Start the New Year off Right
It's a new year! Many are excited about embarking upon New Year's resolutions and have set high goals for themselves. However, it is easy to get lost in the sauce and set goals based on what others say rather than what you truly want.
What do I mean by that? From social media to your favorite news broadcast, you are constantly told what you should want and what you should be doing. Sometimes it is easy to adopt those things as goals. Your favorite influencer said you have to go to the Maldives. Your preferred financial guru said you should have $500,000 in your 401(k) by now. Before you know it, you've resolved to go to the Maldives, even though you are a Cabo kind of girl. Maxing out your 401k has become a top priority, even though you were focused on paying off your credit card debt and saving for a down payment on a new home.
What is it that you want? Come in close--I need to tell you a secret? Your Quality of Life matters. You have one life to live. Align your money with things that will bring the intangibles of happiness, joy, peace, fun, and freedom into your life now and in the future. Would traveling to the Maldives be amazing? Sure!....for someone that would like the Maldives. But, if that's not you, then who cares about the Maldives?! Is your favorite financial guru giving good advice by telling you to save for retirement? Sure! However, your specific situation must be considered when determining how much you need to save for retirement. Don't let what you're told by people you don't know distract you from your values, priorities, motivations, and goals. Instead, get clear on your values.
To get your juices flowing, here are some examples of values:
- Adventure
- Beauty
- Creativity
- Environmentalism
- Faith
- Generosity
- Health
- Justice
- Knowledge
- Luxury
- Meaningful Work
- Nature
- Relationship
- Security
- Tradition
- Wealth
You may think of a ton more. Once you know your values, you can create goals that align with these values. For example, if you value knowledge, you may decide to budget money to acquire knowledge for you and your family. Specifically, buying books may be in your budget, or investing in your child's college education through a 529 may become a priority. If you value health then perhaps you should allocate funds for a gym membership or enroll in health and wellness programs. Understanding your values is a key component of Quality of Life Planning® and should be the basis for any financial plan.
Instead of following trends and random financial advice, resolve to get clear on what brings you the quality of life you desire.
To learn more about Quality of Life Planning, click here. If you need help aligning your money with your values, priorities, motivations, and goals, schedule a meeting with us. It would be our pleasure to assist you.
This material is intended for educational purposes only. You should always consult a financial, tax, or legal professional familiar with your unique circumstances before making any financial decisions. Nothing in this material constitutes a solicitation for the sale or purchase of any securities. Any mentioned rates of return are historical or hypothetical in nature and are not a guarantee of future returns. Past performance does not guarantee future performance. Future returns may be lower or higher. Investments involve risk. Investment values will fluctuate with market conditions, and security positions, when sold, may be worth less or more than their original cost. Dorval & Chorne Financial Advisors is a registered investment adviser with the SEC. Registration of an investment adviser does not imply a certain level of skill or training.