Financial Reflections: Year-End Musings

Good morning, dear reader,

I trust this message finds you well. As for me, these letters have brought a sense of peace and purpose post-work, becoming a mental journal for my thoughts on finance and everything that revolves around it. My previous letter was a bit technical, purely because I enjoy that aspect of my work.

As the year draws to a close, I find myself reflecting on my feelings about money, similar to how many people do during this time. There's always pressure—what have you accomplished, especially financially? Some might even think they were bewitched whenever their money seems to slip through their fingers. While prayer can be a solace, I believe it's also crucial to sit down and meticulously write out all your income and expenses for the year.

Questioning some financial decisions is not harmful; it helps you understand what to cut back on next year to be in a better position in 2025. Personal financial audits are essential because you are important. Just as companies and countries audit their finances to ensure funds are not misused and progress is tracked, so should we.

Setting goals is vital. Achieving them can be incredibly fulfilling and motivates you to keep better track of your finances. When you meet certain goals, it gives you tangible proof of what you've accomplished with the money you earned throughout the year.

However, the rush to achieve something unplanned at the year-end can lead to scams. This is when malicious individuals target people desperate to make quick money. Remember, there are no get-rich-quick schemes. Patience and contentment are key—plan well and avoid rushing.

There are numerous financial goals you can aim for to grow your wealth. For example, creating an emergency fund: "Create a $10,000 emergency fund by the end of 2025." Another goal could be: "Increase my income by $1,000 monthly by the end of 2025." Achieving the second goal could be the first step toward establishing your emergency fund.

The year-end shouldn’t make you feel like a failure if things haven’t worked out as planned. See it as a sign to sit down, evaluate, and start fresh in the new year. Be honest and kind to yourself.

I read a post on LinkedIn today about financial fasting—staying at home and not spending any money for a period. I've also seen many YouTube videos on no-spend weeks or months. This practice is all about teaching yourself to deny certain wants because, in the end, you won't miss out on anything important.

This letter touches on several topics I plan to delve deeper into in future letters:

• Financial goals: There are many to choose from, and I will discuss those I find most impactful.
• Feelings about money: This is a rarely discussed topic that I want to explore further.
• Personal financial audits: These are incredibly important and worth talking more about.

I’m curious to know how you feel about money—from a personal standpoint, a corporate view (do you see security and growth in your company), and a country's perspective (do you feel safe and confident about your country's economy with your money). I'm not a financial advisor, so these are just thoughts shared as a conversation with a friend. I feel safe to share and be vulnerable with you.

With love, Rutendo Fortunate