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Lifestyle Financial Planning 2

Lifestyle Financial Planning In part two of this Lifestyle Financial Planning series Scott Robinson says ‘If you do not know where you are going, how will you know when you get there? This is very true about financial goals. You need to set financial goals to help you make wise financial decisions, and also as a reward for your efforts. Goals should be clear, concise, detailed and written down. Unwritten goals are just wishes.

 


In order to achieve all your goals, you will need a plan. Starting from assets you already have available, you will need to determine how much more you need to accumulate and when you will need it. Don’t neglect to consider that the price of your goal items might actually increase as well. Depending upon how you invest your savings over time, you might receive interest, dividends or capital gains to help you along – you should consider this as well.


Your financial and personal goals need to be as specific as possible, because otherwise they won’t give you enough direction to follow through on them. Look at your goals like a lamp lighting the way – the brighter the light, the clearer the road ahead. If you don’t have clearly defined goals, you procrastinate. Think about your life and what you want to achieve, and what action you need to take to achieve the outcomes you want.


Give yourself realistic deadlines. Adding specific dates, amounts, etc. makes your progress quantifiable to complete your goal and visualise a finish line.


Be honest with yourself and decide what you want to accomplish. So, start with the goals that are highest on your priority list. It’s easy to be overwhelmed by everything that needs to be done, so start simple.


Align your goals with the direction you want your life to take. Balancing the alignment between long term and short term will give you the focus you’ll need.


Having a finish line will mean you’ll get to celebrate when you accomplish your goal. Having set deadlines gives you a sense of urgency that is lacking when goals are open-ended’


Next month Scott will discuss gathering the information to establish your financial goals and developing your strategy.

 

If you or your clients would like further information please contact Scott Robinson, on 01548 856444 or email scott@sabrefinancial.co.uk .

Sabre Financial is a trading title of Sabre Financial Planning Ltd. Sabre Financial Planning Ltd is authorised and regulated by the Financial Conduct Authority.


 

 

 

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