aren’t sure on the levers to pull or tools to use.

3.) Control has vanished. You know what I’m talking about. You used to save 60%+ of your income, but now you are catching yourself not being savvy and spending more money than usual. However, the spending definitely hasn’t increased your quality of life.  The unnecessary spending has crept in. You lost control of owning your situation.

Examples of this situation can be unique.
Example #1 – Friends wanted to grab drinks and you definitely want to see them, so you go. They picked the place and drinks are $12 per pour. You order one drink, as it’s a strong one, but your friends order two. One check comes and the place of business can’t split, so everyone puts a card in, and your expense just increased.

Example #2 – You attend a wedding, excited to give them your gift and time, to celebrate their amazing day. In between the ceremony and reception, you go to a bar with friends, because that’s where everyone is heading and they are excited to hang out with you. At the bar, everyone doesn’t have a wallet, except you. They all saw you hold your card out to pay for your drink, so you can’t hide that you have yours. Therefore, you are stuck with the bar tab. No one has venmo and most of these friends are out of town.

Example #3 – You go to the dentist for a cleaning, expecting your insurance to cover your cleaning. You receive a bill from the Dental office stating you owe hundreds of dollars, after insurance kicked in.  Now you are confused on how that is even possible. You call the office and your insurance and aren’t receiving clear answers. In fear of collection, you pay the expensive bill and don’t fight any more.

the root of losing the hunger

Losing the hunger, the drive, the passion, usually comes down to a few basic things.

1.) You are physically tired.  In essence, your job takes over 55-70 hours of your week and if you are hustling on a side income project, there goes another 20-25 hours.  We are now talking 75-95 hours per week folks!  Guess what, you are mentally making decisions outside of those hours as well.  Decisions such as, which groceries to buy, which food to make, what you will pack for lunch, when you will cut the grass and clean the house.  The list goes on.  Lastly, you need to find a way to fit sleep in, which is not happening or is now a consistent sleep.  Therefore, you are physically exhausted and can’t pour in the resource of your mind, to working the next step to financial freedom.

2.) You are the “Yes” man.  Everyone at work needs you and your president loves you.  Simply, you say yes to helping people, because that’s who you are at your core.  You may be gifted and know how to rally your teams, expand your mind to accomplish tasks, but guess what – you aren’t saying no to projects as well.  In addition, what you are currently outputting, becomes the brand-new norm and there’s no way around it.  This is now the expectation of you and the question is – how fast can you keep running before burnout occurs?

Since you are saying yes, you are running out of time, as more hours are needed, thus taking away from your life!  What’s tough is when family members and friends want to spend time and you know you need a night(s) to yourself.  Take them, as when you are with your friends/family, for next time, it’ll be that much better. Further, that’s less time analyzing stocks, finding fun ways to make side hustle income or opening a new business that you had dreams of.

3.) It all comes down to Time.  If you can’t tell, you are losing time. You are spending the majority of time, potentially, doing things you don’t fully enjoy or with a team that you fully want to be around.  However, you never want to let anyone down.  The vicious cycle of being the nice guy continues to drag you down and it’s hard to stay upbeat when you are completely bogged down, no doubt.  It just is, plan and simple.  Therefore, you are spending all of the time, with people that may or may not bring you joy, at a job that may or may not bring you happiness.

how to stay hungry on your journey to financial freedom

1.) Think of why you started. Think of where you have come from and why you wanted to reach financial freedom in the first place.  For me, I was poor growing up and didn’t realize how tough of a financial shape our family was in, until I was almost 20 years old. I decided at a young age that there was NO WAY this was going to happen for anyone in my family and I wanted to make a difference on all of my loved ones.

Further, I know what working in a career/job for a long-time can do to your soul and your time on earth. Every time I am feeling fatigued, I think of all of the TIME I want to have doing what I love and spending the TIME with whom I love.  I do this for the family and to accomplish this insanely difficult goal.  Truly, I do love the challenge.  The competitiveness drives me, to beat the challenge.

2.) Write Down Goals. Writing down what you want to accomplish, on a daily, weekly, monthly and/or annual basis is key. This is a document that you can go back to, to help provide direction. This is beneficial when you know you want to write, or invest, or pursue an action, but aren’t sure where to start.  Going to your goal sheet, will help the brainstorming and journaling how you will get there.  If you want to invest in a certain yield, you can screen/filter for that. If you wanted your dividend income to be a certain amount at the end of the month or year, you can calculate what type of an investment that needs to be and start the research process that way.

3.) Pay yourself first. Always and I say ALWAYS, pay yourself first. This will continue to avoid #3 above.  Further, will give you the resources automatically to buy cash flowing assets, which will put you on your pace towards financial freedom. As an employee, I have savings directed to a different bank, automatically, each pay day. Each week, I evaluate the budget versus actual, and will make an additional transfer to my online savings bank (which is tied to my investments).

ending thoughts

I actually hope that not everyone can relate to this.  If you can, I hope I didn’t strike a nerve or a chord.  I hope, though, that if you are going through this, know that you are not alone.

You most definitely are not alone, as I know I have and continue to go through this myself.  I literally am attempting to wrap this article up at close to 10PM at night, after I spent 11 hours at work, while battling a cold/sinus/sore throat.  Oh and that doesn’t include my commute.  I know what you are going through, you are not alone.  I have sat down to write articles or to work on the house, not knowing where to start.  Money has been spent in situations that were not fun or enjoyable.

However, that’s the beauty here.  You ARE in control.  Dig DEEP in your heart and mind, to control your thoughts and behaviors.  Know that you CAN change your situation.  You can find your WHY by taking a deep breath and remember what got YOU started in the first place.  This is YOUR life and you only get it once.  If I were you, I wouldn’t let anything stand in my way, on the pursuit of your goals – whether that be financial freedom or anything.  The only person that can fuel that hunger, is you.  Change your job or stop doing the items you don’t like, by finding someone who many enjoy them.  Do more of what you like.

What are you waiting on?  Take time for yourself.  Real, one on one time.  Give yourself time, to get hungry again.  The only item in your way… is YOU.

-Lanny

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The post How to Stay Hungry on Your Journey to Financial Freedom appeared first on Dividend Diplomats.