Understanding the Process
Establish the Destination
Financial freedom does not happen overnight; it is a journey that requires careful planning and goal setting. Just like you need a map to reach a destination, setting long-term financial goals is the blueprint for your financial future.
Here are few questions to help you establish your long-term financial goals:
- What are your most important financial aspirations or dreams?
- What do you envision your ideal lifestyle to be in the next 10,20, or 30 years?
- Are there specific milestones, such as paying for your child’s education or wedding?
Pick your Vehicle
Your financial journey is a lot like setting off on a cross-country road trip. You have a destination in mind – your long-term financial goals – but you need the right vehicle to get there efficiently and effectively. Your “financial vehicle” represents the business or job you choose to pursue. Just as you would not set off on a road trip without selecting the right car, it is crucial to choose the right business or job to help you reach your long-term financial goals.
Key Considerations When Picking Your Financial Vehicle
Picking your financial vehicle is a pivotal decision on your journey to reaching long-term financial goals. Your choice should align with your objectives, passions, market demand, financial viability, and long-term vision. Consider the risks and rewards, your skills and expertise, and whether your chosen vehicle can efficiently take you to your financial destination. By understanding and selecting the right financial vehicle, you can steer your journey towards long-term financial success
Know Your Passenger List
Setting sail on the vast sea of long-term financial goals is akin to embarking on a grand adventure. It is a journey filled with aspirations, dreams, and milestones to be achieved. However, on this voyage, knowing your “passenger list” is not just a matter of courtesy; it is a key to choosing the right “financial vehicle” that will lead you to your desired financial destination.
Your “passenger list” refers to the individuals, entities, and goals that are intricately linked to your long-term financial aspirations. These passengers can include your immediate family, a business partner, aging parents, or even charitable endeavors. Understanding who is on this list is the first step towards financial clarity.