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December 01 newsletter
Also this month we continue our series of articles on the secrets of wealth.
Last month we began to explore the first secret: planning for wealth. To recap, planning involves understanding what you want to achieve financially and how and when you're going to get there. The first step in developing your plan was to think about identifying your financial goals. Now that you've taken some time to do that and have a list of goals you'd like to consider achieving it's time to move to the next step.
Achieving your financial goals may potentially involve lifestyle changes so before we can commit to the goals we need to very comfortable with them. To help us get to that stage we need to put some form around each of your individual goals. This month we will rank each of the goals in importance and work out the timing of each, that is, the time frame within which we want to achieve them. Next month we'll look at quantifying the goals.
Don't be frustrated if you think the pace is too slow, as all will become clear. There's a good reason for taking this programme in baby steps. Be patient and be rewarded.
First, this month we need to rank the importance of each of your goals. The easiest way to do this is to think of the one goal you would like to achieve if you could only ever achieve a single goal. Rank that goal number one. Repeat the process if you could now only achieve two goals and so on.
Don't be influenced by which goals you think you will achieve or which ones appear the easiest. At this stage you are still allowed to chase your dreams.
Our other task this month is to understand the timing of the individual goals. It is useful to have goals with varying time frames. If you're trying to achieve a long-term goal, there is nothing more motivating than having achieved a short-term goal. Be realistic about your time frames.
Achieving shared goals is a shared activity so ensure that the tasks of ranking importance and determining time frames for shared goals are agreed with your partner and family.
Next month, we'll build on this plan, and look at what is needed to quantify those goals. We'll discuss a few ways to help quantify some common goals.
We hope you enjoy the new pages. If you have
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