Do you know what it really costs to live the life you want? Not just paying the bills but also having fun and feeling secure about your future. When you want to afford everything, your “magic number” is not a mystical incantation or a secret code, but it’s certainly as powerful as any spell. Your magic number helps you work toward your goals with confidence and clarity.
Your magic number is the amount of money you need to cover all your expenses, indulge in some fun, and still have some left over to put away for the future. The magic number is that financial equilibrium that ensures your life is comfortably afloat, rather than sinking under the weight of bills and debt. Think of it as a place where you can thrive without financial stress.
To calculate your magic number, you’ll need to:
- Determine Your Expenses
- Set Financial Goals
- Calculate the total
Once you’ve calculated your magic number, double-check that you put everything in it. Not what you’re working with now, not how much you want it to cost you to live, but Real numbers.
Money isn't just math
If you are recovering from poverty like I am, this part might be hard. You might have some money habits that helped you survive poverty, maybe you cycle through feast and famine spending. Maybe you are tired of feeling deprived so you treat yourself. In my own journey, I learned that in order to truly move on and heal from poverty, something I’m still doing, I had to address the past, present, and future of my money simultaneously:
Past – Make a plan for your debts, family obligations, and past decisions that may be causing problems with your money now. This is not about beating yourself up, because I bet you made those decisions out of survival or based on what you knew then. This is about addressing the consequences of your past decisions without judgment.
Present – It is critically important that you build some comfort and enjoyment into your current life. This is what will help your body reduce its cortisol (stress hormone) load that comes from a tough financial situation. In doing this, you help your brain more easily develop new money habits because you are not in a constant state of deprivation and your body will begin to feel and trust that the hardest times are truly behind you, or will be soon.
Future – Building your emergency fund and planning now for the things you want to do, and have, later helps you afford them without acquiring new debts when something unexpected comes up.
Remember, your magic number is not set in stone. The number will change as your life circumstances change. Regularly revisit your financial plan, recalculate, then adjust your goals, income, and budget accordingly.
I can’t wait to see you financially well!
Love,
FinanSis
xoxo
FinanSis
xoxo
ABOUT DR. DARLA
Dr. Darla Bishop, affectionately known as the FinanSis, is the Founder of Finansis LLC, a boutique consulting firm based in Lansing, Michigan, and the author of How To Afford Everything.
Motivated by her own challenging childhood in Detroit, Dr. Bishop’s unique gift lies in her ability to motivate individuals to transcend limiting beliefs about wealth and cultivate a positive financial mindset. She firmly believes that empowering individuals with financial knowledge is pivotal in creating prosperous and resilient communities.
Connect with Dr. Darla Bishop @my_finansis on all platforms or info@darlabishop.com
