Empower Your Financial Future by Focusing on What You Can Control
I had originally planned to share some tips on budgeting for travel today. However, reflections on recent events have led me to focus on a more pressing topic: understanding what we can and cannot control, especially in our financial lives.
There are many aspects of life beyond our personal control: the stock market's fluctuations, the economy's shifts, the actions of others, the whims of the weather, the uncertainties of the future, others' opinions, the longevity of things, external events, violations of our boundaries by others, changes in tax laws, retirement regulations, inflation, job security, college costs, income levels, healthcare, job benefits, and more.
Yet, amidst these uncertainties, there lies a realm where we hold significant power:
What we consume
Our emotional reactions
The amount of money we save
How much we invest and our investment choices
Spending below our means
Creating and adhering to a spending plan
Saving for retirement and emergencies
Spending in alignment with our values
Planning for both prosperous and lean times
Establishing and respecting boundaries
Ensuring we have adequate insurance protection
Understanding our income and expenses
Adapting to changes
Creating healthy, supportive environments
Eliminating debt
Being mindful of our habits and actively cultivating the ones we desire
Seeking help when needed
These are the aspects within our grasp, the levers we can pull to shape our financial stability and security.
By focusing our resources—be it money, time, or energy—on what truly matters to us and what we can control, we empower ourselves. Craft a financial plan that safeguards you, ensuring that the elements beyond your control don’t dictate your life's direction.
This isn’t to diminish the struggles others endure or overlook the serious challenges that exist. Rather, it is a reminder to channel our energy wisely. By focusing on what we can control, we prevent ourselves from being overwhelmed by what we cannot. It’s about maintaining our power, staying resilient, and not surrendering to the uncertainties that lie beyond our grasp.
Remember these wise words of Epictetus: “Just keep in mind: the more we value things outside our control, the less control we have.”