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I'm Dalene Higgins, CEO / Financial Coach / GenXer. I'm an avid fiction reader as well!
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This is part 2 of a 3 part series focused on creating and crafting a beautiful financial vision and paving the path for success.
As you move forward in life and on your financial journey, have you taken a moment to envision where you’re headed?
Do you know what you want to achieve with your money? What you want for yourself, your family, and your community? The power of the “why” behind your financial goals is important.
In this blog post, we’ll explore the importance of dreaming, setting specific goals, and building a clear pathway to financial success.
In a fast-paced world, where busyness often overshadows creativity, it’s crucial to reclaim the lost art of dreaming.
It’s important to let go of boundaries and barriers through this dreaming process. Imagine the boundless possibilities for your financial future. Much like a child proclaiming to be the next superhero or superstar athlete.
Visualize your financial journey at various life stages—your forties, fifties, sixties, and beyond. What does greatness look and feel like for you, and why does it matter?
Dreaming sets the stage for goal-setting. One example of a beautiful financial vision is from one of my clients.
When she started working with me she had an inspiring vision of owning a hundred real estate doors by the age of 50. Her starting point was the very first step, purchasing her own home. She was still renting and knew things needed to change to be able to reach her dream, but she was miles ahead because of her clear vision.
Now a quick re-introduction to goals. Short-term goals are typically achievable in five to eight years and could involve tasks like paying off debt or building an emergency fund. Long-term goals, spanning 10 to 15 years or more, might include purchasing a second home or retiring early. These goals should help serve as stepping stones, guiding you toward your overarching vision.
I introduced you to my client who when she began working with me proclaimed she wanted 100 doors by the time she was 50. Ahem, she’s in her early 40’s and doesn’t own her own home currently.
After working together, to build a solid financial foundation of sinking funds and plan to pay off debt, we circled back to her goal.
To help her build a pathway to her ultimate vision we defined three milestones to the ultimate vision. Working on step one, she knew she needed to start saving for closing costs. She may or may not need down payment assistance, but seeing her business was ready to take a new trajectory she felt certain she could accomplish this within the next 3-4 months.
The next step would include the process of acquiring four more homes within 1 to 2 years after the purchase of her initial home. And then the final step will be to venture into multifamily properties through partnerships and other means.
This client’s story illustrates the power of specificity and the importance of having a clear pathway to achieving your financial dreams.
As you embark on your own financial journey, take these action steps:
Crafting your financial vision is not just about numbers; it’s about creating a life aligned with your aspirations. So, what’s your financial dream, and how will you build the pathway to make it a reality?
To more about this client’s story, be sure to listen to Episode 038 of the Wealthy After 40 podcast. If you’re ready to get started on this journey, download the free personal money assessment, Financial Clarity Check Up.
Be sure to check back next week for the final part of this clarity series!
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