So yay, I sold the house and in spite of being adamant that I didn’t want to sell in a chain, it literally took a year for the sale to complete, but finally I am now debt free. I then moved to a different town (the area I was planning to buy in) and rented a place for six months.
Next step, hunting for a house! I viewed more than 25 properties and still couldn’t find “the one”! I eventually settled for a quaint little place, smaller than originally planned, but right size for an empty-nester, as I had very quickly realised that the plan for an outright cash buy was not going to happen – property prices had risen significantly! After about two and half months of viewing properties, COVID-19 hit and everything and everywhere went into lock-down and alas the world changed! I was however fortunate that I had identified my quaint property and commenced negotiations about a week before the lock-down was prescribed on us. I was however in lock-down on my own in a town I knew no one!
Being in lock-down alone served me well! It gave me the time and space journey inward and continue on the path of self-reflection and this led me to the realisation that I needed to get clear on my vision and purpose. This is all still work in progress, but I now have a clearly defined vision that I am working towards. Getting to this point involved listening to and reading lots of self-improvement podcasts and books, joining online workshops and masterminds and meditating. So in spite of the changes and supposed inconveniences COVID-19 has brought to our lives, it has afforded me the space to develop and get to know me; and for that I am grateful. I digress a bit there …
Some of the masterminds and workshops I joined were specifically targeted at vision, financial well being and personal growth and it became apparent to me from these workshops, that it is difficult to concentrate on one aspect of wellness as they are all (mind, spirit, relationship, health and finance) intertwined and touch on each other. This blog series is however focused on financial literacy and financial well-being, but is likely to touch on all the other aspects to some degree.
So back to what I did, I took out another mortgage! I am also on a path to what would mean taking out even more debt as a means of creating wealth and financial freedom. Are you surprised? Do you wonder what happened to the sudden need to get rid of all the debt?
Well, I read Robert Kiyosaki’s “Rich Dad’s Cashflow Quadrant. Guide to Financial Freedom” that’s what happened. It proved to be the cream on top of the cake (of the vision and financial well-being workshops and masterminds I had partook in) and resulted in a major shift in my mind-set! I learnt about “good debt” and “bad debt”; I’d tell you all about it soon.
Mind-set! Mind-set! Mind-set! This is such an important factor and I plan to illustrate how much of an impact our mind-set has on our wealth.
For the purpose of reflection and that alone, I wonder what I would have done if the mind-set I have now is what I had one and a half years ago: would I have just drawn down the equity accumulated in the old house and used to build a portfolio of properties and other investments? No regrets though, I absolutely am grateful for the journey and the lessons learnt along the way as without the sale of the old house, who knows if I would have the space to go on an inward journey. I call it my financial awakening, financial evolvement and my journey to financial literacy. 😊
One question though, does it mean prior to now, I was not financially literate? If not, how come as a finance professional of more than two decades and at least half of that, advising senior management and trustees on what the figures are saying, I am not financially literate?
This blog series takes a look at what financial literacy is and when might be a good time to start developing it and some ways of doing so and how to get on the path to financial freedom.
Let’s take this journey together; I will be translating some of the terminology I have learnt and utilised over the last two decades into meaningful and everyday practical use, sharing some of the concepts I have come across over the last few months that have contributed to my increased financial awareness and curating relevant content to help build financial literacy and hopefully lead you (and I both) on a journey of discovering the various routes that could be taken to build wealth and create financial freedom.