Chasing the Fionist Dream

We all occasionally suffer from self doubt and wonder if we are doing the right thing. We worry that we are screwing up our kids, that we studied the wrong thing in college, or that we are on the wrong financial path. Even when those around us seem to think we know what we’re doing, imposter syndrome rears its ugly head. While we can’t help you with your first two doubts, we can show you how to know if you are on the right track money-wise. And if you’re not 100% there, you can see what steps to tackle next.

Here are 10 indicators that your financial future is bright. 🌟

1. You know exactly where your money is going. You track your expenses and know how much you are paying to who each month. You glance over your credit card statement at least once a month to make sure you recognize all of the charges. You also anticipate large expenses (summer camp and chagim happen every year), so you are ready to cover them when they come. By tracking your expenses and keeping to a budget, you are telling your money where to go rather than your money telling you where to put it.
   
   
2. You pay yourself first. Saving and investing is one of your monthly expenses and a line on your expense tracker. You automate payments into your investment or short term savings account in the same way that you pay rent or utilities. Instead of saving what you have left (if you have left) at the end of the month, you invest first thing and learn to live on the rest.
   
   
3. You don’t try to keep up with the Cohens. You know full well that life is not a competition. You are busy fulfilling your own dreams, not someone else’s.
   
   
4. You are never (or extremely rarely) in minus. While some people think of minus (overdraft) as a free pass to spend more than they have, you know that it is one of the most expensive loans there is, at around 16% interest (!!!!). In the event that your expenses in a given month are higher than your bank balance, you are able to pull money from your slush funds or emergency fund and stay in the green.
   
   
5. You always get the best deals on your fixed monthly expenses. You have a set reminder on your calendar to check your monthly subscriptions such as phone, internet, credit cards, etc, every 11 months to update your plan (or switch to a new one) before the price goes up.
   
   
6. You never stop learning new things. Knowledge is power. You are aware of your employee rights, and government discounts you may be eligible for, and know how to look up what you don’t know. Knowing how to DIY a clogged pipe, cut your own hair, or file your own tax return (for example) can save you thousands of shekels per year. You listen to podcasts or read articles on subjects that interest you and are always learning new things and expanding your mind. Regularly exposing yourself to new ideas ignites your curiosity and exercises your brain.
   
   
7. You set it and forget it. Investing for the long term is supposed to be boring. You planned your diversified portfolio and now you are sticking to it. You don’t waste your time or energy trying to predict the stock market and you don’t stress at each dip in the market. You know that as long as you don’t sell and just follow the course, your investments will recover – and grow! – in the long term. Additionally, you have no plans to open your kranot hishtalmut any time soon as they will continue to compound as long as you don’t touch them. And if you can help it, you never pull your pitzuim (severance pay) either and leave it to compound as an integral part of your pension.
   
   
8. You avoid impulse buys. You stop and think before making a major purchase. If you still want it after thinking about it for a few days or weeks, you do your research, budget for it and make it happen in a way that works for you.
   
   
9. You find ways to treat yourself. You know full well that in order to reach your financial goals, you need to enjoy the journey or you’ll never make it to your destination. Whether your fun money comes from surveys or a set percentage of your earned income, you know how to enjoy yourself on a budget.
   
   
10. You give to others. Whether you give your time or your money, you donate regularly to people in need or to other noble causes you care about. We have a set minimum amount that we donate each month and enjoy deciding where to send it.

How many of these statements describe you? If you do at least one of these things, hurray, you’re on the right track! By living life intentionally, we are all about spending less (or nothing at all) on things that are less important to us, so that we are able to afford the things that we do value, both today and in the future. Small changes today can create big changes years from now.