A Roadmap to Financial Freedom II — Getting Started

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Photo by Mārtiņš Zemlickis on Unsplash

Start by Setting Goals

Once upon a time, at the end of college, I believed in get-rich-quick schemes. You have to remember that, back then, even with the internet, the idea of a Ponzi Scheme wasn’t that well known. These schemes, as defined by the US Securities and Exchange Commission, are “business setups” that pay users already a part of the system with investment from newly joined individuals. They prey upon people like I was back then — young, naive, and convinced that they knew better than the rest of the world. There is no more damaging idea to your long-term financial success than thinking you know better than everyone else around you. Despite my two-year stint in a Mid-Level Marketing company (not “really” a Ponzi scheme, but close enough), I did take away from them a few solid financial tips that helped me later on in life.

How Much do You NEED to Earn?

How much money would you be comfortable with a month? Note — I said COMFORTABLE. Given a choice, I’m sure everyone would state some outrageous figure. But we’re not joking around here; we’re trying to be reasonable. Calculate, just off the top of your head what you need to survive every month. We’re talking about your immediate debts (we’ll get to long-term debt recovery in a later post). So, for a month, estimate what you’d need for rent, utilities, and other obligations. The term I use for this is “Bare Minimum Requirements” (BMR).

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Does Your Salary Cover Your Needs?

When we start off working, we usually don’t get paid as much as we think we’re worth. PayScale mentions that as many as 46% of all Americans believe they are underemployed. What this means is that they think they could earn more, but they have to settle for whatever job they can find. Sound familiar? Not meeting your potential is a capital betrayal of your potential. But I digress. I’ll spend more detail on this in the future.

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Jason Dookeran

Freelance author, ghostwriter, and crypto/blockchain enthusiast. I write about personal finance, small business blogs and freelancing https://www.jdookeran.com