We have all formulated strong ideas of what success looks like since childhood. In many ways, personal financial success gets defined FOR us by the outward appearances of those we believe to be successful.
The financial planning process helps us recover for ourselves redefined priorities that fit more closely with our real values and beliefs. Better decisions are made with our money when we walk and talk through our goals and wishes; using our current situation as a basis for real planning and personal financial development.
Are you making financial decisions based upon your own values, or are they based upon the influences of others and what they value?
Me? Guilty as charged.
I’m not a car guy at all, but recently I was looking into a new vehicle. Next thing I knew, I was test driving a brand new luxury SUV with an MSRP that could easily put one of my kids through four years of college.
I have friends and clients who I consider to be financially fit who own very nice and expensive cars. However; we have to remember that everyone has their own unique set of values and priorities that must fit with our own financial plans.
My plan includes two young drivers who will need cars in the next two years along with replacement vehicles for Shelly and I over the same period of time. I hate car payments more than taxes, so I probably need to be careful how much I spend on new vehicles over the next few years.
Have you found yourself in a similar circumstance? If so, planning meetings always help regain perspective. Remember, your values and situation are unique to you!