Financial success starts with defining clear, long-term goals

Finding your vision

Do you have a vision for your future? Without a clear view of your personal, family and professional priorities, it is almost impossible to put a financial plan in place to achieve those goals.

As a wealth advisor, I think it’s critical to give serious thought to what financial success looks like for you and your family right now — and five, 10 or 20 years from now. Without a clear vision, you are selling yourself short. Essentially, you are saying that you are okay with whatever life imposes upon you. We’re not satisfied with the “come what may” approach because of what we’ve seen when helping clients. We know that good planning can improve your present and future.

To a large degree, most goals are dependent on having financial resources. So, when we consult with you, we will talk in great detail about where you want to be financially. Together, we determine what you want, why you want it, when you want it and what it will mean to you.

Then, we write it down. This vision is a key map for your future, one you should refer to and build upon throughout your life. Having it on paper is important for you and for those close to you. Sometimes, the answers are obvious. Other times, the questions require more thought.

So, we start the conversation at where you are today. We begin by discussing how long you plan to keep working and when you want to retire. Then, we ask you to visualize where you want to live and how you’ll spend your time after you retire or stop working. We discuss these topics at length.

We determine how much you’ll need to save and invest each month to reach your long-term financial goals. Our discussion also includes figuring out what kind of return you will need on investments to build the wealth you expect. Finally, we talk about the legacy you wish to leave.

Most people seldom think about these difficult subjects because they require you to envision circumstances that may seem out of reach. Still, it is important we consider them. The greater the clarity you have regarding your long-term financial future, the faster you will likely realize it.

Transforming your vision of financial success into reality will likely require the assistance of more than a wealth advisor. Depending on your circumstances, you may also need to consult a CPA, an attorney or an insurance expert. Together, this team can help you develop a written, personal plan to complement your vision. The plan should be based on conversations you’ve had about specific values, goals and assets and should be weighed alongside your ability, willingness and need to take risk.

One of an advisor’s most important responsibilities is to help implement and then monitor your plan. Even more, your advisor should keep asking questions as you go through personal and career changes.

Staying on course will take passion, resolve and living with intention, but your vision of financial success can become a reality. Make some time to develop your vision. It will be worth the effort.