SOWBO Magazine 4TH edition

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A Pat h To Florence Norville-Cheek, MBA 4
Here are some of the definitions some of my clients have shared over the years: -Being able to retire at age 55 -Being able to afford an annual vacation -Paying my bills on time and having money to save -Acquiring five rental properties in fifteen years -Living a debt free life -To be better off this year than I was last year The path to financial success is littered with clues. Let?s examine some of the strategies financially successful people employ. 1. Est ablish Goals When I say ?financial success, what images come to mind? Do you see beautiful people traveling the world first class, someone driving off into the sunset in a brand-new red Ferrari or a smiling family standing outside a mansion? Whether you answer ?yes? or ?no?, you?re correct. Financial success means different things to different people, the sooner we define it for ourselves, the earlier we can take steps to achieve our own version. If you haven?t thought about it before, take a few minutes to write down what financial success means to you. Identifying clear goals is crucial to financial success. A financial goal is the exact amount of money needed for a specific purchase or service at a definite date. Making the goal precise helps you determine how much you need to set aside each month and allows you to track your progress. 2. Know your Current Financial Sit uat ion Taking stock of your current financial situation today can help you determine what you need to do tomorrow. Are you on the right track or do you need to make changes? The net worth and cash flow statements are critical to understanding how you?re doing financially. Your net worth is a snapshot of your finances at one point in time. It is a good idea to calculate your net worth at least once a year. Your net worth should increase over time. If it is not, either you are not saving enough or taking on too much debt. Adjusting your spending and savings plan can help you change this. 5
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