We’re almost at the end of January twenty-eighteen. What the actual F. Without sounding too much like my mum, the older you get, the years really do fly by. Sometimes I catch myself wishing the weeks away, crawling through the days to get to my Friday wine and two days without using my brain. Then I remember a quote I saw recently – maybe it was Sally Obermeder – I can’t remember. It said, “Instead of saying I have to, say I get to”. I have been trying this change of voice and mind lately, and to be honest, it’s been working!
I’ve always been one to look too far ahead and tried to be in control of the passage of time but alas, that’s not possible. I really enjoy making goals and getting stuck into my work – both personal and professional, but I am known to go bull at a gate from excitement. I have read so many beautiful messages from the Fearless Female Traders community, from women who are saving money, sticking to their budgets and have bought their first shares. This is fantastic and puts the biggest smile on my face. Truly. But before doing a Bryanna and going a thousand miles ahead of your money goals, it’s important that you plan your 2018 money calendar before you realise it Christmas again and we’re still in the same position:
What do you actually want to achieve, when you cut out the BS and fantasies? This may include saving an extra 5% of your income each month, finding ways to cook more at home, paying off your credit card debt, or making your first (or second, third, fourth) share market purchase. Make it clear, shout it loud and proud! If you’re so inclined, write them down, include them on your vision board, heck – put them on your fridge. Make sure you keep yourself accountable. Publish it on Facebook and make sure everyone knows about it. Gone are the days of hiding our money goals and dreams. Now I just need to find a way to celebrate the before and after in the same way we drool over bikini pics…I’m open for suggestions!
Set yourself a time frame – my go-to position is having a long-term view, but perhaps you want to trial a new money routine for a month or a new ING account you have opened. Investments can be ageist so if you’re in the age bracket of my mumsy (57-60) you won’t have the same investment goals as someone in their 30’s. It is normal for a new investor to become obsessed with their shares. I can remember treating my very first share like a child. I would check it every day, sometimes even multiple times a day and found myself becoming disappointed at the slightest drop in price. My lesson: pick a time, set a goal and stick to it.
Have you thought about your risk tolerance? This is one topic that I probably haven’t written enough about. It’s completely subjective, completely personal and really hard to define. But similar to any kind of investing, housing market or not, there is always an element of risk. I used to think that my risk tolerance was high simply because I would always vote for the contestants to go one my briefcase on deal or no deal. HA! What an idiot I was at 18. If you’re like me, and want to invest now for a comfortable retirement in 30 years, then putting your money in a diversified fund like Vanguard, is the easiest way to reduce risk and still make money.
We’re all going to have different goals, and paces at which we achieve them. After all, we have different lives, responsibilities and incomes. The worst you can do, like anything on social media these days, is compare your life and your ambitions to somebody else’s. I’m guilty of doing this and have made a conscious effort to focus on what I can control, not the people and moments I can’t. I already feel so much better for it and it’s starting to show in my personal and professional life. My bank account is also loving it too!
Sharing is caring ladies, so make sure to let us know how you’re going with your 2018 money-magic!
Fearless Female Traders