|
 |
|
Changing Lanes
From the editors at WIFE |
Here’s the good news you’ve
been waiting for. You have a Magic Wand, and when you wave it you can have anything you
truly want.
Do you dream about winning the lottery? You’ve got it. Now what? The luxury cars and
magnificent life-styles are nice, but what lottery winners relish most is the financial
security that winning affords them.
With a little planning and discipline, financial security is within your reach. You
don’t need the lottery – regular saving and smart investing can help you achieve
your goals. That’s your Magic Wand.
What do you really want? Make a list of the financial goals that are important to you. Be
as specific as you can. And don’t worry if your goals seem too large to be within
reach.
If you are tempted to say "I’d like to, but …" here is some advice:
Get your "but" out of the way! Decide what you really want, and through
realistic objectives and solid planning, you will get what you want.
Every time you say "I wish I had ____" write it down.
If you come home and the house is a mess, wish for the money for a maid service, then
write it down.
See an ad for a cruise vacation that appeals to you? Add it to the list.
Once you’ve captured the rhythm of goal-setting, this exercise is fun and can become
addictive.
By now you may be thinking "I’ll never have enough money to do all of these
things." This exercise isn’t about deciding how you are going to get everything
you want; it’s to determine what you want.
When athletes can’t imagine themselves winning the World Series, the Super Bowl, the
Masters Tournament, and so on, they sometimes "choke" and don’t perform
well. Don’t choke as you are making this list. Compile of all your financial goals,
realistic or not.
Don’t limit your imagination. Remember that your Magic Wand can grant you anything
you want.
The only limits are that you can’t accomplish simultaneously two goals that are
mutually exclusive, and you can’t accomplish the impossible.
For instance, if you would like to become president of the company for which you work, but
you also would like to work part time, those two goals cannot be accomplished
simultaneously.
They could be sequential, though: You can work very hard now and climb the career ladder
to presidency, then opt for early retirement and become a consultant.
Conversely, you could work part time now and then, when you are ready, begin climbing the
corporate letter.
Some goals may seem unrealistic and unattainable, but before you cross them off your list,
consider the Roadblock Rule: You will never get anywhere if you let
roadblocks define or limit your goals.
If there is something you really want, leave it on your list, no matter how
unattainable it seems. If you really want it, your imperative of purpose will take over,
and you can figure out how to get it.
If you commit yourself to a certain path, the dynamics of that commitment will propel you
to accomplishment. It won’t be easy, and you might decide at some point to stop
pursuing that goal.
That won’t be a failure to meet your goals, just a revision in what you want.
As you travel the road to financial security, expect your goals to change and rearrange
themselves.
What is important to you now may seem less so when you have a larger nest egg. And what
seems unimportant now may become more important as your wealth grows.
The Women's Institute for Financial
Education (WIFE) is a non-profit organization which provides financial education,
networking opportunities, seminars, and workshops for women of all ages. |
