In Five Years I Will Be On A Plane To Paris…

18 May

Motivation is impossible without vision, and this is no different when it comes to money. Whether it is a lack of spending control, lack of work satisfaction, or complete ineptitude regarding money management, money struggles stem not from financial incompetence or lack of self control necessarily, but rather a want for motivation and ultimately, a need for vision. Stronger vision equals control.

For example, where do you want to be in one year? In two? In five? How about in ten years? By painting a picture for ourselves of what our future could look like, we get a better idea of what we should be deliberately doing with our money now.

In one year, you may want to have a fully funded emergency fund with six months worth of living expenses, or you may want to have all your credit card debt paid off.

Two years from now, it could be a trip that you have always wanted to take, or saving up for a car or even a family.

In five years, you may set a goal to start investing more heavily into a retirement fund, and set up a college fund for each kid. It may be time to save up for a down payment on a house too.

In ten years, maybe you want to increase your giving, or start actively seeking out new ventures and investments to build up your portfolio and increase your net worth.

Everyone’s vision and goals will be different, and just as I wrote regarding personal economy, factors such as lifestyle, status, work, and relationships will all be big components that shape what is important to you specifically as you draw up a financial timeline.

One of the coolest benefits of drawing up a financial timeline is that it can FLEXIBLE! How great is that?! If your plans change, if you lose your job or score your big dream job, you can continually adjust your plan to meet your fluctuating needs and goals.

Once you have your own version of your financial timeline (vague, detailed, exciting, boring, grand, modest, WHATEVER!), you are on your way to figuring out just what it is that you need to do NOW, to make those financial dreams become a reality.

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