Everyone has a dream, something that they wish would happen in their life. Perhaps it is business success, or the financial freedom to be a stay at home parent. Maybe it’s just a dream of that shiny new car down the block.
Some people spend their time living their dream – they’re either incredibly lucky, incredibly talented, or have worked quite hard for a long time. Others spend their days chasing the dream. Still others do nothing more than dream. Where are you?
If you’re living your dream and it’s sustainable, congratulations. You’ve made it. Of course, if it’s not sustainable, then the truth is that you’re still chasing the dream and you’re not quite there yet.
If you’re chasing your dream, you’re on the right track. Here’s how you can leverage your dream to make it reachable.
Quantify your dream. What exactly is your dream? Spell it out in as much detail as possible. Then, calculate how much it will actually cost to live that dream in a sustainable fashion. For example, if your dream is an amazing house, how large of a down payment will you need to make it so that you can actually make payments?
Make a dream totem. I discussed this concept in an earlier Five Minute Finances, but the idea is powerful. Make a reminder of that very specific dream and put it in lots of places where you will continually be reminded of it.
However, if you’re doing nothing more than dreaming, stop it right now. Here are some things you can do instead of just dreaming to move down a path toward your dream.
Take a baby step. Let’s say you’re dreaming of a new home every day. Find out how much that home costs so that you have something tangible to work with.
Take another. Usually, people in this boat are unable to move forward because the current of their money flow is working against them. Spend some time looking at your budget to try to find places where you can start reversing that money flow and keeping some for yourself. A great place to start would be 31 Days To Fix Your Finances.