The process of having successful financial management is very similar to weight management.
First of all, there’s no “one plan fits all”
It is unique to each individual, just like body type, you are born with your own set of physical build, with its own unique set of challenges, strengths & weaknesses. Yes, there’s a general formula, it works for most individuals, but frankly, everyone has a different starting point. It’ll be a big fat lie if anyone comes to you guaranteeing results within a certain period of time. I don’t think I need to elaborate on that.
There’s also an underlying mental, emotional factor that most financial consultants out there will simply choose to ignore.
Second, Set A Goal
Imagine a football match without a goal, two teams are kicking the ball around the field with no vision of a clear goal. In this case, a fixed financial number in mind. 10K? 30K? One million? It could be any amount. Without this, there’s no way to measure your success.
Then, you have to attach a fixed time period to that goal. How much time are you going to allocate for yourself to achieve your goal(s)? Again, imagine two teams in a football match, this time with goals, but no time period. Both teams will be kicking till the end of the world, and yet, no way to determine who the winner is.
If you want to lose weight, you will set a goal. For example, “I want to lose 10 kg in 3 months time.”
In the financial stand, your goal will sound like this: “ I want to save up 1 million by the time I reach 55 years old, I have 15 years to work on that".
Lastly, Just Do It
Of course, there will be days that you will want to have a cheat day. There will be times, you will need to adjust your goals, modify your plan. You cannot keep yelling, “I want to get fit, I am going to do this and that!” but not act on it. It makes more sense to just put on your running shoes now than to sign up for a marathon in the future.
P/S: And having your personal Financial Therapist is like having your personal trainer, most of the time, you already have the knowledge, but there’s someone there to keep you accountable, to work on your goals together, to motivate and challenge you along the way - to journey with you.