I’m always happy to state in clear terms what financial freedom means to me. It is to be “financially free”, to be able to afford the lifestyle I want and make life’s decisions without pressure. So, what does this look like for you? Have you given it much thought?
I recently changed geographies and what this looks like has changed dramatically or me. With changes in the interest rate environment, global economic climate, available investment opportunities etc., the “what” remains the same – my financial goals – but the “how” has changed.
In truth, we’re constantly evolving as humans and as such, our financial goals cannot be static. For example, changes in interest rates affect the rate we pay on loans, how much we earn on investments and other day to day realities. Higher or lower, fixed or floating, one isn’t always better than the other. It depends on whether you’re borrowing, lending or investing. Realistically, many of us do at least two or all three concurrently at any given time. This is where financial education and good planning comes to your aid.
Knowing how the economy affects your wallet helps you identify if it’s a good time to borrow, what to invest in etc. We can’t time the market or predict what will happen next, but we can always use what we know to protect our financial goals.
Knowing when to preserve your capital and stick with fixed income investments, versus when to chase riskier alternative investments is a skill and you too can learn it. Personal financial education will always
help even as things are constantly changing. The key to building the future you desire is planning intentionally. You just need to start!
You can assess where you are by pondering your answers to questions like;- Do you have a healthy money mindset?- Do you have more than one source of income?- Do you spend less than you earn?- Do you have a good sum saved up for emergencies?- Do you have an investment account?
Here’s your reminder to give this a thought and let it shape your goals in the coming weeks. I’ll be doing the same.
Temi Busari is an investment management professional with a proven track record of success. With many years of experience across North America and Sub-Saharan Africa, she is skilled in Treasury and Financial Risks Management, Partnerships, Strategy and Fintech Solutions. She is a CFA charter holder and holds an MBA from Ivey Business School in London, Ontario, Canada. Her passion for sustainable wealth solutions has seen her deliver financial literacy coaching to individuals and small businesses, helping them make better financial decisions.
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