Highlights of today's show:
- How to stay focused on your long term goal
- We are so often distracted by the little things in life
- Break your long term goal into smaller, traceable pieces
- Not getting burnt out on your long term goal
- Announcement on the future of the show
We all have different reasons for wanting to manage our money well. Some of us want to have the freedom to do the things we want to, like giving or traveling. Others want to manage money well so they don't have to cringe at paying another bill. Still others want to manage their money well so they can change their family dynamic. Whatever your reason, there are so many things in our lives that take away our focus and prevent us from getting where we want to be.
Before you can keep your eyes on the prize and stay focused for a long period of time you first have to identify the things that can derail you. There are so many things that keep us sidetracked these days but on today's show we focus on the following four things:
- Not having a big prize
- Being unprepared for emergencies
- Spontaneous decisions
- Chasing after smaller financial goals
Once you know what can derail you, you can focus on the big prize. So often we get discouraged because our big prize doesn't come as quickly or as easily as we'd like it to. But that is why they call it a big prize! It is a long term goal that could takes years or even decades to achieve.
To stay motivated, I recommend breaking your big goal down into smaller goals so you can track your progress. For example if you are trying to pay off your house, mark when you get to 25%, 50%, or 75% towards your goal. If your goal is to have a million dollars in retirement, then figure out how much you need to contribute each year to get there. If your goal is to make a certain amount of income in five years, figure out what you need to do and work backwards to get there.
Also talk about the prize every once in a while. Remind yourself why you are chasing that prize. This will make you reevaluate if you truly do want the prize or not. Also having your big prize at the front of your mind will guide you through your financial decisions.
Finally realize that plans will change. It might not always work out the way we think it will. But that's OK; don't burn yourself out if everything doesn't go 100% the way you planned it.
Also on the show I have a big announcement on the future of the JW's Financial Coaching Podcast. I have done this show for three years now and have had a blast doing each and every episode. However right now is a season in my life where I don't have the time and resources to continue on with the show. Therefore I will be taking a few months' hiatus.
From day one of the show I've made it a commitment to give you quality information to apply to your financial life. But due to moving, having another child, and working hard at my day job I feel like the quality has dropped off the past few weeks. I plan to be back by January 2014 at the latest and hope to be back in time to do a 2013 Year End Podcast like last year.
I promise I will be back and I am still committed to giving you a new perspective on your money. In the meantime I will still be blogging each and every week and publishing my monthly newsletter but taking time off from the podcast will help me devote time to my growing family and writing my book on our home purchase experience.
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If you have any comments, questions, or ideas for future shows you can send them to me and I will integrate them into a future show. There are two ways to get in touch with me: 1.) Email me at JWFinancialcoaching@gmail.com - Please put “podcast” in the subject line and keep your questions brief so they are readable on air. 2.) Simply fill out the form on the contact page. Please fill out your name, email, and your question/comment/suggestion and we will read it on air.
You can find prior editions of the podcast at the podcast archive page.