Broker Check

#015 | Mastering Your Financial Plan

April 07, 2021

Mastering your financial planning isn’t as simple as making more money or investing in the next big stock.

These can certainly help accumulate wealth, but they can steer you away from what matters most, and that’s your goals.

Identify - What do you want in life?

Is it a house? Is it to retire earlier? Is it to live in a van? Travel? Start a business?

It’s your life, and you need to figure it out. The sooner you can figure it out, the sooner you can start attacking it.

Quantify - How much and when?

You have a timeline on it, and now you know how much it will take to get there.

Prioritize – Organize goals that are most important to you.

There will be life changes, and when those happen, you’ll know how to change your priorities as you go on. It may look like a job change, marriage, a kid, an unexpected death, etc.

Plan rigidly, execute flexibly.

Pro Tip: If you’re trying to have money conversations with your partner, create a time and space for the conversation. Often, money conversations are emotional ones.

Try not to do it after a long day or late at night or the first thing in the morning. Set a time and place.

Combine the money talk with a fun activity like going to a bar, a café, coffee shop, and so on. Be intentional about when you do it and how you do it.

Until next time.

Download Goal Worksheet.

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