Money, money, money - 8 easy actions that will help you break free from the golden cage

The money question is the number one fear that holds many back from pursuing their dreams. The thought of not being able to pay the bills, to bring your family into a financial crisis, or of having to reduce the financial standard that you've gotten used to is a big hurdle that needs to be taken care of early on.

So, how to do it then? Well. First of all. There is not one solution that fits all. And even when we've overcome that hurdle, it tends to sneak back every now and then and cause many of us sleepless nights.

But, let me share eight easy actions that will help you to get on your way towards your dream.

1. What's the worst thing that can happen?

Let’s start with the worst case scenario. Like the really, really bad one.

For example. Losing everything, having loads of debt and becoming homeless. That's pretty bad. Don't you think?

But, even if that would become the reality, there is a way out of there.

For us, we would probably be able to move to my mom in Sweden. I say probably, because I haven't asked her. Even though I might have that as the worst case scenario solution, I am also a bit superstitious and don't want it to become a self-fulfilling prophecy. But that's just me. You might be different.

While living with my mom, my husband and I could get jobs, set aside some money, to eventually be on our own again.

And yes. I totally agree. As an adult, having to move back to your parents is a pretty worst case scenario - but it wouldn't be for ever. And it's anyways only the last resort solution to the worst case scenario. Not the most probable scenario.

2. Create a budget

If your dream is to become self-employed, don't only create a budget for your business, but also for yourself. How much do you need per month to be able to cover your (family) expenses, and still feel comfortable in pursuing your dream?

3. Obtain multiple sources of income

When I tell people that I’m a business strategist and coach many reply "Oh, but you can’t live on 1:1 coachings only."

Well. Hm... I never said that is my only source of income. A bank's revenue stream doesn't only come from currency trading, or mortgages. They also have different product lines and services.

List the different sources of income that you might be able to come up with.

4. Reduce your working hours

One possibility could be to reduce your working hours, even though here in Switzerland, it would only often mean that your tasks aren’t reduced, you just have to complete them within a shorter period of time – e.g. 3 days instead of 5 – and you’d get paid less. But, it could free up the time and in particular the energy that you need to follow your dream – and at the same time give you a buffer for monthly expenses.

5. Reduce your expenses

Covid has definitely been helpful when it comes to reducing expenses. There have been no travels or fine dining for many months, but that will soon change.

Look over your expenses. What do you spend your money on? Is there something you could reduce?

6. Automate savings

Automate a specific percentage of your paycheck to go into savings every month, and don't touch that money unless it's for making your dream come true.

Think of it as a dream achievement tax. If your income tax would increase, you would be able to find a way to pay for it.

7. Bring them out in the light

Go through and note down all your challenges for example lack of money, what others might think, fear of failure and fear of success, and add solutions and actions to each and every one of them.

Making your challenges tangible will make it easier to deal with them. If you already have a plan in place, including the worst case scenario plan and a budget, it won't feel as scary. Because you have already been through it once. It's like a rehearsal. You will know exactly what to expect, and it won’t feel as scary if something would occur.

8. Believe in yourself

Even if you would have a million in your bank account, if you don't believe in yourself, you will never feel that you have the financial independence you need to dare to take the leap.

Instead of thinking "I can't afford it."

Start thinking

"I will afford it. What will be my very first step to make it happen?"

Start taking action today. One little step and you're already on your way!