Roadblock #1 - Need and Goal Planning
Stated financial objectives can actually be a detriment to the financial future that you so richly deserve.
Think about your clearest financial goal. It's a number isn't it? Some amount of money to accomplish some thing in the future. The problem is, there is no way to really know the exact amount you will need in the future. Even when you really think about what you might be doing next month, it's a little blurry - a lot can happen in 30 days. Targets beyond next week are hard to determine, so 25, 30 years down the road they are almost impossible to get right.
So what will life look like 10, 20, 30, 40 years from Now? Have you asked yourself these questions?
- How long will you live into retirement?
- What rate of return would you like to assume?
- How much will college cost to educate your children?
- What will taxes do?, Will they go up? Will they go down? Will they stay the same?
- What will inflation do to the cost of groceries, gasoline, cell phones, etc.?
- What kind of new technology advances will have you buying the new and improved? - Such as new TVs, cars, tablets.
- Do you know what stock market and investment results will be for you?
There are no definitive answers to these questions, yet they all contribute to your ‘number’ and how much you will need in the future. To add to this, the word NEED itself already brings to mind a minimum. What if you reach the number that you need, but end up finding you WANT something more?
What about the unknown? Is it possible that surprises in your life will occur that you would never imagine occurring today? Things like:
- Parent care
- The loss of a job for six months
- Out-of-state college tuition costs versus in-state tuition costs
- A natural disaster
- A new tax comes out of Congress
FOCUS ON BALANCE INSTEAD OF MATH
All of these unexpected life events have tremendous impact on how your financial future will unfold. If you focus on making sure everything is in the right proportion – in financial balance® - as opposed to guessing about a future that’s unknown, your results will be greater. The security that you’ve been looking for will arrive on your doorstep. You’ll be able to look towards your tomorrows with a greater degree of confidence.
For more info on this Roadblock check out This Video.
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