How to dream big, set financial goals and achieve them

I believe that dreams are very important. But if you want to achieve your dreams, you need to set financial goals. These goals can be both short term and longer term and provide a clear direction and guide. I always set myself goals, both in business, finance and in other areas of my life. This helps me to ensure I keep striving to be better at everything I do. It also helps with tracking my progress on a regular basis. So if you have a financial goals and are on a journey to achieve it, or simply want to aim a little higher in life, here are some of my key tips on how to dream big, set goals and achieve what you want in life.

Setting financial goals: don’t be afraid to dream big

Firstly, remember that anything is truly possible. With hard work, determination and some smart planning, you really are capable of so much more than you think. Don’t ever underestimate what you are capable of. Remember to dream big and aim high. You often hear people talk of their five-year plan, this is a good timescale as it is close enough to feel tangible, but far enough away to feel achievable.

Short term financial goals: dream big but plan small

While it’s important to dream big, it can often seem overwhelming.  When we have big dreams the path to realise them can seem incredibly long and arduous. So while you should dream big, it’s important to plan small. Break down your big goals into smaller ones and then tackle them individually. When goals are broken down into achievable segments, it feels more manageable and you are more likely to keep moving ahead.

If you want to swim the channel, you would start with a smaller goal, rather than just focusing on the entire 21 miles. The same goes for your finances, we would all like to be financially secure and have a healthy investment portfolio, but these things take time. This is where short term financial goals become important, working towards and realising these goals can help you stay motivated.

Track your financial progress

When working towards a financial goal, it’s important to track your progress to ensure you are on the right trajectory. If you aren’t where you hoped to be, it’s time to reassess and see what you can do to keep improving and succeeding. If you’re not where you want to be, that’s okay too. Sometimes things aren’t as easy as we expect – and we can’t predict financial shocks such as the Covid-19 pandemic – it just means a little more hard work or planning is needed.

Long term financial goals: get the right support to ensure you stay on track

There are lots of resources you can turn to when you are setting your financial goals. You can find a lot of help and advice online, but there are also companies like Generation Wealth Management which can work with you to create a financial roadmap to get your to your desired destination.

It’s also a great motivation to find someone who has already achieved what you want and can help guide you through the process. Having the right support around you really can make all the difference. If you find yourself getting demotivated, then revaluate, taking small steps consistently over time will eventually lead you to reaching your goals.

Financial goals: failure is often part of the process

I’m not going to sugar coat it for you. If you have big dreams, you need to be prepared for some bumps along the way. Every successful person will have failed more than once in his or her life. The important thing isn’t whether or not you get knocked down, the important thing is to keep going and keep getting back up. Learn from your mistakes and understand they are just part of the process.

At Generation Wealth Management we understand that the first steps to planning your financial future can often be the most daunting,  so if our experts can help please get in touch

Have you ever commented in frustration how much easier it would be if a human being were on the other end of the telephone receiver? In this blog our financial experts will focus on the importance of the human element, especially from a financial standpoint.

In an increasingly digital world, the seemingly unexciting point about the role of humans in our lives becomes profound. So what are we saying? That technology is bad? Definitely not. In many ways technology is the glue that binds humans together; technology created the telephone, the conference call, and video sharing software like Skype and Zoom, allowing us all to connect with others no matter where they are on the planet. Technology brought us the internet, which provides the ultimate opportunity for human connection. It brings people together professionally, socially – through the plethora of social media sites – and even empowers us to sustain relationships across vast physical distances.

Technology can often be used to enhance business relationships. When used strategically, your business can utilise technological tools to enhance relationships with customers. We all use technology to make connections; it’s become such an ingrained part of our culture that businesses struggle to function without it. We’ve all had days where the internet connection goes down, or the phone system glitches, or the email system goes offline. Work becomes harder. So no technology isn’t bad, what is unfortunate is when it is used to replace human interaction.

Finance especially, is an arena where the human element is so important; if you are buying your first home you seek advice from a professional, if you are investing a substantial sum of money you seek advice from a professional, if you want to know whether your pension is adequate to provide for you in retirement, you ask a professional.

Typically, our clients come to us to have questions answered and the personal touch is so important. The understanding that changes in circumstances are to be expected, be it the pinch felt when school fees increase, or the increase in disposable income due to a new job or a promotion. Our experts are trained to help you navigate the twists and turns of life and to ensure your finances are always well looked after.

We understand how technology can pave the way for a more sophisticated service delivery and improved client outcome. But we also understand that the focus on expert advice delivered by trusted and qualified professionals is vital. Our financial experts are supported by sophisticated data modelling specifically designed to increase our clients’ wealth.

The key to enhancing human interaction with technology is ensuring that technology should never replace the human element. No matter how smart technology gets, it will never replace the sincerity and power of a person interacting with another person.

To speak to a member of our friendly team please get in touch today.

Financial planning refers to your comprehensive financial map, the map guiding your path to the achievement of future financial goals. Financial goals are not set in stone; they often vary from person to person, with age and circumstances being large influencing factors.

Our experts will help you navigate the building blocks of financial planning – starting with the importance of having solid foundations. The overarching goal is to ensure you are financially prepared for all events in life; be it a medical emergency, your child’s education, your own retirement or unforeseen health problems.

There is a common misconception that financial planning is all about investment, however this isn’t true, investments are only one part of the financial planning portfolio. To ensure your solid financial foundations the first step has to be comprehensive contingency planning.

Contingency planning

What is contingency planning and why do I need it?

Contingency planning looks in detail at your ability to respond effectively to a significant future event or situation, which may or may not happen. Your contingency plan is devised for an outcome which is removed from your ideal plan. This could be unexpected unemployment, a large debt needing payment, or a sustained increase in your cost of living. It is advisable to have enough money saved to cover three months of expenses should the unexpected happen. Once you have managed your contingency planning you can look at the next step, insurance planning.

What are the consequences of not having contingency plan?

If you were to lose your job suddenly and you had no money behind you there is usually one response, panic. Well actually two, stress and panic. Consequences can vary from person to person but could include, cashing in investments – often at the worst time when markets are down – defaulting on insurance and pension premiums, or even your mortgage.

Insurance planning

Why do we have insurance – what is the impact financially?

The level of insurance which is advisable will depend largely on your personal circumstances. We can discuss repayment of your debts, what would happen to your home if you were unable to keep up repayments on your mortgage, what cover – if any – is supplied via your employer. We can sit down with you and discuss the areas which are important to you; there are numerous options and choices dependent on budgets and requirements.

How do you know you are adequately covered?

Is your health insurance enough? What about retirement or emergency funds? These are all questions we are regularly asked. The most common forms of insurance we are asked about are life insurance and health insurance. One of our experts can sit with you and work out your exact requirements; we can then find the most suitable products to meet your needs.

Just like a plant which relies on a strong root system to grow and mature, the lynchpins of financial planning have to be secured before you can move onto the next three levels. It is these later stages where you experience the benefits of that strong groundwork.

Investment planning

Why invest? Should I not be saving?

Saving has its place, but even the top interest rates don’t offer the same growth potential that investing does. Of course it depends on your investment objectives, nobody ‘needs’ to invest but it can help to provide an improved standard of living and better financial security.

How do I choose investments which are right for me?

Investment planning is the method of matching your financial goals and objectives with your financial resources. A thorough investment plan takes into account your personal circumstances, objectives and risk tolerance; choosing the right types of investments to fit your needs, personality, and goals.

By taking into account your risk tolerance, diversification and asset allocation, we can design an investment plan to provide clarity about where – and how much – to invest in order to maximize your returns. Having an investment plan will provide you with a sound strategy to follow and stick with; even when you see your investments fluctuate during a time of market volatility.

Retirement planning

Why save for retirement?  What are the consequences of not saving?

Retirement planning – in a financial context – refers to the allocation of savings or revenue for retirement. The goal of retirement planning is to achieve financial independence. The aim is to have enough to comfortably live on once you leave work. How much is ‘enough’ depends largely on what you want to do when you retire and when you want to retire. If you don’t save enough you could find yourself working far later in life than you would like.

Our experts will work with you to analyse not only assets and income, but also future expenses, liabilities and life expectancy.

When should I start to plan for my retirement?

Although planning for your retirement is ideally a life-long process. You can start at any time, but it works best if you factor it into your financial planning from the beginning. With increasing life expectancy as well as a growing cost of living, it is best to start retirement planning from the very start of your career. The investment in a good pension will reap rewards – and save you money – in later years.

Estate planning

What is estate planning?

Estate planning is the process of anticipating and arranging – during a person’s life – for the management of that person’s estate upon their death.

Estate planning involves passing on wealth to the people that matter most to you, in the most effective way. Individuals start estate planning for numerous reasons – some may want to reduce an Inheritance Tax bill, others want to see know that their assets will be enjoyed by future generations.

I’m not sure it’s a good fit for me?

Thorough estate planning will make sure that your family is provided for and not left to face financial ruin if the unthinkable should happen. But no planning doesn’t mean that your children won’t inherit anything, but it could mean they inherit far less.

Whether you have a financial plan in place and would like advice to add to it, or you are starting from scratch, please get in touch today to discover how the Generation Wealth Management team can help you.