Navigation Charts/Goal Planning and Your Financial Independence
As we roll into 2022 which is set to be one of the most interesting years yet, COVID in its second full year, housing markets going crazy, stocks are at an all-time high and my family and I are in a different country. I hope to lay out what goal planning is or what I like to call Navigation Chart, it’s the Sailor in me and how it will benefit you in your path to Financial Independence (FI).
Let’s say you were to take a road trip across the county or an amazing backpacking trip across the globe. Would you just hop in an Uber, car, boat, plane or train without sitting down and planning it all out? Treat your goals in the same manner you would a road trip, write them down, make an excel, google documents, or whatever works the best for you. The important part is to put your plan on paper, and know your destination and what you want to accomplish along the way. Charting Your Financial Independence will ensure you have the Freedom to accomplish your goals.
Just Start… Writing down your goals actually increases your ability to achieving them. When you write a goal down, for example become debt free. It is it like speaking it into reality, or making a written contract between I and yourself, and makes you put thought and effort into what that goal initials. I will continue to use become debt free because I hope everyone who reads this knows that there is a serious power in being debt free. Forcing yourself to do the research and digest literature like “Rich Dad Poor Dad” by Richard T. Kiyosaki or “Total Money Make Over” by Dave Ramsey. Doing the research and immersing yourself into it will change your mindset and eventually you will notice physical change.
Waypoints… We all have that big ticket goal in mind like become a Millionaire or become the Major Vogue Photographer, but without waypoints “small goals” we will have one a hell of time eating the Elephant. Take the little bites set your Waypoints for example make a small goal to read a book, take a class finance class or even reach out to those who are where you want to be and keep your ears open. Here is my small military plug: Maybe move your Thrift Savings Plan TSP out of the G-Fund, it is not doing you any favors, end military plug. The thing is that no goal is achievable without taking these steps and like Dave Ramsey’s Snowball technique there is a need to have some results, especially if there is a goal like climbing Everest.
Make your Goals known, have an accountable buddy. In the Military we are good at holding each other accountable for our military goals but what about those personal ones? That is why you need to have that mentor or partner that will help you along the way. Even the most experience navigators use a sextant and compass to navigate through the seas. So why would you reinvent the wheel, find someone else who may already achieve your goal and have them be your accountability partner. This is where writing down your goals take a role in this and allow your own goals to hold you accountable.
So how is this going to help you achieve Fi, well you have to start somewhere. If this is the first you ever heard of FI or you’re in the deep end of achieving it you must Chart your Path or drown. So, take a minute sit down and chart that path. FI doesn’t just happen you need to plan to it learn about it and practice principles to achieve it. There are many methods to achieve Fi and I look forward to explore them with you.
