Consistency is the key

Last week I attended Canadian Blood Services‘ Honouring Our Lifeblood. The event recognized regular donors from local communities. As a regular blood donor that hit 50th donation late last year, I felt honored to attend this event. When I first started donating about 10 years ago, I met a fellow donor in his late 60’s that was donating for the 100th time. I was in awe of this achievement and told myself this would be a goal I would achieve one day.

At the event, I was astonished to see people’s dedication to help strangers in need. There were lots of donors that have donated 50, 75, and 100 times. Sitting at my table I noticed a lady with a name tag stated that she had donated 150 times.

I started donating on a double dare when I started university. I never stopped since.

Consider one can donate 6 times a year, 150 donations would take rough 25 years. This is if you were to donate every time you were eligible. The lady at my table had made a life commitment.

Later that evening I learned there were a few people that have donated 200 times. What was more impressive was learning one gentlemen that donated 400 times and another had donated 300 times! To hit this many donations, many of them donated both whole blood and platelet. (You can donate every 14 days with platelet, every 56 days with whole blood).

To hit 200+ donations, regardless the type of donations you do, required dedication. As the master of ceremony put it…

You have made blood donation a part of your life.

Is donating blood simple? Sure, you just need to show up, make sure you are healthy, have a nurse poke a needle in one of your arms, and wait.

Is hitting the 50th/100th/75th/100th/200th/300th/400th/etc milestone simple? Sure, you need to make a commitment to donate regularly whenever you are eligible.

Simple does not mean it’s easy.

Regular donations require you to take care of your body, making sure you are healthy. Hitting the various donation milestones require dedication and commitment. It is too easy to say I quit after a few blood donation appointments.

What does blood donation has anything to do with financial independence?

Everything.

Because becoming financially independent is simple but it sure ain’t easy.

 

5 Simple steps to become financially independent

1. Live below your means

You need to spend less than what your earn. If you are currently saving 10% of your income, aim to save a higher percentage. Can you save 50% of your income? Can you save 70% of your income?

The less you spend, the faster you can reach financial independence. The math is pretty straight forward.

2. Eliminate any debts

Eliminate any consumer debts you have. Be responsible with your credit card usage. Get rid of your mortgage as quickly as possible. Stop differentiating bad debts and good debts. Start seeing all debts as bad debts and wipe them out ASAP.

3. Invest your money for the long-term

Pick an investment strategy that works for you. Invest with the mindset that you are not selling for the next 30+ years. Stick with your investment rather than jumping in and out and try to time the market. Search for depreciated investment potentials for the greatest returns.

4. Grow your net worth

Grow your net worth so it can generate enough passive income to cover your expenses. When you reach this point, you are financially independent.

 

Final Thoughts

Becoming financially independent is simple but it is not easy to get there. It takes time and commitment, exactly like reaching a major blood donation milestone. Make becoming financially independent a regular part of your life and practice being financially independent. Only then will you succeed

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19 Comments

  • Reply
    Passivecanadianincome
    May 25, 2017 at 5:17 pm

    Nice work Bob. I tried to give blood twice but have gotten false negatives both times so am no longer able to try again. Sucks cause when I test for wht had a reaction it comes back negative. I remember sitting with people the first time I gave blood and some gave over 100 times. I was excited about the future of being that guy. Unfortunately I can’t. .. nice work though keep it up its in you to give….

    • Reply
      Tawcan
      May 26, 2017 at 9:37 am

      Thanks, that’s too bad you got a false negative result both times.

  • Reply
    Durga
    May 25, 2017 at 11:31 pm

    Hello Bob,

    I donated blood once when donation camp was arranged at our office. I was very happy that day and I even heard it is also good for health as the new blood generation happen when we give out our blood. I just want to continue that thing but couldn’t due to some circumstances. But you are trying to do it consistently, you are so inspiring for me and I try to do it. 🙂

    • Reply
      Tawcan
      May 26, 2017 at 9:38 am

      That’s too bad you weren’t able to continue donating. The first donation I did was a donation camp arranged when I was living at the university campus.

  • Reply
    Ms. Frugal Asian Finance
    May 26, 2017 at 5:21 am

    We’re doing all 5 steps above at the same time. The only debt we have at the moment is our mortgage, which we are aggressively trying to pay off. I can’t wait until the day when we’re totally debt free!!

    • Reply
      Tawcan
      May 26, 2017 at 9:39 am

      That’s great you’re doing all 5 steps already. Aggressively paying off your mortgage is a great idea.

  • Reply
    Dividend Daze
    May 26, 2017 at 7:55 am

    Practice makes perfect. You have to work hard and be aware of these steps every day. But it is well worth it once you achieve your goal.

    • Reply
      Tawcan
      May 26, 2017 at 9:39 am

      Practice does make perfect. But commitment is important as well.

  • Reply
    vivivanne
    May 26, 2017 at 10:49 am

    IT by day, saving lives by night (literally). Donated blood 50th times. Saving 50 lives. Thank you!

    You’re totally right about if you want to donate more you have to pay attention to your own health. This is a win-win situation for donors and receivers.

    • Reply
      Tawcan
      May 30, 2017 at 9:50 am

      Definitely a win-win situation for donors and receivers.

  • Reply
    Amber tree
    May 26, 2017 at 11:21 pm

    that is a great analogy! to donate often or to become FI, you need a consistent plan. And it is simple, not easy.

    Sadly, due to a discovered physical condition, I am now permanently refused as a donator. I used to go often as I consider it important.

    • Reply
      Tawcan
      May 30, 2017 at 9:51 am

      That’s too bad you’re not eligible to donate blood. 🙁

  • Reply
    Dividend Diplomats
    May 27, 2017 at 11:18 am

    Tawcan –

    Have to admit – wasn’t sure which direction you were going!!! But I see it now. Consistency is by far damn critical. Need to stick to the black and white with financial independence and once you know what you have to do – you need to make it consistent and automatic with your actions. On paper it’s simple, but our minds/emotions make it more difficult. Dig it.

    -Lanny

    • Reply
      Tawcan
      May 30, 2017 at 9:51 am

      Thanks Lanny. Just because something’s simple it doesn’t mean it’s easy to do.

  • Reply
    DividendSolutions
    May 28, 2017 at 3:03 am

    Hi Tawcan,

    these five steps are a good summary on how to be successful. they sound so simple, but in real life it needs patience, discipline, endurance and consistency to follow these rules. Especially when the markets are not in a historic bull-run. Keeping calm,steering the course through tough times is the key in my opinion. And this bull-run will come to an end, thats for sure…
    Keep it up,

    Kind Regards,
    DividendSolutions

    • Reply
      Tawcan
      May 30, 2017 at 9:52 am

      Very true, becoming FI requires patience, discipline, endurance and consistency. In a bull-market it’s easy to be invested in stocks and stay on course. In a bear-market it’s definitely harder to stay on course.

  • Reply
    Mr. Tako
    May 30, 2017 at 10:13 am

    Simple, but not easy — that’s so true Tawcan!

    Give a human being something to do, and eventually that person is going to get bored or lose interest after a couple years (or less).

    The same thing goes for all things FI related — it has to become part of who you are, not just your current “thing”.

    For me, the behaviors that created my financial independence are practically automatic now… done almost without thinking about it!

    • Reply
      Tawcan
      May 30, 2017 at 2:57 pm

      Pretty awesome that your behavours that created your FI are practically automatic now. That certainly make everything much easier for you.

  • Reply
    Dividends Down Under
    June 25, 2017 at 12:30 am

    Nice job being such a wonderful person Tawcan, helping people out is a great thing to do. I like your analogy and you’re totally right 🙂 Focus, persistence, consistency is key!

    Mr DDU

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