All people have dreams and goals in life, for themselves and their families, such as buying a home, creating a business, saving for their children’s college education, travelling and retiring comfortably. No matter which stage of your athletic career you are currently in, no matter how much money you make and no matter your other circumstances, you need to have a financial plan in place which encompasses all your values, dreams and goals in a meaningful way to achieve them. Financial planning can be utilized in order to manage your finances in a way that you can achieve your dreams and goals while not overlooking your values.
You will need money to turn some of your dreams into reality. These “financial dreams” form the basis and ultimate goals of your financial plan. The ability to structure your dreams into something that inspires and motivates you is the secret of turning these dreams into something tangible; launching that sports academy after the end of your career, or publishing your autobiography that you’ve been keeping stashed in your drawers.
Writing down your dreams on a regular basis will increase the chances of them becoming reality. Deciding to pursue one of your dreams transforms it into a goal and finding the steps needed to accomplish the goal makes it part of your financial planning. Some goals may be set for the near future or short term. They can be accomplished in a few weeks, months, or years. Other goals may require long-range planning and saving and the advice of financial professionals. We have already discussed how financial goal setting works in a previous blog article, last month, which you can read here: “The money smart athlete’s goal setting” .
Values are the things people consider to be important, they have a huge influence on a person’s life and are a considerable force that directs peoples’ lives. Every person holds different values, such as family, success in career, health, love, comfort, friendship, different types of skills, and education. All these values affect the decisions you make during your career, the way you spend your free time and the way you handle money including your financial decisions.
Your financial planning should be in accordance to your values. If there is a conflict between your values and the things you are planning to do, it will definitely backfire and affect the quality of your life in a negative way. You really need to “be true to you”, your plan has to fit you, not the dreams of your family, your wife, or your friends. Realizing the reward of following your dreams while being true to your personal values will take all of you. If you’re doing this for anyone else but you, you will probably not make it and you will quit halfway. This is why you have to base your financial plan on the dreams you have, and what you really want deep down in your heart and soul. Your passion will help you stay focused and motivated to achieve your goals, and every small goal you achieve will help you propel forward.
If you need assistance in aligning your values with your financial goals please contact us at [email protected]
