Those who want to live a victorious life accomplishing their goals should create a financial plan with their financial advisor. And they shouldn’t wait. Creating a strategy as soon as possible means being that much closer to their goals. At any age, financial planning will help you reach your objectives even if they don’t require a significant financial cost.
Traditionally, financial planning is most sought after to figure out how to have enough money to retire. But that’s a limited scope.
Other objectives benefit from financial planning.
While mapping out your retirement, you may find that you have other ambitions that compete with your plan to retire. The world is full of ever-changing alternatives for where to spend your time and resources. Why wait until five years from the culmination of your career to begin considering financial planning?
We all set goals.
Every one of us sets goals and decides where to allocate our energy and resources on a daily basis. However, our motivation seems to peak as the new year approaches. Why is it that these resolutions only last, on average, through January? Do we not understand the cost necessary to attaining our goal? Is it because failure is acceptable and we can chalk it up to “failing forward”? Or is it that we don’t properly plan out our goal and make it a decision?
Goals are decisions and how we plan affects the outcome.
The difference between a dream and a decision is action. A decision requires planning, accountability, and resources. A dream only requires desire. The level of planning you dedicate to your goal will determine which of the two it actually is.
How do you create a victorious goal?
Write down your objectives. Understand the cost of your goals. Express them to your financial advisor. He or she is your accountability partner in accomplishing your goals. Use them to help create a solid plan that understands your time and resources. Get your loved ones or other interested parties on board. Consider taking an annual weekend trip to set goals for the year with your spouse and/or business partners. Understand the opportunity cost of focusing on one goal, and not its alternative(s).
Your financial advisor or planner will help you understand what you need to accomplish your goals, how they compete with each other, and what will be necessary to save or spend. A financial plan isn’t just a lengthy document. It’s a relationship with a financial professional who has your best interests in mind.
Any opinions are those of Andrew Donohue and not necessarily those of Raymond James.