Are you the type of person who likes to go it alone? I know for the better part of my life I have been. As a foster parent you’re dealing with a lot of stressors. Don’t let achieving your financial goals be one of them. In today’s post I’ll show you the power of community in achieving your financial goals.
Join a Community to Accelerate Achieving Your Financial Goals
Deep down we all want to be accepted.
We want to be part of a group.
If you’ve ever been the last kid to be picked on a team at PE you know that pang of rejection that goes with it. We want to feel like a part of the team.
When you’re part of a group your confidence grows. There’s a sense of security knowing the team’s got your back. You feel like you can accomplish anything. You can stay motivated and focused for a longer period of time.
Leveraging the knowledge and experience of others enables to accelerate along the learning curve much faster than if you’re working on your achieving your financial goals alone.
There’s a Sense of Camaraderie in a Community
As a foster parent there’s a sense of camaraderie among you and your peers. You’re all on the same mission, serving the same purpose.
You’re serving kids in the foster care system that find themselves without a family and home. You lean on each other as you struggle learning how to be a foster parent that serves kids well.
You help each other grow and persevere in your mission.
Take Advantage of This Same Support in Your Personal Finances
The same sense of community and support can be applied to your personal finances. You and your peers may not be at the same point in the journey, but….
- You need someone to ask questions about how to set up a budget
- Someone to look to that’s already been there. Someone who’s already well on their way to becoming debt free
- Someone to just listen when you’re struggling
- Someone to cheer you on when you get discouraged
You’ve probably heard this type of community called a support group.
I prefer to call it a mastermind group.
What is a Mastermind Group?
The concept of a mastermind group has actually been around for a long time. Napoleon Hill in his book, Think and Grow Rich, describes a mastermind group as:
The coordination of knowledge and effort of two or more people, who work toward a definite purpose, in the spirit of harmony.
Benjamin Franklin had a group of men he met with weekly. In the biography, The First American: The Life and Times of Benjamin Franklin, by H.W. Brands, it describes these men as “a diverse crew united chiefly by an inquiring spirit and a devotion to self improvement.”
A mastermind group can be any group of like-minded people working together on goals or any form of self improvement. You can meet as often as you’d like: weekly, bi-weekly, monthly or quarterly. How often you meet depends on what you’re trying to achieve. For personal finance improvement I’d recommend no less frequently than monthly.
Why Does a Mastermind Work?
Here are 5 reasons why masterminds are so effective.
1. Mutual support: You’re part of a group of people that are working toward the same goals you are. You can bounce ideas off the group and get advice on next steps. You also have the opportunity to return the favor by helping others in the group.
2. Differing perspectives: Being around others helps you think and see problems from a different perspective, enabling you to discover solutions you might not otherwise find.
3. Resources: Each person in the mastermind likely uses different tools, tactics and processes that can be shared to help others in the group.
4. Accountability: Before a group adjourns, goals that anyone sets are documented for follow-up at the next meeting. This drives accountability into the process. You can get creative and make this part of the process fun by building in challenges along the way.
5. Solution focused: It’s not a group of people getting together to complain about debt and the lack of money. It’s a group of motivated, action takers on a mission to take control of their personal finances. This creates a positive energy among the group. You can’t help, but look forward to the next meeting.
We Paid Off $34,000 in 21 MONTHS!
Learn the same tools and processes we used to get out of debt and stay out.
Achieving Your Financial Goals Is Possible
I struggled for years trying to figure out the best way to manage my personal finances. Embrace and apply the concept of a mastermind into your life. You don’t have to go it alone! You can achieve your financial goals!