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What are You Working, Saving and Investing For?

One of the most rewarding aspects of being a financial planner is learning about what drives my clients to make the financial decisions they do. Every person has their own unique motivations, whether it's personal goals, providing for others, or making an impact. It's important to remember that personal finance is not a one-size-fits-all approach, and it's essential to take the time to evaluate our "why" as we set new goals and start a new year. Understanding our motivations can help us make more informed and meaningful financial decisions that align with our values and priorities.

Reflect on Your Motivations and Long-Term Goals to Make Meaningful Financial Decisions

As you begin this process, it can be helpful to grab a pen and paper and take some time to reflect on what truly motivates you. Start by asking yourself, "What gets me out of bed each morning?" Your answer might be related to building a secure financial future, taking care of loved ones, or pursuing a larger purpose. It's important to remember that our daily actions are often driven by our sense of purpose, so it can be helpful to take a moment to consider why you do what you do. Some days, it might be simply to pay the bills, but it's important to think beyond the immediate and consider your long-term goals and motivations.

Dreaming of Your Ideal Future: Consider These Questions to Help You Visualize and Plan for Your Goals

This part of the process should be enjoyable and stress-free, so take some time to really think about what your dream life would look like. It can be helpful to journal your ideas so that you can refer back to them later. As you consider your ideal future, ask yourself the following questions:

  • What am I doing in my career, if I'm working at all?
  • Am I married? Do I have children?
  • What places will I visit? What new hobbies or skills will I learn?
  • Have I made any big purchases, such as a house, car, or second property?
  • Are there any causes I am volunteering or advocating for?

Remember, there are no dreams that are too big or too small. This is your chance to be imaginative and think about what truly excites and motivates you. Don't be afraid to think big and dream big!

Planning for Retirement: Understanding Your Options and How to Save for Them

It's completely normal if you don't have a clear image of what retirement looks like for you. Some people might want to retire completely at a specific age, while others may want the flexibility to work part-time or on their own businesses earlier in life. Many younger professionals are considering sabbaticals or extended time away from work to focus on travel or other projects, such as side hustles, career changes, or starting a family.

Regardless of your specific retirement goals, it's important to have at least some idea of what you want so that you can determine how much you need to be saving and how quickly. For example, someone who wants to fully retire at age 50 will need to save much more over a shorter period of time than someone who is willing to work later in life, even if only part-time.

Remember, even if you don't know when or how you will retire, it's important to start investing for it now. The earlier you start saving and investing, the more time your money has to grow and potentially compound, which can make a significant difference in the long run.

Setting and Achieving Financial Goals: Tips for Aligning Your Budget with Your Dreams

Now that you have identified your motivations and dreams, it's time to set specific financial goals to help you achieve them. For shorter-term goals, consider how you can allocate your budget to meet those desires. For long-term visions, make sure you are planning for those goals as well. Being proactive and intentional about your finances will give you clarity and peace of mind for your future.

It's important to remember that your vision for your life may change over time, so be sure to check in with yourself regularly to ensure that your daily actions are helping you fulfill the life you want to live. The journey towards your goals will likely have its ups and downs, but leaning on the support of friends, family, and a financial planner can help you stay on track and enjoy the process. Don't forget to keep your "why" in mind and remember the things that truly matter to you as you work towards your financial goals.

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About the author: Haley Tolitsky
Haley Tolitsky, CFP®, is a Financial Planner with Cooke Capital in Wilmington, NC. She is passionate about financial empowerment, specifically for women and the next generation, and loves the opportunity to motivate and guide others to take charge of their financial lives. Haley can be reached at htolitsky@cookecapital.com.
Securities Offered Through The Strategic Financial Alliance, Inc. (SFA), Member FINRA/SIPC. Investment Advisory Services Offered Through Allegiance Financial Group Advisory Services, LLC (AFGAS). Cooke Capital and AFGAS Are Unaffiliated With SFA. Supervising Office: 678.954.4000. Allegiance Financial Group Advisory Services, LLC (AFGAS) is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
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