October is National Financial Planning Month Part 3
To close out 2021 Financial Planning Month I want to ask you to shift your focus and the bigger picture.
Review your current financial goals – don’t wait until New Year’s resolutions in January to do that.
- How have you done this year so far?
- What financial goals can you carry forward to the next calendar year?
- Are you making progress or need to make mid-course corrections?
If you never created financial goals, spend some time thinking and mapping these out. I found working with clients over the years that financial targets are the best measure of your progress.
For example, let’s say you are planning to buy a car in 2 years.
- Identify how much this goal is going to cost you, maybe a car will be $30K.
- How will you pay for it? Finance it? If yes, then you will need a down payment, maybe 20%, that is $6,000. The rest will be financed with monthly payments.
So you now have a real financial goal of buying a car in 2 years and you need $6000.
Do you see how this works? It becomes tangible and allows you to track it with a timeline. You will be able to come up with short, mid, and long-term goals.
Can you do that for everything else you are dreaming about? YES, you totally can.
And lastly, layout a plan for next year, or at least start thinking about what your financial goals might be.
Happy financial planning month!