Crafting Your Future Financial Vision With Clarity

During this episode, I share about creating a vision for your future.

This future will more than likely be dependent on money. We dive in deeper to setting goals to get to the dream, your financial future, and the action steps for momentum and success.

I also share a client story to demonstrate the application of each step. (Part 2 of 3)

Topics discussed:

• Where to start with your financial future
• What are goals and how do they help
• Creating specificity within those goals for action

Click HERE for Full Transcript of Episode

Hello and welcome to today's episode on the Wealthy After 40 podcast. We are talking about painting your financial vision, creating a vision of the future. We will be discussing, discussing how to craft your ideal money vision, what short and long term goals are, and how you can create specific goals. to tie into your vision. I'm excited to share today's topic with you as I do have a client story to go right along with it and share exactly how this process can be done. If this topic is of interest to you, be sure to join me for my free workshop on Friday, January 26th, 3 p. m. mountain time via zoom. The topic is financial fresh start, and we are going to be covering financial mindset, clarity with your numbers, setting personal financial goals, values based budgeting, and creating a money routine. So if that sounds good, if you're Love today's episode. Please join me. Links are down in the show notes or also on my website. And if you're unable to attend live, there will be a replay going out as well. All right, back to today's topic. Your financial vision. What does that mean? Well, it's what your financial future is, but in a sense, it's really just what do you want from life? Quote with money, but I already believe 95 percent of our life is already requiring money, right? So as you think about your financial future, can you see where you're going? Do you know where you're headed? What do you want to accomplish with your money? Right for you? your family, your community, and why. Why do you want to do that? I think that why is huge. So, thinking about those questions, Anybody could ask you those questions about any area of life, right? But I wanted to get the juices flowing first. I really want you to start seeing where you're already going, right? We, we talked last week about reviewing last year and then knowing where you're headed. So really where is it you're going? Are you on a specific path? And if you are, where are you going and why? So how can you craft your ideal vision? Well, I'm going to tell you to just dream. It's very simple, although it's very hard for most of us to do nowadays. Being in this space for a while, I've learned that people are not dreaming like they used to. They're not letting go of boundaries and barriers as they are creating their lives, really striving for greatness. That's what a dream is. Create that dream and strive for it. Build it, right? Build it and they will come. Build it and they will come. Build it and you will achieve it. Dream it and you can do it. But if you never had the idea in the first place, it won't happen. So I really want you to just dream. Think about your inner child. Your inner child. Your younger child, right? If you have to go to your grandkids or your kids, and they've come to you with some crazy ideas, right? Proclaiming to be the next superstar athlete, right? Gymnast, if we were from our era, Mary Lou Retton. You're going to be all of those great things. You are going to be a superhero, right? That is what I want you to do at this point. I really want you to let go. Of anything that says to you, ah, that's crazy. Oh, that's silly. Oh, I could never do that. I really want you to just dream about great greatness. No barriers, no boundaries. Think about the various ages, right? What is it we always think, right? Once we're out of our teens and into our twenties, there's this great thing happening. Well, what do you want that to be? What do you want that to look like in your forties, your fifties, your sixties and keep going, right? Your seventies, your eighties, what does that greatness look like? What is it going to feel like? And what are you going to do? And why, right? Really build out what that vision for your future looks like. So I'm going to share with you my client, when she came to me, her financial vision. She is one of the very few clients that has had such a far reaching, such a very detailed vision, right? She came, she says, I want to have a hundred doors by the time I'm 50. So this means she's going to invest in real estate, have a hundred doors, not a hundred properties, right, because that's different if you, as you get into the multifamily, a hundred doors by the time she's 50. Now, I want a little caveat here. She's in her early 40s. She has about six or seven years to achieve this goal. Never once did I tell her she was crazy or that she couldn't do it. We just started working together, right? So before I go into her story anymore, I want to talk about goals. So after you've created the dreams, And after you've kind of gotten a little specific, remember my client, a hundred doors by the time she's 50. So I would love for you to take your dream just that little step further. I want you to define it just a little bit. So, now I want to do a little education portion, and then we'll tie it in again. So, short term goals are goals that you can achieve between five and eight years, right? This could be something like paying off debt. Building up an emergency fund, buying your house, first house, those types of things that you can accomplish in the next five to eight years. Then you have long term goals. These could be paying off that mortgage, purchasing a second home, retiring early, or building up your college savings for, you know, kids, grandkids, whatever that looks like. Those are just some ideas, right? Ultimately, long term goals take about, meh, probably 15, 10, 15 years plus to achieve. So thinking in those respects, we need to have short and long term goals. So as we go back to my client, she came to me with her vision, right? In her sense, it was a goal. And it is, it is a goal, but it's also just a vision. She did get specific, but now we need to close down that pathway just a little bit tighter. That is how we're building in our short term, mid term, right, long term goals. We're creating the path with all of our steps. So, I'd been working with this client for two months. We build up foundations. She knows how to build up her emergency fund, how to create savings buckets, knows really that solid financial foundation. So if you've been with me before, you know, I always say money is a marathon and not a sprint. So even as I worked with individuals for 90 days, we could only do so much with current income, right? It's just knowing how to manage it, knowing how to create that routine, knowing we're doing all of the moves just right, and supporting those moves. So as I'm working with a client, she's doing so well there, then I take her one step further. I said, okay, let's go back to when you gave me your goal, right? You're very Financial future vision. And she says, Yes, 100 doors by the time I'm 50. And I said, How old are you? She says, I'm 44. And she says, I'm crazy. And I said, No, you are not. And I said, I don't want you to discount that you don't think you can do it. Now remember, she does not own her own home. So, I said, alright, you have that end goal, you have that end result you're achieving, right? That dream you're wanting to reach. How are we going to break it down so that you can find it achievable? So that you know what you need to do every step of the way. So, through the course of working together, her credit score came up, she applied for a loan, she knows she can qualify for a mortgage, she just needs to save the closing costs. I said, right there is step one, right there is your short term goal, and your very first step on this pathway to your hundred doors. She says, I can do that by February or March. I said, great. I said, Then what is the next step look like? And she says, Well, I would like to have accumulated five homes and 1, 000, 000 in assets. That their their value is 1, 000, 000. And I said, perfect. So when do you think she says then after that 1 to 2 years, so she's, you know, getting specific with her goals as well and setting them out. So buying her first home and then within 1 to 2 years, buying 4 more homes. She believes she can do this because her business is kicking off doing well. Her husband's job's going well. She now knows how to flow her money better. So she knows she's got money. She's not thinking she doesn't, that she's not doing well, right? We've got those all put in place. I said, and then what is your next step? And she says, my next step would to, would be to purchase multifamily homes. And I says, and how do you do this? She says, well, either I would do it myself or through partnerships, collaborations, those types of things. I said, great. So, as you can tell from her short term to her long term, she, you know, got more specific. She wasn't as specific on the very end, but she still knows what her steps are and when she needs to achieve them, she has created a clear pathway. So, knowing. That she's working on saving closing costs. Then the next one would be to buy one home, right? I'm shooting for four more. Knowing that that's the direction she wants to go, and those are the steps she needs to take. That is how focused you can get on your money journey after you have created your vision. If you don't know where you ultimately want to be, how are you going to know to build these steps? How are building these steps going to help you get to nowhere? So really Really spend some time in painting your financial vision. If you with a partner with a spouse, get them on board, get dreaming, get thinking about it, go out on date night and just say, what do we really, really want that we think is maybe impossible, right? That would, we would love, but we don't think we can do it. And just create that dream, get specific about it. And create your stepping stones. So those are your action steps from this episode is to create your dream. Make it specific. If you remember my client, 100 doors by the age of 50. You can do the same if you're just wanting to look for a net value. You know, I want net worth by this age or, you know, whatever it is, really put a deadline on it if you can, and then create your stepping stones to get there. What is your most immediate step? What do you need to do within one year? Then what is your next step? What does that look like? How does that help you get to your vision? And start building those out, creating them so that you know exact steps you need to take.