We spend time planning the arrival of our kids. We spend time planning what to wear on a daily basis. We spend time planning weddings, happy hour events, meet ups with family and friends. We spend time planning our vacations. But how much time are you spending planning your financial success?
I know earlier this year, I sent you a free download to my Vision Strategy Success Blueprint. I know many of you completed them because you email me and even sent me snapshots of it filled out. I just wanted to follow up with you to see how are you doing with your 2016 Vision for Your Life?
Unclear economic times intensify the importance of wise personal financial decisions. Each year, more than a million people declare bankruptcy, and Americans lose more than a billion dollars in fraudulent investments. Both of these common difficulties result from having a low financial IQ, poor personal financial planning, and incomplete financial information. Your ability to make wise money decisions is at the basis for your current and long-term financial well-being.
WHERE DO YOU START?
One day, you may receive news that your grandparents have given you a gift of $10,000. Or you might find yourself with an extensive amount of credit card debt. Or maybe you desire to contribute money to a homeless shelter or a hunger-relief organization. Each of these situations involves financial decision making that requires, first, planning, and then, taking action. The process you use should be carefully considered so no (or only a few) surprises occur. The main focus when planning for your finances is to avoid financial difficulties and legal tangles.
How will you best plan for using your finances? I’m just asking that you take three minutes and answer the following. For each of the following statements, select “yes,” “no,” or “unclear” to indicate your personal response regarding these financial planning activities.
- When making major financial decisions, I research them using a variety of information sources. Yes No Unclear
- My specific financial goals for the next year are written down. Yes No Unclear
- My family and household situation are likely to stay fairly stable over the next year or two. Yes No Unclear
- Time value of money calculations often guides my saving and spending decisions. Yes No Unclear
- I am able to name specific types of risks that can affect my personal financial decisions. Yes No Unclear
Stay tuned for the next e-zine and I will walk you through the process of planning to prosper with your finances!