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financial potential

When It Comes to Reaching your Financial Potential: What does it really mean?

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Less is more. More is less. Reaching your financial potential is all about balance, perspective, knowledge, values, and how you define what is most important to your happiness. For some, the idea of ‘success’ holds a level of allure and enticement that will motivate their actions to make more money and surround themselves with the trappings of wealth. For others, the idea of financial success means ‘less’; less debt, less stress, fewer possessions, fewer complications. Whether you consider yourself a ‘more’ or ‘less’ person, it’s all perspective and the level of energy you are willing to invest, in order for your values and financial dreams to be met. (If only it were that simple to remove outside factors and influences.)

Unfortunately, we can often fall victim to enticements, temptations and sometimes guilt or judgment from family, friends and, colleagues. There is then the constant array of online marketing that seeks to aid our deviation from our financial goals.

Evaluating your financial goals can be tricky and confusing often leading to many questions you weren’t aware you had. To assist with assessing your goals, consider the following:

  1. Determine your ultimate outcomes first-work backwards. Ask yourself, what do you really want and why? Write it down; make it concrete, despite how vague or general the wants may be. Without this knowledge, it’s like driving to a new destination without GPS, a road map or any idea of what you’ll need along the way.
  2. Understand the components of what you seek to accomplish. In other words, what is really involved in your roadmap, and what other aspects of your life are impacted along the way? A deeper understanding of the actions you require, by either doing more or less, will assist you with beginning on the right track to your financial goals.
  3. Consider unanticipated consequences. There are always unexpected results from the decisions we make. While we can’t predict the future, we can make an educated guess using cause and effect knowledge. Invest the time to consider what might occur before it happens. Too often, we miss potential problems due to our desire to get started—and we skip over what may seem like trivial details, however,  in the end, can accumulate to setbacks in your overall plan. Use plenty of ‘what if’ questions to best outline the possibilities.
  4. Line up the experts.Who do you need to help you implement your plan and what are your expectations? Most people need the guidance and advice of experts. Think about it: Would you treat a medical condition based on what you read on a website, or would you line up the best doctors to help? The stakes – your future – are too important to fly solo. This is why seeking the help of Kofkin Bond & Co. may change your financial future for the better.
  5. Ready-Aim-Fire.Too often we get so caught up in the excitement of ‘doing’ that we don’t properly establish a process to get there. You’ve waited this long – make sure your actions will take you in the right direction. Set up a thoughtful roadmap that gets you from Point A to Point B using the most efficient route, and financial tools, possible.
  6. Monitor-Monitor-Monitor. Like anything new, it’s vital that you check and review your progress, look for potential problems, and make course corrections as necessary.

You are more likely to be successful if you have a process that aligns your goals with the steps necessary to arrive at your destination. There are multiple factors that you cannot control, such as interest rates, economic cycles, stock market reactions and world events. But there are plenty of factors that you can control. Determine what you need ‘more’ of and what you need ‘less’ of. Create a process to support your dreams and live more at the moment, while preparing for your future.

Contact Kofkin Bond & Co on 03 9111 2675 to show you how.

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