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Today will be a more philosophical day, and a day of self-reflection. Sometimes, in our blind ambition, we find ourselves forging forward with all of our might, but don’t exactly know where we’re going. This happens often in finance when people are working, spending, playing, living, working, buying, paying, etc.
For what? Why do most people go to work? Is it to retire? Is that the plan summed up in one word? “Retire” is not a plan, it is the summary of a life of spending, and a summary of what you will be doing once work is over. With that said, let’s find out where you really are.
- Do I have any financial goals?
- What are my financial goals?
- Can I be more specific about my financial goals?
- Can I classify my goals into groups and try to conquer each group, one-at-a-time? Even something as simple as short, middle, and long-term goals.
- How do I plan to achieve my goals, or conquer the groups?
- Am I actively pursuing my goals, or am I putting them off?
- Is what I’m doing helping me reach these goals, or is it setting me back?
- How do my goals fit in with my current life-course?
- Do my goals properly prepare me for the life I want to live? (I.E. if you want to travel in retirement, will your savings goals permit that, or are the savings goals insufficient to allow travel?)
- Does my family’s life fit in with my goals, or do I need to make alterations?
- Do I have goals for the family as a whole that everyone is on-board with?
- Are my goals realistic, or do I need to change them?
- Are my goals impairing my quality of life so much that they may not be worth attaining? Not always will the means justify the ends.
Why All of the Questions?
These are important questions to keep in mind when assessing your current course in life financially. This list isn’t comprehensive, but it is meant to get you thinking in the right direction.
Anyone can have a plan without a destination: “Let’s go for a drive!” That is a plan with no destination. What about you? Do you have a plan with no destination? What other questions do you keep in the back of your mind to help you stay focused? We’d love to hear from you in the comments.