“I expect to spend the rest of my life in the future, so I want to be reasonably sure what kind of future it is going to be. That is my reason for planning.” – Charles Kettering, Industrialist.
The whole objective of focusing on finances is to turn your dreams into realities. Money, in a sense, is freedom. It is the accepted medium used to establish a way to pay for goods and services. This article aims to concisely focus on 4 steps in building a blueprint for financial, and therefore personal, success.
- ACCEPT YOURSELF AND YOUR CURRENT STATUS
This is your starting point! Right now, wherever you are in life, whatever income you have, how many people you know and how many assets you have, you need to accept it and reject any feelings of discouragement or incompetence. Those feelings will only serve to hinder progress.
This step is seemingly contrary to the idea of never be satisfied, and to an extent it is. If you were completely satisfied with your life, then your dreams are already your realities and all you need to focus on is maintaining. But if your realities are not your dreams, then you’re not satisfied, and that’s okay. The point of accepting yourself is to give yourself the confidence and limit excuses of why you’re not already at a higher status. Don’t ever say to yourself that you’re too busy, or too old, or too broke to achieve your dreams. If you are, then you haven’t accepted your starting point and will go nowhere, fast.
- WRITE DOWN YOUR GOALS IN LIFE–WHERE YOU WANT TO BE. You can have all the enthusiasm and confidence in the world, but if you have no direction, chances are you will not end up where you want to be. Writing down your plan sets the tone, speed, and most importantly the direction of your life. Breakdown this plan into two parts. Part A focuses on your dreams, and don’t hold back! Do NOT evaluate your potential for achieving these dreams for each item you write, how exhausting and diminishing! Part B focuses on your strategies. In other words, the specific financial and personal road map to get you to your dreams. Part A is the ‘what’. Part B is the ‘how’.
- CHOOSE THE MOST IMPORTANT OBJECTIVES In the previous step, you should have brainstormed all your dreams and ideas on where you want to be. This step forces you to focus harder on specifically where you want to be. Think through your options. Imagine yourself in every scenario. Which ones feel right? Which ones gives the most joy? Some of these will be individual objectives, while other will include and require the support of your family.
- BUILD, ACT, AND THEN REBUILD YOUR ROAD MAP — YOUR MONEY STRATEGY.
This step can be in the form of taking on a financial adviser, if you trust them, or you can be your own financial expert. The top two general strategies for developing wealth include tax-reducing strategies, and investment strategies. According to Charles J. Givens, you should pay no more than 5% of your income in taxes. How exactly, to reduce taxes and to invest is dependent on your personal situation. But general guides certainly exist.
Stay tuned for more blogs from love-growth.com on financial wealth building!
Certain information above is traceable to Charles J. Givens’ “More Wealth Without Risk”, copyright 1991, and that information contained therein.
Thanks for reading!