Good morning! I’m Alex Smith, a 20-year-old accounting student from Des Moines, Iowa, and the founder of wealthydiligence.com. My website offers advice on investing, retirement planning, and saving. Each month, I share my updated financial statements so you can follow along on my journey to financial freedom.

Back in 2001, Jim Collins’ book “Good to Great” made a huge impact on the business world. If you’re not familiar with it, Collins conducted extensive research to identify what actions made companies successful and which ones led to failure. He compiled a list of “Best Practices” observed in successful companies. Best practices and benchmarking are used in many aspects of life. Whether we’re trying to mimic a favorite athlete or follow a famous chef’s recipe, we all understand that certain approaches lead to success while others don’t. That’s why we prefer to learn from those who’ve already succeeded, rather than theorists. For personal finance, creating a list of “Best Practices” requires an environment of financial transparency.

I envision a world where talking openly about finances isn’t taboo. In my experience, it’s often more acceptable to discuss intimate relationships than financial struggles. Our society has stigmatized financial difficulties, making people ashamed and unable to talk about them. Many people live beyond their means because they see peers buying new cars or homes, hardly ever questioning how these purchases are financed. Often, it’s through significant debt. We tend to impress our peers, but we don’t know the whole story about their finances. Financial issues are a leading cause of divorce, and debts contribute to an increasing number of suicides every year. The solution? Increase financial transparency.

That’s why I’m open about my financial situation. I share my income, spending, and net worth down to the dollar. By being an average person, others can use my financial information as a benchmark. You won’t have to wonder how someone on a $50,000 salary gets by—I’ll show you. This transparency keeps you accountable and hopeful that your dedication will pay off. And a little secret: I don’t achieve this through extreme frugality. Instead, I believe in sound investing and empowered financial decisions without sacrificing a satisfying lifestyle.

The main reason I strive for financial independence and transparency is personal fulfillment. In a business policy class, my professor asked what we’d do with a billion dollars. While some joked about investing to make more money, the real point was to imagine a life without financial worries. This led me to realize that having a lot of money wouldn’t drastically change my life—except for a few more vacations. I’d still work, exercise daily, and spend time with the same friends. The key difference would be that I could do everything on my own terms.

I don’t think financial independence should mean quitting work to be lazy. True financial independence gives you the freedom to choose your path—you won’t rely on someone else for income. It allows you to take on projects that excite you, volunteer, start a non-profit, or pursue a long-deferred challenge. When I achieve financial freedom, I plan to work harder than ever, but it will be on my terms. There’s a special kind of fulfillment that comes from achieving this through personally rewarding experiences.

My goal for you is to list a few things you want to accomplish in life and make these your reasons for pursuing financial independence. You’ll find it easier to save and invest, and it will give you a deeper sense of purpose.