One of the reasons people don’t get started putting together a financial strategy is there are so many things to consider. It can seem overwhelming. If you feel that way you’re not alone.
It’s difficult to determine your financial goals, a strategy to pursue them, and whether that strategy is achievable if you don’t first understand where you are today.
80-90% of women will be solely responsible for their finances at some point in their lifetime.
Don’t wait until you’re forced to take responsibility for your financial future. When we put off thinking about our longterm financial goals we essentially give up control. You can stay on track by periodically evaluating where you are, whether you’ve reached your goals, and what new goals you’d like to achieve. Is your current strategy working for you, or can you make adjustments? Below are some key questions.
Question 1
WHERE AM I TODAY?
Many people have a general idea of where they stand financially, but it’s important to have a clear understanding of your complete financial picture. Think of it like the GPS on your phone. If you’re looking for directions you have no idea where “here” is.
Question 2
WHERE WOULD I LIKE TO BE?
At this stage, you have a monthly budget and you understand your current financial situation. Now, you need to decide what you want your money to do for you. This question centers around your values and goals. Values are beliefs, and they should drive your goals. Goals are tangible things like paying down debt or buying a house. Values are intangible and don’t have a specific monetary value – like freedom, security, and making a difference. A deeper understanding of your beliefs will help you as you make decisions about your long-term goals.
Question 3
CAN I GET THERE?
After you have answered the first two questions. This question is your “reality test”. Using the S.M.A.R.T test.
• SPECIFIC – What exactly am I going to do?
• MEASURABLE – How will I measure my goals?
• ACHIEVABLE – Is it possible considering my situation?
• RELEVANT – Will it lead to a meaningful result?
• TIME-FRAME – When will I accomplish my goal?
Question 4
HOW DO I GET THERE?
This is more than just developing a strategy. It’s also about putting that strategy into action. If you never start working toward your goals, you won’t achieve them. In other words, plan the work and work the plan.
To start the conversation, call (234) 217-9061.
