Your path to financial nirvana, or where you want to be financially, can be hard to navigate and even harder to stay on course. However, there is a way to give you the best chance of success. With a little planning you can create your own road-map to contentment.
In addition to blogging I also have a financial planning practice and have worked with many people over the years in helping them define what’s most important to them.
Have you ever daydreamed about doing something crazy fun like living in your dream beach house? Dreams and big ideas are important to identify because it’s motivational to work toward realizing something that is meaningful to us.
Take a moment to relax. Close your eyes right now and visualize your dreams. What do you see?
The first step in creating passion for managing your financial life begins with daydreams. Passion for reaching your objectives makes it easier to live within your means if you are inspired about where you will end up. Perhaps you dream about life on the road in your RV or seeing your children or yourself earn a college degree. It may be about paying off your house or all those pesky credit cards bills.
The point is that you’ll have the greatest chance for success if you start by taking incremental steps to move you towards your big dreams.
Yogi Berra said this: “If you don’t know where you are going, you might wind up someplace else.”
Yes, it’s great to have a dream but it won’t happen without commitment and effort. But everything seems easier when broken down into manageable pieces. So let’s begin at the beginning.
- Step 1 – Daydream away. Then write down the top 5 things that you personally, or as a family, want to accomplish.
To give you the best chance at realizing your objectives think “SMART” goals. They should be Specific, Measurable, Attainable, Realistic and Timely.
Whether you are starting out on your own, growing your family, or close to retirement, it’s never too late to begin. Order some pizza, gather at the table and begin making your list. This exercise is so much fun you will feel half-way there just by acknowledging your ambitions.
So good luck and please feel free to share with us your big dream list!
For more information on planning and investing visit the News on Wilcox Advisors.