Suze Orman: One ‘Vital Move’ You Can Make Right Now To Work Toward Financial Independence

Money expert Suze Orman recently shared a blog post about financial independence in which she described one vital move that can help you reach your goals: changing your perspective.

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A mindset change might not sound like enough to meet your financial goals. But it’s the first — and perhaps the most important — step in the right direction. Read on to learn how the right mindset can help shape your financial future, and discover tips on changing your perspective.

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Breaking Down Financial Independence

What is financial independence? It isn’t always easy to define. For some, financial independence means having enough income to support your lifestyle without working. For others, it means living comfortably without the help of others, such as a spouse or family members.

Achieving financial independence, however, can be challenging. You’ll find plenty of advice online, but not all of it will apply to your situation. Saving, paying off debts, earning passive income and advancing along your career path can all play a vital role, but it ultimately comes down to your personal goals.

The FIRE (financial independence retire early) movement offers one unique way of looking at financial freedom. It was first made popular with the launch of “Your Money or Your Life,” a 1992 book by Joe Dominguez and Vicki Robin. This movement focuses on transforming your relationship with money and achieving financial success — however you define it.

Orman has a similar take on financial independence in her blog post. She describes it as “the result of a process that we create and then commit to seeing through.” In other words, you can start working toward independence anytime, anywhere, with whatever resources you currently have. Even minor changes to your budget and lifestyle will make a difference.

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The Money Mindset

According to Orman, the first step toward financial independence is changing your perspective. But what does that mean?

Rachel Cruze, another financial expert, has a more in-depth explanation. She describes your “money mindset” as your attitude about beliefs and money. A healthy money mindset includes positive feelings about your relationship with money and your future, regardless of your current financial situation.

For example, constantly worrying about your debts is a sign of an unhealthy money mindset. Taking action to pay off your debts, such as selling an asset, and reassessing your monthly budget are part of a healthy money mindset. It’s not about where you currently are — it’s about the steps you take to get where you want to be.

Steps to Change Your Financial Perspective

Shifting toward a healthy money mindset might sound simple. However, it takes active work. Changing your mindset is like changing a habit, which, according to experts, can take about 66 days.

If you’re struggling to gain a new outlook on your financial situation, here are a few steps to help you get started.

1. Make a List

Orman recommends making a short list of goals to start working toward financial independence. Writing down two or three achievable goals can help you visualize a better financial future.

For example, one of your goals might be to own your home. You might not be able to buy a house right now, but you can start saving, planning and paying off debts any time. Writing the goal down and keeping it somewhere you see every day will remind you what you’re working toward.

Other examples of realistic goals include:

• Opening a business
• Paying off a loan
• Starting your dream job
• Reaching a higher income level on your current career path
• Earning enough passive income to work part time

Make sure your goals are well-defined and achievable. It also helps to give yourself a realistic timeline. Just remember that this list isn’t supposed to stress you out — it should inspire you to take action.

2. Adopt a Growth Mindset

The term “growth mindset” was originally coined by Stanford researcher Carol Dweck. It means believing in your ability to change and adapt. A fixed mindset, on the other hand, is the belief that your situation is unchangeable.

Adopting a growth mindset can change the way you see the world. In tough economic times, it’s natural to feel like there is nothing you can do to improve your financial position. You can’t make housing more affordable or lower interest rates on your own. However, you are in charge of your own life, and it’s up to you to adapt to the times and face challenges head on.

By switching from a fixed to a growth mindset, you will be more open to the changes and work that can help you reach financial independence.

3. Set Aside Time for Financial Planning

If you’re struggling with debt, planning for your future can feel overwhelming. You might be tempted to ignore the problem instead of facing it. To make financial planning less stressful, set up a designated time — once a month is great — to sit down, assess your budget, highlight areas for improvement and track your progress. Scheduling these sessions can help reduce your stress throughout the rest of the month.

If you share your finances with a partner, be sure to include them in your planning sessions. It’s important that you are both on the same page when it comes to your spending and saving habits.

4. Stop Comparing Yourself to Others

In the age of social media, it’s tempting to feel like everyone else has it “figured out.” You might see influencers’ posts about their financial independence and wonder why you aren’t in the same place. This can lead to resentfulness and frustration, which won’t help you change your money mindset.

Instead of comparing your situation to others’, focus on your own goals. Remember that everyone’s circumstances are different, and take pride in every small achievement. As Orman puts it, “Financial independence is about the journey.” Every choice you make that moves you closer to your goals is a positive one.

This article originally appeared on GOBankingRates.com : Suze Orman: One ‘Vital Move’ You Can Make Right Now To Work Toward Financial Independence