Have you very observed a person who was so embroiled in what they were doing that it appeared to them, they were the only being on earth? So focused with a concentration beyond the ordinary, that they and their project or thoughts were one?
It is truly a marvelous site to observe- even more amazing to be that person. What does it take to find yourself in that place of utter concentration and focus: Passion and Vision.
It has been my experience that this dynamic duo is a necessary element to a successful outcome. Have you ever tackled a project with a less than exuberant attitude, only to find out later the result of your endeavor was less than stellar, to say the least?
Ever found yourself mid-way into a home improvement project to discover you are in way over your head with no clue how to complete the task?
What was it that got you started to find yourself so stuck and to get you to the place of wondering, "What the heck was I thinking?" While you may have thought meticulously about the planning and purchasing of materials, I ask you (and I promise, this is the last question) "do I have the passion and vision it takes to accomplish this project?"
Passion, by definition in Merriam-Webster is a "strong liking or desire for or devotion to some activity, object, or concept: an object of desire or deep interest." Vision, by definition is "a thought, concept, or object formed by the imagination."
While there are many different meanings to the two words, the message is clear: mix the two together, and the possibilities are endless- but there must be imagination and great interest for a successful outcome.
Any lack of either item in our recipe for success will cause you undue stress, aggravation and an ultimate less than desirable outcome. While I know you enjoy stress and aggravation (No?) I suggest to you another way to tackle life.
In order to reach a successful outcome in any project, there are a number of items necessary in addition to passion and vision to be present: skill, knowledge, the right tools, some previous experience, and sometimes a bit of luck.
When all or a part of these things are missing, the chances of the outcome being up to your expectations are slim.
Men (OK, including me) are prone to start projects that are a bit (shall we say) over our heads, or outside of our fields of expertise. While ego may prevent you from calling in an expert, without expertise the project may take weeks, months or years, not to mention the stress of seeing the unfinished task daily…and then there's the "I told you so..."
So, this has what to do with Financial Planning? Thanks for asking! Financial and Estate Planning involves the preparation and development of a road map to send your kids to school, get married, buy a house, and ultimately retire, not to mention dozens of goals and objectives along the way.
Is this a do-it-yourself project: probably not. The outcome of your calculation will result in either achieving or failure to achieve your stated goals- leave it to the professionals. Once the past year is gone, you can't get it back, which means any savings or changes in your financial position that should have been done previously are gone right up to today.
When you are sick you go to the doctor. Have a toothache? See the dentist. Need financial planning? See a Certified Financial Planner™. It's your future- and it's the only one you have.