As some of you may know, I'm writing a book! And it's my hope that this book will help families to improve their Financial Planning so they can enjoy more freedom in life. While I'm writing the book, I thought it would be helpful to share some of the chapters with the world.
STEP 1 - FINANCIAL ASPIRATIONS
Welcome to the first step of the Moneyfulness Method. This step is all about getting clear on your personal goals and values, so that you can get a clearer sense of direction for your Financial Planning. Without a clear sense of direction, improving your Financial Strategies and Financial Behaviours becomes almost impossible. That’s why I believe this first step is the most crucial part of the entire Moneyfulness Method. It really does have a big influence over the other two steps.
People often ask me, what they should do with their money. They’ll ask me things like what’s the best investment to get into, whether they should buy an investment property or buy shares or if I think investing into crypto currency is a good idea or not. And the response I give these people is always the same “I don’t know, because I don’t know you and I don’t know what you really want”.
How can I tell people what they should do with their money if I don’t know what they want to achieve overall? That would be like me giving someone directions when they haven’t told me the destination they are trying to get to yet. When it comes to driving a car, everyone knows you first need to know where you’re going before you can use a GPS. But for some reason when it comes to money, people seem to forget this simple concept. They overlook the importance of having direction for their financial future before making decisions for their financial future.
And that's where the 'Finding Your Financial Aspirations' stage of the Moneyfulness Method can help.
The Financial Aspirations Framework (The 3R’s) To help my clients move through the Financial Aspirations stage efficiently, there is a simple, yet powerful framework that I use to help them get clear on 3 important aspects of their goals . Below is a summary of what this framework covers; 1. Your Results – This is what you want to achieve, when you want to achieve it and why you want to achieve it. These are your Targets to aim towards.
2. Your Roadblocks – This is what has been holding you back or slowing you down from achieving your goals. These are your Obstacles to overcome.
3. Your Realities – This is where you’re starting from and what you need to address in order to move toward your goals. These are your Weaknesses to improve.
By getting clear on each of these 3 important aspects of your goals, you will gain a clearer picture of where you need to go to achieve what you really want. That's because your Financial Aspirations are made up of progressing towards your Targets, whilst simultaneously overcoming your Obstacles and Improving your Weaknesses. By having this clearer picture of your Financial Aspirations, you will better be able to improve your Financial Planning, because you will now have the co-ordinates to plug into your GPS so to speak.
Keep an eye out for my next few posts, where I'll be sharing more information like this about the key steps of the Moneyfulness Method.
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