How is money relevant for achieving my life goals?
Why do my life goals matter?
Do you remember the bucket list you wrote down when you graduated (from High School) at age 16 or 19? All the places you wanted to visit, the house on a hill that you wanted to buy? These are nothing else than life goals.
Why do your life goals matter to us at Finelles? It is quite straight forward: some if not the majority of your life goals, require money to become a reality.
There is a direct correlation between life goals on the one hand and financial goals on the other. Or put differently: life goals translate into financial goals. And once again, money and investments come into play.
When speaking to our friends, acquaintances and family members, we often noticed that many have ideas about what they want to achieve in life. But they have never taken the time to take inventory of these ideas and dreams, to write them down and turn them into life goals. This however is necessary.
Write down your goals :-)!
Why? Because the mere act of writing down your dreams helps you to (a) reflect on their feasibility and (b) in the process, translate them into life goals and succumbing them (c) to a financial feasibility test.
Does this sound too abstract? To provide you with an example: I always dreamed of owning an apartment in Kreuzberg (and a chocolate Labrador). Getting a pedigree dog is financially affordable (or so I assume), but buying an apartment? If you had talked to my friends and me ten years ago, we would have had no clue about this. We never would have considered getting a reality check and simply writing down our life goal (of purchasing an apartment) and then, associating this with a financial goal. And putting a price tag to it.
Take matters in your own hands
When you write down your life goals and translate them into financial goals, something marvelous happens: you become the master of your own destiny. Yes, you might at first be shocked at the mere price tag (an apartment might cost EUR 250.000-450.000 and more, depending on the location and size and condition). But at least you then know and can adjust your life goals accordingly – buy a smaller apartment, look outside of a big city… you get my point.
I am sure you have more than one life goal which has a price tag associated with it. And that is a good thing. Dream big! And then, become the master of your destiny and turn those dreams into financial goals. Once you have your list, and an idea of how much it costs to achieve them, you can prioritize the goals, weed out a couple, add others… and then make financially sound plan how to achieve them.
To help you with the process, we created a life goal worksheet. Also, we dedicate an entire workshop of our personal finance bootcamp to the topic. Because we take your life goals and financial goals very seriously.
After all, Katherine Hepburn said: “Today’s women don’t wait around for miracles. They create their own miracles”.
Thank you , Katherine.
Written by Caroline-Lucie Ulbrich
Finelles Founder. Coach and organizational consultant (ECB, Deutsche Bank and UBS).