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Part 1: Cultivating the Right Mindset for Financial Independence

January 11, 20245 min read

Part 1: Cultivating the Right Mindset for Financial Independence

Welcome to the first part of our journey towards financial independence. Today, I want to share with you the cornerstone of this entire endeavor – the mindset. My own journey began not with a dollar saved, but with a shift in how I viewed money and life.

Understanding Financial Independence

First, let's define what financial independence really means. To me, it's not just about having a lot of money. It's about freedom – the freedom to make life choices without being overly stressed about financial repercussions. This could mean retiring early, switching to a less stressful job, or even taking a break to go travel or visit family and friends. It's about living life on your terms.

The Power of a Positive Money Mindset

The first step in this journey was a significant one: altering my mindset. I realized that the way I thought about money was holding me back. I used to see money as a means to an end, not a tool for freedom. Of course I had heard that you should save and invest in your 401k, things like that, but I hadn't really given it real thought. I was just going through the motions. Wake up, work really hard at work, repeat. This mindset really held me back without even knowing it. It kept me an employee.

Eventually, after an amazing talk with my boss (yes, my boss actually told me that it was possible to escape) I learned to see money as a positive force. It's a resource that, when managed correctly, can provide security, comfort, and opportunities. This shift in perspective was pivotal. It turned financial management from a chore into an exciting challenge; a game. That's when I went ALL IN.

Setting Realistic Financial Goals

Setting goals was the next step. But not just any goals – they had to be SMART: Specific, Measurable, Achievable, Relevant, and Time-bound. My first goal was to save an emergency fund that covered six months of living expenses. This wasn't just a number. It was about security and peace of mind. I was a high earner, but was broke. Like living paycheck to paycheck with credit card debt, all that. There wasn't a rich uncle there for me to propel me on my path.

So I set fourth to create a budget unlike any other that allowed me to save, save, save. It was uncomfortable, but having the goal top of mind allowed me to keep going.

Having clear goals helped me focus. Every financial decision I made was with these goals in mind. It was no longer about just getting through the month; it was about building a foundation for my future.

Overcoming Mental Hurdles

One of the biggest challenges was overcoming my own doubts and fears. There were moments when I felt like giving up. But I'm a very driven person, so when I have my mind set on something, the likelihood of achieving it is very high. The real pressures came from the outside.

The external pressures and societal urge to keep up appearances, to spend like others, to live a certain lifestyle, was very present. I've never been a big spender, but when you adjust your whole world around an out of the box dream, people start to look at you funny. Resisting these pressures wasn't easy, but I realized that true financial independence meant making decisions based on my goals and values, not someone else's. I could see the path that others would never see.

Staying Motivated

To stay motivated, I surrounded myself with education. I read countless books and listened to hours upon hours of podcasts dedicated to personal finance and success stories. I joined online communities where I could share my experiences and learn from others on the same path.

I tell everyone: If you aren't a millionaire in 5 years because of what you can learn from sources like Youtube and Podcasts you're doing it wrong.

I celebrated small wins. Each time my wife and I reached a mini-goal, like paying off a chunk of debt or reaching a savings milestone, we took the time to acknowledge my progress. I can remember the paper that we put on our door that had our savings at different intervals. As we hit a certain level of savings we got to fill it in. It allowed us to push one another and find ways to save for the dream.

Embracing Discipline

The number one things that I had to endure was discipline. One of my favorite podcasters, Jocko Willink, says 'Discipline Equals Freedom'. This was a mantra in my head 24/7. For those that interacted with me, they were probably so annoyed from hearing it all the time, but it's what kept my head down and focused on the task.

Without discipline, I wouldn't have had the consistency, the ability to stick to it when times were tough, nor the ability to look past the people trying to bring me down. Without discipline, I wouldn't be speaking to you today about this stuff.

Conclusion

As I conclude this first part of the series, I want you to know that achieving financial independence starts in the mind. It's about shifting your perspective, setting clear goals, overcoming challenges, staying motivated, but most importantly remaining disciplined.

If you're reading this, you're likely already on this path or interested. Remember, it's not just about the numbers in your bank account; it's about creating a life that aligns with your deepest values and aspirations.

Join me as we continue this journey. The road might be long and sometimes challenging, but the destination – a life of freedom and choice – is worth every step. Stay tuned for Part 2, where we'll dive into the art of budgeting – a crucial skill on this path to financial independence.

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Brian Mackey

Brian is an investor and real estate agent in the Baton Rouge area. He and his wife Janelle have great experience in House Hacking, Mobile Homes, Short Term Rentals and much more. He is a father and a husband who enjoys learning the piano and retro video games.

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Hi, I'm Brian Mackey!

Thanks for stopping by! For those that don't know me, I just wanted to take a moment to introduce myself! My name is Brian Mackey. I am a high level listing agent and investor in the Greater Baton Rouge area. Owning 10 investment properties himself, I truly understand the numbers and how they can drastically effect your real estate goals. Reach out if you'd like a buyers or seller's consultation to see how to get the best deal in any market!

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