The situation with my own personal finance came to a head around two years ago, £2k overdrawn, credit card debt and no savings to speak of. The amount of pain it was causing me made the situation no longer bearable, pain is a great way to motivate you to do something about a situation.
The situation from then to now has changed dramatically; the £2k overdraft gone, the emergency fund currently at £4.5k, credit card debts just a few months from finished and even this years holiday paid for in cash. If you’d told me two years ago I’d of turned my situation around in this way I would never have believed you, at the time I couldn’t see a light at the end of the tunnel.
Patience has been key, along with discipline and the ability to make sacrifices where required, but the most important factor is your reason behind it all. What’s your goal? Why do you want it? What’s your reason that drives it all? You must have something in your sights that makes it all worthwhile.
Start that momentum off in making changes to your finances and you’ll begin to see money makes more money. All the changes, all the extra you’ll be able to trim off here and there will do nothing but encourage you to work harder. Those smaller savings will grow and grow and as you do so, it just gets easier and easier, it’s not a get rich quick scheme, it’s a get rich slowly scheme.
I certainly see how far along all the other people are within the FI community and in comparison, I’m starting right at the bottom, but it doesn’t put me off, in fact, it inspires me. The people of the FI community are incredible, combined they’re an absolute wealth of information that all want to help one another to be the best they can be.
If I can do what I’ve done in just two years, I know in ten years time I’ll have multiple streams of income, an investment portfolio and no debt whatsoever. I will be a world away from where I once was and it won’t even have taken that long.
I just want anybody reading this, that is in a situation they think they’ll never get out of to know it isn’t too late, it’s NEVER too late to make a difference to your situation surrounding personal finance. I’m in a much better place both financially and mentally and you can be too, decide on some goals, make some sacrifices and stay disciplined. Start making those differences because it is without a doubt life-changing.