30-Day Investing Challenge, Day 1: Determine Your Why
Welcome to the April investing challenge! In the next 30 days I’ll be writing daily newsletters that will help you start your financial freedom journey. I’m SO excited for you!! Each post will have an action step for you to take, so in the end you’ll have a roadmap to follow. If you ever want to go back and review a specific challenge, all of my newsletters will be posted to my website. Let’s get this party started!
Day One: Determine Your Investing Why
Let’s be honest, you’re not going to get an adrenaline rush investing in index funds quite the same way as you would if you hopped on a meme stock bandwagon (I bet those GameStop investors had a wild ride). And don’t get me wrong, that type of investing can be incredibly exciting and sexy, but it’s best to go down that path when you have extra cash you don’t mind losing. Your main investments should be in boring, old index funds.
The boring part is where it gets tricky. One in 2 people will stop doing something they find unenjoyable (source: studyfinds.org). I can’t tell you the amount of times I tried to be a runner to then stop after only a week. The best way to trick your brain into finding something exciting is looking beyond the thing itself to what it will achieve for you. A great way to do this for index fund investing is to think about why you want to invest in the first place. Creating a vision for the kind of life you want to live and watching how investing helps you build that life will keep you motivated.
Action Step: Create A Vision For Your Life
I want you to ask yourself 3 questions to help create a vision for your life:
What are my top 3-5 values?
Where do I see my life in 1 year, 5 years, and 10 years: Where am I living, who do I spend most of my time with, and what does a typical day look like?
If I died tomorrow, what would I regret not doing?
You can write out your answers, do an image search and create a vision board, record or choose songs, whatever moves you. But answer these questions in a medium that inspires you and that you can come back to. This will be the vision you revisit whenever your investing journey gets difficult, tedious, or discouraging.
Stay tuned for tomorrow’s challenge: getting your financial foundation in order before you start investing.
Ready to start your journey to financial freedom? My FREE step-by-step investing guide will help build your confidence by walking you through buying your first index fund.
Want to dive in deeper? My investing workbook “Your Journey to Freedom” will show you how to build the life of your dreams and teach you the fundamentals of the investing world.
