So, you’re halfway through the first month of 2018 and you’ve set your goals for the year. I want you to think about your goals and WHY they made it on to your list. Once you’ve figured out your WHY, completing the smaller tasks will be easier with your big picture (your WHY) in mind.
Along the way, a lot of my clients ask me things like, “How much do most people have saved in their RRSP at this age?”, or “What amount and what type of insurance should I have?” “Should I own a home by now?”, and “Am I where I should be?” My answer always remains the same, there is NO “one size fits all” when it comes to financial planning. Every person has different short term and long term goals, and those goals may even change as you travel through the different phases of life. So, when setting and working towards these goals, it’s important to:
- Remember WHY you set these goals — if you don’t know or really understand WHY you want these things in your life, it will be very difficult to reach them. Your goals should be stepping stones to your bigger life picture and should be the pieces to the entire puzzle. Understanding why you want these things will help you make the right and relevant goals, as well as, keep you on track. Ask yourself, why do I want to achieve this?
- Don’t compare your goals and progress to others — your goals are YOUR goals. Don’t feel discouraged if you haven’t accomplished the same as the person next to you. Set your expectations properly and keep them lined up with your own goals, don’t set your expectations based on other people’s achievements, because their “why” may be different than yours.
- Review and revise your goals — as each year goes by, or even every few months, it’s important to review and revise your goals and plans accordingly. Your WHY may be changing as you change and grow, don’t stay focused on an old goal if it no longer aligns with your big picture.
Working with a Certified Financial Planner will help to ensure that you review your plans consistently and through all of your life’s milestones, which in turn will help get you closer to your WHY!