Wealth is a journey. Plenty of people begin journeys without knowing where they are going, and, as a result, they never know when they’ve arrived. To choose your destination, you need to understand the possible places you could go, which means you’ll need a map.
A map gives you a basic understanding of the lay of the land. It tells you where the obstacles, roads, and landmarks are. But the most important parts of the map are locating where you are now, and where you want to be.
To build your financial map, you first need to fully evaluate your situation. This will help you understand your current position, and you’ll be able to find where you are on the map.
Understand your current situation by asking questions like:
- What is my current spending rate?
- Is my estate plan current?
- How much can I afford to save each month?
- Do I have an effective strategy for managing my taxes?
- Are my loved ones protected if something happened to me?
- Are my investment strategies all working together?
Determine your goals by asking important questions like:
- What does my relationship with money look like?
- What sorts of philanthropic work do I support?
- What have I always dreamed of doing?
- How do I want to be remembered?
Of course, these are just some preliminary questions to get you started. Our Discovery Meeting is incredibly thorough so that we fully understand you and your goals. After we collaboratively pinpoint your destination, your map will be ready for the next step, which we’ll cover in the next post.