Hey Equity Mates 👋

It's 2024, and we're all about embracing the clean slate, fresh start that a new year brings.

How many of us start every new year promising ourselves... "this is the year I’ll finally get my investing and money sorted"? Today, we're thrilled to kick off our six-part series where we'll guide you through the practical steps to set yourself up for the ultimate goal: FIRE - Financial Independence, Retiring Early.

In this first instalment, we're starting right at the beginning - getting our mindset sorted and taking those crucial first steps.

So, what's on the agenda this week?

1. Recognise your biases

   Your mindset is like the compass that guides your financial decisions. If it's filled with negativity and self-doubt, it'll hold you back. Have you ever caught yourself thinking, "I don’t earn enough," "I'm not smart enough to invest," or "the stock market is not for me"? We’re here to tell you - snap out of it! But seriously, it's time to challenge these limiting beliefs. Start by really thinking about what is holding you back, and write them down to keep yourself accountable.

2. Get out of your own way

   Automation is like a trustworthy friend that ensures you're consistently making the right financial moves without even thinking about it. It simplifies everything, removes emotions from the process, and allows you to see what a small and consistent approach provides. If you don’t already have an emergency fund, start by automating these savings. If you’ve got that sorted and want to automate your investing, this episode is the best starting point.

3. Embrace your own style

   There's no universal formula for financial success. The key is to put in the work and build a strategy that’s tailored to your specific goals, because the only "right" choice is the one that aligns with your aspirations. Delve into what you're saving for, assess your risk tolerance, and determine your desired timelines for achieving these milestones.

Below we delve into 3 actionable steps you can take to initiate your transformation. Remember, the most crucial piece of advice is to start small. Don't overwhelm yourself by attempting a complete overhaul right away. Commencing your journey with an achievable, consistent habit is far more effective. This habit will serve as your foundation, making it easier to refine your approach and cultivate sustainable financial habits over time.

3 tasks to boost your financial success in 2024

To set yourself up for a successful 2024, here are three small and achievable actions you can take this week to enhance your financial mindset:

1. Start small, achieve big. 
   Commit to one action that you know is achievable. Open a brokerage account. Even if you don't plan to invest immediately, having the account ready will remove a significant barrier. Not ready yet? Create a simple budget: one that tracks your expenses and allocates your income toward needs, wants, and savings.

2. Embrace the journey of lifelong learning
   Investing in knowledge pays the best interest, so expand your financial horizons. There’s soo many free resources out there. Read one financial book- and for bonus points borrow it from the library to save some coins. Listen to a podcast (ahem, we hope it’s Get Started Investing), or enrol in an online course. 

3. Define your financial north star

   Set a specific goal for the year ahead. Choose an inspiring financial goal - whether it's building an emergency fund, saving for a holiday, or putting a certain amount in your super or investing account. Be specific about the amount of money and the timeframe to achieve this. Create a vision board or a mission statement. For added motivation, articulating your aspirations in this way will help keep these goals top of mind.

These three tasks are completely achievable in one week. By starting small, and setting clear, actionable goals, you'll empower yourself to navigate the financial landscape with confidence and ensure a brighter financial future.

Til next week!

Equity Mates team.