Book extract: Fly high with financial freedom
Day 16: Some books have the power to change you for the better and this one might just be a game-changer for the young people in your life. FLY: Financially Literate Youth is the handbook written especially for young people who want to set themselves up for financial freedom. It was written by the husband and wife team of Marlies and Jai Hobbs. They share a passion to educate and inspire future generations. Originally from Cairns but now based in Noosa, Marlies has been a property developer lawyer and Jai is a mortgage broker with more than 15 years’ experience.
Extract from FLY: Financially Literate Youth by Marlies and Jai Hobbs.
Yours for the taking
At age 15, 17 or even 25, it’s hard to imagine where you’ll be in five or 10 years’ time. It’s tempting not to chart a course and instead sit back and see where life takes you.
But the question is this: in years to come, will you be the person who life says you are or the one you decided to be?
And that’s where you have the ability to make a real change to your own future by considering what you want and how you plan to achieve it.
Lifelong goal setting
“Start where you are, use what you have, do what you can.” – Arthur Ashe.
Dreams are only limited by your imagination, but achieving them comes from setting clear goals. So, ask yourself, what is it you want in life financially now and in the future?
Is it a car in two years’ time, a house by 25 or a secure retirement in your 60s? Is it financial security for when you start a family, to pay down your home loan faster or to travel extensively overseas?
The world is your oyster and opportunity is there for the taking, but clearly setting out what you want allows you to plan the steps you need to take to get to the destination you desire.
So, let’s talk about some tried and tested tips on goal setting and how it’s a lifelong practice that can serve you incredibly well.
10 tips to FLY
Tip 1 – Care about the future you
“That’s a problem for future Homer. Man, I don’t envy that guy.” – Homer Simpson
The future can be hard to imagine. In fact, in many ways your future self can feel like a foreign person. After all, this person is separated from you by time and life events, and who can tell exactly where the future you will be?
Well, you can. You can be a major influencer on the life, health and happiness of that person if you just care about them a little bit more. You have the power to plan and act on behalf of your future self.
Hmm, sound a bit wishy-washy? Consider this: as people we tend to be masters of deferring things until later. As Raiz Invest144 reflects in a great blog on this topic, that’s exactly why 13 per cent of Australians still continue to smoke and 40 per cent have no idea how much money they’ve got stashed in superannuation. After all, the repercussions of either of those are something the future you can sort out later, right?
Umm, no. As we mentioned earlier, borrowing from the eternal wisdom of Albert Einstein, “A clever person solves a problem, a wise person avoids it.”
So as you set off into life, consider the future you as a best friend whose interests you should fiercely protect. How would you like that person to be looked after? What things in life do they deserve?
When you make decisions, run them by your future self too. Would they think that wise or a wasted opportunity?
By considering your future self, you can gain real clarity, and with clarity comes the ability to act.
Tip 2 – Write it down
“Where your mind goes, energy flows.” – Penny Reilly
Once you’ve thought about your future self and their wellbeing, write the ideal scenario down as a goal. In fact, write down all your goals – even the ones you have for the immediate short term – then put them somewhere you can see them to remind you.
Your goals may change, but if you put them in writing you begin to make yourself accountable for achieving them.
It’s a bit like subliminal advertising – you see it, you imagine it, you envisage what it’s like, and you begin to take the necessary steps to make that goal a reality.
In short, writing goals down and keeping them in view allows them to remain front of mind. And in the sage words of author Bob Proctor, “Thoughts become things. If you see it in your mind, you will hold it in your hand.”
Crystallising your goals doesn’t just have to be in writing either. They can be visual cues or even digital. That’s where things like vision boards come into play. Used in professions like interior design, vision boards or even perhaps a Pinterest board or Instagram account allows you to collect and collate things that inspire and influence the person you want to be or the things you wish to have.
Tip 3 – Find your supportive tribe
“The choices you make now, the people you surround yourself with, they all have the potential to affect your life, even who you are, forever.” – Sarah Dessen
There’s a great saying that you are the people you surround yourself with, so choose wisely when it comes to those who inspire you and influence your behaviours. Find the tribe who helps you succeed, who relishes in that success and lifts you higher in life.
In terms of goals and finances, seek out mentors and positive influences who will support you emotionally and intellectually towards your goals and will help you in the areas where you may not be strong.
Be clear on who your support network is at any given time – these people will change over time as your needs and knowledge change. Value and respect them as they will propel you forward.
Extract from FLY: Financially Literate Youth by Marlies and Jai Hobbs, published by Penguin Random House on January 5, 2021, RRP $29.99