40K by 40 – So We Begin

We often find ourselves coming to a crossroads in life. We meet at the junction, we look both ways, and sometimes we become stricken at the options or lack of them. Forwards is no longer an option because doing the same as we have always done will not yield different results, but left and right bother seem insurmountable. And so we bob around in the ocean like a message in a bottle hoping someone or something picks us up. However, no one is coming, and no one will swoop in and save us. If we want purpose and direction, we have to seize it for ourselves.

Building a Solid Foundation

Having reached the age of 37, with a thriving career and a large family, I couldn’t help but feel that my financial situation did not reflect my years of hard work and growth. Financial survival mode had hindered my progress, leaving little room for wealth-building. With a looming milestone birthday approaching and a modest amount of debt, I knew it was time to reevaluate my goals and values.

Embarking on a Journey of Financial Literacy

Over the past two weeks, I embarked on a methodical journey to improve my financial literacy and regain control of my financial future. This involved conducting a comprehensive cash flow analysis, reviewing my spending habits, developing personal and family budgets, creating a savings plan, exploring the world of investing, and setting clear financial goals. It’s been an eye-opening experience, lifting a weight off my shoulders and providing clarity on my path.

Learning from Experience

Life has taught me valuable lessons. Taking a decade off work to raise my family, returning to university at the age of 30, and transitioning into a completely different career path has impacted my personal financial security. It’s time to confront the challenges that have been right in front of me and make a positive change. I will not look back on any of that time with regret. I have thrived and strived for everything that my family and I have achieved, and being in a position now where I can objectively look at my situation and work towards a better future is something that I am incredibly grateful for.

Why 40K by 40?

You might wonder why I chose this specific financial goal. The answer is simple: by striving to accumulate 40K in savings and investments by the time I turn 40, I am not only building a solid foundation of wealth but also cultivating habits that will ensure continued financial growth. It is an achievable goal that aligns with my aspirations and circumstances. However, please remember that your own financial goals may be different and equally significant. Whether it’s saving $5 a week or pursuing a larger milestone, the key is prioritising your financial stability and literacy.

Inspiring Financial Stability

Through my journey, I hope that others might begin to prioritise their own financial well-being. It’s about taking that first step, no matter how small, towards building a secure future. Join me as we navigate the world of personal finance, learn from each other’s experiences, and empower ourselves with the knowledge to achieve our goals. I think that talking about our struggles with money and talking about the amount of work it takes to overcome that is an essential conversation for us so we can even learn what financial literacy is. Sometimes it feels like wealth growth is something that is for people who already have money, but starting small and prioritising the small wins can make a world of difference. The small wins will pay off with time.

Upcoming Blogs and Discussion Topics

In this blog post, I have laid the foundation for the journey ahead. Over the upcoming weeks, I will delve into the different phases of my goal-setting and assessment process, sharing valuable insights about what has worked for me and what hasn’t. Additionally, I will be curating a comprehensive glossary of key financial terms, creating a handful of templates, and exploring topics such as impulsivity and the impact of the Motherhood Gap. My first template is available here – a simple savings tracker to use for visualising your savings achievements, no matter how big or small.

Stay tuned for engaging discussions and practical tips that will empower you on your own financial journey.

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