I am often asked about the Filling The Pig mantra “Creating a Lifestyle of Opportunities”, what does it really mean?
The dictionary defines Lifestyle and Opportunities like this.
- Lifestyle – the way in which a person or group lives.
- Opportunity (plural opportunities), – a set of circumstances that makes something possible.
From a FTP perspective and as it relates to personal finance – a Lifestyle of Opportunities is about changing your current financial position to change your lifestyle for the better.
It starts by taking control of your finances, paying off debt and saving money (cash). Once you’re successfully managing your money your lifestyle begins to change. The immediate benefits beyond eliminating late fees, interest charges, and monthly payments are the emotional benefits. Less stress, less anxiety, more confidence, a feeling of empowerment.
But the real change – the “game changer” is that you start to think differently. You start to think long-term about your future, and that’s where the Lifestyle of Opportunities comes in.
Consider these Lifestyle Opportunities
- Investing – No, not from the perspective of being a Wall Street broker or some real estate tycoon (although you may choose those opportunities). Simply from the perspective of making more money from the money your already saving. Investing in a Certificate of Deposit, 401(k) or maybe an IRA. Creating opportunity from this perspective can be as simple as contributing $50 per month toward a retirement plan. If you were to contribute $50 per month to a retirement plan and earn a 6% return…
- In 10 years you would have $8,234.
- 20 years $23,217
- And in 30 years $50,476.
- Career – Stuck in a dead end job, and want to make a change? Or maybe you love your job and just want to progress further in your career and make more money. A two year degree, a four year degree, or maybe some additional skills training will create future opportunities for you and your family.
- Home-based Business – Are you a “crafty” person, like woodworking, write poems and stories, or maybe you have an eye for antiques. Whatever your passion is starting a home-based business can provide significant tax deductions and of course the ability to make more money. Whether it’s a part-time gig or a long-term dream, starting a home-based business can provide opportunities.
I am sure you have heard the term “money isn’t everything”, as it relates to our health, friends and our family it’s a true statement. However let’s be realistic, your financial situation good or bad overflows into all other aspects of your life.
When you take control of your personal finances, manage your way out of debt and save cash you begin to think differently about the other aspects of your life. Investing, your career and starting a home-based business are just a few of the options that become available. From a FTP perspective that’s creating a Lifestyle of Opportunities.
Learn how to create your own opportunities by reading the FTP eBook series. Learn more here.
Have you created a Lifestyle of Opportunities by taking control of your personal finances? Comment below!