Generation X – Know Your Resources And Have A Good Start
For most people, this stage represents one of the most important and challenging period in their lives. The age band from 26 to 45 will see many new priorities, responsibilities and obligations to be met – needs pertaining to personal, career, family, children and parents. When I was at this stage of life, I was overwhelmed by a whole new load of developments and responsibilities – I got married, bought a car, changed homes, had two kids and also a career switch.
Goodness Gracious! What a mess I got myself into; without planning and foresight. All my accumulated wealth and assets were greatly depleted. Much of my IGAs were sold off to pace my escalating expenses. I was lost; totally lost for a moment. After composing myself and consolidating my position, I managed to reorganise myself and get back to the basics. I re-visited the 5-Step Strategy – a strategy that has helped me succeed in the first round. I reconstructed a new game plan with the following 5 steps:
1. Have a specific plan
2. Identify my current resources
3. Have a reliable strategic financial coach and mentor
4. Conduct a bi-annual periodic review
5. Structure my IGAs
In that period of reorganising and repositioning, I made up my mind that I must never be poor again. I acknowledged that I had been complacent during my financial journey in Gen X stage and I was determined not to let it happen again in the Gen Y age band. Putting myself back on the path towards achieving lifetime success and financial independence was a painful but necessary journey. As I took the bitter pill and re-established my financial plan, I underwent drastic measures like selling off my car, moving to a smaller house, reducing my home mortgage loan an reviewing and reducing my monthly expenses. Next, I started to identify my resources and quickly engaged a Strategic Financial Coach and Mentor to help establish clarity, purpose and direction in my overall financial plan and strategy. One thing I know: I was extremely determined to do whatever it took to regain my financial liberty and independence. What mattered more was regaining my financial independence, as compared to the accumulation of more financial assets.
With an unwavering determination, I was back on track towards financial freedom within 3 short years. By age 31, I was able to enjoy the level of comfort and luxury I had always desired, but at a level more manageable and sustainable than before. What valuable life lessons I learnt during my journey of getting back to the top.
Knowing the fundamentals of the 5 Golden Rules of the game, the 5-Step Strategy to managing your changing needs and the determination to keep to your game-plan, are the essence and secrets of winning in the game of life. In your entire financial and life journey – be accountable and responsible to your Strategic Financial Coach and Mentor; be accountable and responsible to your family and loved ones. Also, be accountable and responsible to yourself and your team of colleagues. Only when you are finally able to manage your accounts with accountability and responsibility, are you ready to manage great wealth and success.
“Focus is the key for anyone who has no direction or have no idea where they are going.”