The First Step to Financial Success / ABC of Financial Success

Aug 11, 2011     Posted under: Investment






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When we have a desire or dream which is not yet fulfilled or we have not taken any step to fulfill it, then it becomes an incomplete cycle.

Every incomplete cycle, in some way or the other, keeps troubling us from within. There is a continuous and constant sense of incompleteness.

Really, it is a kind of mental frustration. Either discharge the desire, or take the first step or next step to fulfill it. Don’t let it unattended. Every incomplete cycle drains you of your energy, leaving you weakened and exhausted.

That’s why it isn’t the day we worked a lot that tires us, but the day when many things remained incomplete that makes us tired.

Financial goal setting, organising our personal finance, doing our tax planning in the beginning of the financial year, preparing for a meeting with a financial planner are incomplete cycles for most of us.

“There are people who make things happen, there are people who watch things happen, and there are people who wonder what happened. To be successful, you need to be a person who makes things happen,” said James A Lovell.

Let us start making things happen:

It has been well said that the journey of 1000 miles starts with the first step. Most of the financially successful people started their journey with the conception of a financial goal. Setting of financial goals influence the way we think and act, helping us to achieve our goals and turn financially competitive. In addition writing our financial goals, gives them a concrete shape to focus on achieve them. Let us have a look at how goal setting methods help.

Here are some universal truths about financial goal setting that have helped most of the financially successful persons.

Focus:

Most people have failed at financial competence, not due to lack of talent but loss of purpose. This is very true that once our financial goal is set, we start thinking and investigating ways to meet our long-term financial obligations. We start finding out interest rates in banks and companies, the rate of appreciation in gold and property, the appreciation in mutual funds, shares and stocks and the risk factors of each investment. Setting of goals diverts our mind effectively towards narrowing the financial difference towards our financial goals.

Direction:

By setting financial goals we get the right direction to travel for fulfillment. It has been rightly said that an idle mind is a devil’s workshop and a devil mind brings about bad or devil results. So once a sound financial goal like being financially independent after retirement is set, our perception would be diverted in the direction to achieve it. This would apply to eliminating and rectifying failures in our financial planning like investing in penny stocks. This focus also enlightens our mind to possibilities of setting aside losses and reorganizing our financial planning.

Motivation:

Desire is a motivating factor that makes fulfillment of financial goals a compelling reason. It is true for our beneficial goals would make us strive towards its attainment. Saving and investment for pleasurable goals like marriage of children, their higher education and financial sufficiency in retirement would definitely motivate us for achievement.

Challenge:

We all like challenges, for we aim to prove ourselves superior, and this applies to meeting challenges like financial goals. This is true; we all like challenges and like to prove ourselves successful. Setting financial goals like a comfortable retirement corpus makes us want to prove to ourselves that it is attainable. So we work hard to meet the challenges to prove ourselves worthy to others and ourselves.

Mind as a Magnet:

The mind gets magnetic to good financial saving or investment opportunities with financial goals due to a state of extreme awareness. Our mind has the capacity to focus more on goals that we set in life, and this applies to financial goals too. We then find opportunities that we may not previously have found as our mind works with a different perception of attaining of financial goals.

Financial goals nurtured lead to financial achievement:

To conclude financial goals are just like seeds sowed in all our minds. This goal in the form of a seed is nurtured with good financial opportunities that come our way.  With the nurturing of financial goals (seeds) being important we are motivated to avoid harms like bad investments that could harm the growth of the financial tree.

With the desire to see a full grown healthy tree of financial sufficiency makes us make regular savings and investment. Lastly facing the challenge of a healthy financial tree makes us be extremely aware of opportunities to ensure the best-grown financial tree.

Let us take the first step to be financially successful, by setting our financial goals today.

Ramalingam K

Founder and Director of Holistic Investment Planners (P) Ltd., a firm that offers Financial and Wealth Management Services. An M.B.A., graduate and CFP certified Professional. 11 years of experience in financial and investment planning.

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