Financial Goals is Step #4 of 7 in a do it yourself financial plan . Whenever I ask people what are their financial goals, I get this glazed eye look . Most respond that they want to make a lot of money . Well, we all want to make a lot of money, but it’s a lot easier to make money when you know what the money is for. When you have an target in mind, the journey goes much faster and smoother than if you focus constantly on the mundane tasks that you need to do to get there . That’s what drags people down and makes them stop building wealth.
I use a tool called Mind Mapping. Mind mapping tools are a great way to get the creative juices flowing. Start with plain white paper and a pencil to mind map . You write your main word or idea in a bubble in the center of the page (retire early or buy vacation home). You then create branches coming out of the bubble with everything you can think of that’s related to the topic. You can create as many branches and sub-branches as you wish, with links and arrows between related ideas.
Mind mapping is more than simple list-making . There seems to be something about the lack of lines, which imply relative importance or order of doing things, as well as the act of getting something down on paper instead of just circling in an endless mental loop that can lead to intense creativity and solution-oriented thinking. To brainstorm business management and development, I use the mind mapping tool at FreeMind which is free .
Can’t make a financial decision? Mind mapping is a great technique for couples to use for planning investments, college planning, retirement wishes or deciding whether to stay in your home or buy a new one.
What most people like about mind mapping is that it keeps them from thinking in a linear fashion. You are also able to see relationships, the big picture, and details all at once. To build wealth you need to stay focused on the financial goal that you want to achieve. That makes the journey easier and avoids dumb financial decisions. -Fern Alix LaRocca CFP® Wealth Coach
