Living in Luxury: Fundamental Goals Planning for The Wealthy
Fundamental goals planning is essential to all self-minted millionaires. Have you ever wondered how to build generational wealth? Of course, you have – and financial goal-setting is the key.
Studies have proven that those who plan get dealt a better hand in financial success, and rightly so! I like to think of financial goals like my Delta Airlines flight itinerary receipts. They tell me where I want to be in the future, how much the trip costs, and my estimated arrival time. How obvious is it that I'm itching to start flying again? However, the analogy fits nicely!
Without goals, you can lack focus and direction – this is no position to be in when you want to accumulate wealth, become happier, and maintain your financial freedom. Goal setting not only allows you to take control of your life's direction and preserve your family's future wealth – but it also provides a useful benchmark to measure your success.
Whether your goal is to amass the riches of a prince, embark on acts of philanthropy, or simply live a luxury lifestyle – careful consideration of what you want is the first step to accomplishing your goals.
Begin Thinking Positively About Money
Being rich involves being able to think positively about money. Thinking about money in a negative light is an emotional obstacle that you must overcome. When you start thinking about money positively, you attract opportunities and open doors, you may have never thought possible before. Those with wealth know this. Those who are looking to become wealthy should practice this.
Rewrite Your Major Goals
Set financial goals for yourself – rewrite your goals and review them daily, then consider how you could accomplish them. Do this every morning, the act of writing and rewriting your goals before you start your day will increase your chances of conquering them. A lot of wealthy people also use vision boards to further their progress, seeing is believing!
Plan Each Day In Advance
The best time to plan your next day is the night before, think of this as short-term goal planning. Planning each day, each week, and each month in advance will make you sharper and more precise in your decision-making.
You will find yourself more focused and have a greater sense of self-control. This personal power comes from working from a list. Planning helps you control spending and identify where best to save.
The Principle Of Concentration
Concentrate and give the bulk of your attention to the most valuable use of your time. Almost every aspect of goal setting and wealth planning is geared toward enabling you to determine the primary thing you should focus on more than anything else.
Your ability to develop this concentration habit will do more to secure your financial success than perhaps any other skill or practice you could adopt.
The things you focus on most should directly align with your financial & life goals. Spend your time focused on what will make you the most money and sustain your wealth for generations to come.
Questions of Self Reflection
After every meeting and each event of importance in your life, ask yourself, "What did I do right?" and "What would I do differently next time?"
By reviewing yourself immediately after every significant occasion, your personal and business performance will become more efficient. Improving yourself and your quality of work will have a symbiotic relationship with your financial well-being.
Be Frugal
Self-made millionaires tend to be frugal. Perhaps it's what has led you to be rich. Most wealthy people understand the need to be careful and value every dollar. Knowing how to save money and allocate your funds appropriately can be the gateway to prosperity and life satisfaction. In the long run, this is what allows the wealthy to live a life of luxury.
Set Goals That Motivate
When you set goals for yourself, they should be motivating ones, which light a fire inside you. When your goals hold value to you, it becomes far more likely you will achieve them.
Set precise goals – don't be scared to think big and set huge expectations for yourself. If you can dream, you can do it!
Focus On Assets, Not Income
Make a goal to stay focused on assets over income. Keep your money working for you. You don't need to work hard for money all your life (i.e., earning a paycheck). By creating or acquiring cash-flowing assets, you can continue to grow your wealth without limit. This is one of the ways the wealthy think about and take action when it comes to their wealth management.
Remind yourself that 'cash flow is king', but assets are the foundation for creating true financial freedom.
As human beings, we are creatures of habit. We adapt quickly to external conditions, and we need to take heed of the practices we adopt. These practices will determine how we set goals, evaluate ourselves and our achievements, and prepare for our financial future.
Want to live a life of luxury? Well, as Napoleon Hill so famously said; “Think, and Grow Rich!”.
Best Regards,
Derek Notman
