Do you like to dream big or do you prefer to keep your financial dreams in check? The way that you answer this question may have a big impact on your future. If you're consistently dreaming small, you may be shooting yourself in the foot before you ever take that first step on the road to financial independence. Sometimes, dreaming big is an absolute necessity and more often than not, those that do dare to dream of big financial rewards are the ones that are able to achieve those dreams.
If you limit yourself to small financial dreams, you may be automatically removing the potential to secure your financial future. This doesn't mean entertaining pie-in-the-sky fantasies however, but it does mean that you should start thinking about expanding your financial horizons, even just a little bit, to help you achieve and exceed your financial goals.
In order to expand these horizons, it is helpful to come up with actual goals that you want to meet, and then find ways to build on those goals. For example, let's say that in the next five years, you would like to be able to save up a 10% down payment on a $300k house. This means putting away approximately $6000 a year, which is easy enough to achieve. But, what if you were able to add an extra $100 to that savings every month. In five years, instead of having just $30k, you would now have $36k.
That's money that could be used to pay off your closing costs, get some new furniture or even free up more equity. This is just one small example of how expanding your horizons a little can pay off, especially over the long term. If you start with small little changes like this, before long, expanding further will be easier than ever.
Using this example again, up the ante to $200 extra a month. Now, at the end of that five years you'd have $42k, a full $12k more than your original goal. Once again, small changes become bigger changes that in turn lead to greater expansion. After you have this formula down, you can begin trying it in new ways and in new fields.
For example, instead of focusing on just buying a house for yourself, consider getting a rental property as well. This is an investment that can pay off well, and you'll always have the option of selling the property, especially if the real estate market in your area goes through an improvement. In many cases, this is how millionaires are made. They are willing to expand their financial horizons, leverage a bit of debt, and in turn, they enjoy a bigger payout at the end.
When you are able to expand your financial horizons and start thinking and dreaming bigger, the sky can become your limit in no time at all. Dare to dream big and then take the steps necessary to achieve those dreams. Even if you fall a little bit short, you'll still be ahead.
Photo Credit: 1
Originally posted 2008-12-01 05:12:47. Republished by Blog Post Promoter
Related Posts -
Do You Have to be Thrifty? As the economy continues its upheaval, the word thrifty seems to be on many people's minds. Is it absolutely necessary to be thrifty in times of economic uncertainty? There are many schools of thought on the subject, and while at first glance, it may seem like the only economical choice,...... -
Financial Freedom Equals Cashflow Leveraged Wealth I would like to thank LazyMan for tagging me with in his 6 word memoir: Money - freedom to do almost anything By being tagged I need to write my own 6 word memoir.... Financial Freedom Equals Cashflow Leveraged Wealth I think the statement says it all, but to expound...... -
What We Can Learn from the Housing Crisis The housing crisis has a lot of people taking a closer look at their finances and worrying about whether they too may be at risk for losing their home. There are a lot of great lessons that can be learned from this crisis, and they can be applied to all...... -
Do You Need an Accountant? The average person usually tries to struggle with their finances year after year and only visits an accountant a few days before their taxes are due. By this point, it’s up to the accountant to try to piece everything together and they won’t be able to offer much help when...... -
How to Get Rich Leveraging Debt How many stories have we all heard about the entrepreneur that came to America with five cents and turned it into an empire? It’s stories like this that make us long for a piece of that American dream. We all wish that we could turn our nickels into big money,......
Related Websites -
Save Time, Money and Space in Over 80 Ways If you're looking for handy gadgets, tools and various items that can save you time, money or space (or all three!) this list of more than 80 top products is just what you need. Everyone's got saving money on their minds these days. Some of us are always looking to...... -
Is fear really holding you back from the true wealth you deserve Funny sounding and actually quite appropriate for this time of the season. With Halloween right around the corner, the leaves turning red, orange and yellow. The sight of monsters, goblins, creepy and eerie things that you only find in horror films. Isn't that what this month's tone happens to...... - Are You Making These 5 Dieting Mistakes? I hope you have managed to put the 3 tips to getting rid of abdominal fat into good use already. A lot of us are so desperate to lose weight that sometimes we end up doing things that could jeopardize our progress. Here is an article that looks at 5......
-
No credit cards - Here's why "Nope, no credit cards for me. I don't even carry one." I cannot tell you how many times I have said this phrase or something very similar to friends and family over the past 3 years. Most recently it came up at the store while looking at a "great...... - How to be a Money Strategist to Reach Your Financial Goals (Part 1) Mr. ToughMoneyLove is a Money Strategist Setting and reaching financial goals is at the core of personal financial planning and retirement planning. This two part article explains how being a money strategist provides a structure for me to reach my family's financial goals. In this part 1, we define financial goals,......
- US House of Reps US Political Historical Memorabilia Collectibles
- Sweet Dreams Romance Audio Books
- Sweet Dreams Romance Books
- Maxwell House Coffee, Tea Advertising Collectibles
Categories:
Financial Security, Goal, Long Term, Money, Personal Finance, Wealth
Tags:
0 comments ↓
There are no comments yet...Kick things off by filling out the form below.
Leave a Comment