Woman to Woman: A Personal Road Map to Financial Security

A multipart series to get you on solid financial ground

Written by Christine Geske

In Parts One and Two of this series, we defined where you are going—Point B—and where you are today— Point A—on your Financial Road Map. It’s critical that you know where you are today and where you want to end up financially. That way, you can set relevant money goals that will put you on the path leading to your financial destination.

There is no magic in being successful. If you truly want to arrive at the financial destination that you have defined for yourself, you must begin today by setting goals that will get you there. We’re not talking coulda, shoulda, woulda … We’re talking about specific, measurable, achievable, consistent goals that will keep you on the path to achieving financial security.

So let’s get started. There are basically seven steps that will help you prioritize your time, effort and money so you can reach your financial dreams.

Step #1. write it down!
Goals must be written down in order to become real and for you to focus on them. When you take the time to write down your goals, they enter your subconscious and take on a life of their own. They might seem like a great idea at the time, but the reality is, if left unwritten, that great idea is really nothing more than a slogan.

Step #2. Written goals must be specific, measurable and achievable.
Here’s what I mean. Let’s say Susie writes down her goal as “buy a summer home.” Robin writes down her goal as “I will own a summer home on the south shore of Lake Tahoe by June 1, 2010. It will be a two-bedroom single-story with a deck overlooking the water. I will save $75,000 over the next three years as a down payment and will take out a 30-year mortgage for the balance ranging between $400,000 and $450,000.” Can you see the difference? Robin has defined exactly what she wants, when and how she will have achieved it. My guess is that Robin is much more likely to attain her goal, because she has written out a specific plan for achieving it.

Step #3. Whatever your goal, take some action within 24 to 48 hours of writing down the goal to move you toward achieving it.
Let’s say you have the same goal of owning a summer home in three years. You could subscribe to the local Tahoe paper, go online to track two-bedroom homes listed for sale, or contact a local realtor. By taking action immediately, your goal will feel real. You have put the wheels in motion.

Step #4. Keep your written goals in a place where you can see them daily.
This could be at your desk, on a white board, on the refrigerator, in your Palm Pilot. You should read your goals every day to reaffirm your focus. Your subconscious mind will absorb these goals and this will result in seeking out information and contacts that will help you achieve them. The mere act of reviewing your goals daily will keep them alive and very clear in your mind.

Step #5. Share your goals with someone you love and trust.
It doesn’t do any good to write goals and keep them a secret. By sharing them with someone we love and trust, we are creating an accountability partner. Someone whom we now feel obligated to come through for. This has a way of continuing to motivate us towards achieving our goals even when the going gets tough or we feel like giving up.

Step #6. Make your goals consistent with your (life) values.
If financial security is important to you, then this should be one of your written goals. You need to include how you are going to do this and how you will measure that it has been attained. For instance, you might write, “By the end of this month, I will review all my insurance coverages—life, health, disability—to make sure I am adequately covered in case of an unforeseen situation. I commit to making any necessary adjustments at the time of review. In addition, I will maintain between six and 12 months worth of income for emergencies. I will add $250 per month to a money market account on a continual basis for this purpose.”

Step #7. Review and reassess your goals.
Sometimes situations in our lives change our focus or direction. A good rule of thumb is to review your goals every three to six months—a year is the absolute minimum. By doing so you are forced to recommit yourself to them and reenergize your efforts at making them a reality. If there is a goal you can’t recommit to, that’s a major sign that it may be time to rethink, and probably rewrite, that goal.

Remember, these are your goals and your life. No one is going to force you to follow through. It’s up to you to make it happen. Don’t think of this as another “to-do” list, but rather your financial life-planning process. It’s your Personal Road Map to lead you to financial security!

Next month, we’ll continue your financial journey by plotting the course to move you closer to your financial destination. Tune in as our series continues.
Christine M. Geske is a financial consultant for 1031 Exchange Options. She specializes in real estate investments structured for co-ownership. She can be reached at 480.529-8791. Questions for this column can be e-mailed to cgeske@1031tic.com. Securities are offered through Sigma Financial Corporation, Member NASD/SIPC.