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Think like a coach to achieve financial greatness

We all want to be successful financially and yet it is the one aspect of our life we often neglect when it comes to the basics of achieving success.  Success is usually derived from a solid plan much the way teams are successful in sports.
What is included in a successful financial game plan?
The key components are setting realistic goals, developing a strategy, building a team that believes in your strategy, reviewing your performance, making adjustments based on current situations and finally, making sure you celebrate your wins.
What types of goals should we be considering?
There are two types – first are goals in the 3 – 5 year range which might include building an emergency fund, paying down credit card debt or saving for a major life event.  The second type are long term goals which include the type of career you want, family life, when you want to retire and how you want to live in retirement.
Are there different strategies that can be used to achieve these goals?
Absolutely there are many different ways to reach your goals. The most important aspect of any strategy is one that you can actually execute. For example, if you like to go on vacations every year don’t delete that category from your annual budget. There is no way you can make that strategy work long term.
A coach usually has a team involved, what type of team does one need for financial success?
First, it starts at home. Your life partner needs to be onboard with the goals and strategy. After that, then it is about adding to your team the resources you might need such as a financial advisor, an accountant or any other resource that you need for your strategy to be successful.
Do we wait until the “halftime” of our life to review our performance?
Probably not, we really should be reviewing our performance constantly. We have so many ways to get feedback – current debt, investment balance, monthly budget to name a few.  In reality, we should review our performance annually and more often if there is a major life event that requires a change in our strategy.
Why is reviewing your performance annually so important?
Mainly because no matter how good our game plan is going into life, the real key to success is the adjustments to all the unexpected life events we encounter. No one can really plan for everything. The difference between success and failure is driven mostly by the changes we make to overcome these obstacles.
The last point in the game plan was to celebrate, what should we be celebrating?
Anything that is motivating. It can be small, such as the first time you actually stay within your budget to major milestones like getting your child through college. Celebrating is important, recognizing accomplishments is motivating and leads us to other positive accomplishments.

Posted: 11/5/2015 with 0 comments

Categories: Money Matters, Planning

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