5 Steps to Reinventing Yourself And Your Finances

By Vanessa Stoykov

Everyone makes jokes about the kind of old age they want. Or dream of travelling, sleeping in, and generally good times. The reality is mostly different, as people experience different life challenges, including health, and this, combined with the fact that having no purpose tends to kill humans, causes the everlasting holiday to wear off after 6 months.

But we have all had dreams we have had to shelve in our life. Doing things we dreamed of when we were young – before jobs, kids and mortgages. What if the next phase of your life was your reinvention, where you got to live that dream?

Having a life plan and a clear vision of what you want your future to be like is the first step toward that. By asking yourself these five simple questions, you can begin the process of your reinvention – and have the years ahead to look forward to it.

1. What do you want to be different than today (house, job, hobbies, time…)?
2. What did you used to want to be?
3. What excites you that are currently not doing?
4. How much per month do you think it would take to do that?
5. What’s your timeframe – when could you start your reinvention?

Armed with these questions, you can then go about seeking financial advice around how this could be paid for. It’s also a brilliant idea to get a full health check – one of my dearest friends just paid for an MRI which showed she had cancer – which would not have been picked up if she did not do this test. With your health, and likely challenges ahead, it is important to know as much as you can.

Then you can do your rough timeline – do you target 2028 as your reinvent year? 2030? 

Whatever the goal, putting a date to it will make it real and give you long term goals to work toward.

Reinvention is the new retirement, and controlling your own future is a way of avoiding the "negative news cycle" and sometimes, frightening, world we live in today.

Until next time,
Vanessa

About the author, Vanessa Stoykov:

With over two decades of experience in the wealth creation space, Vanessa Stoykov is a finance and money expert with a passion for storytelling.

Vanessa is the Founder of No More Practice Education, a leading on-line financial education hub, which was acquired by ASX listed company OneVue in April 2018. She is also the Founder and Chief Executive of production house evolution media group, creator of the Channel Nine’s Learn from the Money Masters: The Investment Series, and author of ‘The Breakfast Club for 40-Somethings’ - a fable that offers a new and entertaining way to change people’s long-term financial behaviours published by global publisher Wiley.

Vanessa is a regular contributor to Morningstar and Body+Soul, often appears on Channel Nine’s Today Show, and has recently been featured in numerous publications including News.com.au, Daily Telegraph, CEO Magazine and Money Magazine.

Article by:

Vanessa Stoykov

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