Consider what matters to you: Take these steps to help you prioritize investments
In today’s world, it’s easy to get caught up in the race for financial success. When this happens you may forget about what truly matters to you.
Is it possible to enjoy financial success while also investing daily in what matters to you? This article is intended to serve as a guide to help you prioritize the things that you value most in your life.
Explore your values
Have you spent much time thinking about what truly matters to you?
I try to let my values of faith and family drive my daily actions. When thinking about personal, career and financial goals, my decisions ultimately are made with my values in mind.
Take the time to identify your core values. They will serve as the foundation of your financial road map.
Your financial road map
Do you have a financial road map? In other words, have you evaluated your current financial situation, set goals and created a spending plan to help you stay on track to achieve them?
Your goals are important. Break them down into future time periods, like one to five years, six to 10 year, and 11 plus. This will help you prioritize where your funding of both time and money should be spent.
If you need help with this process, consider working with a financial advisor to help align your financial road map with your values.
Invest in yourself and others
Start by focusing on your daily activities. Which of those activities do you find most enjoyable? Time is an asset. Align your time with your values.
Do you value your family? Then invest in it. Allocate the time and resources for vacations or activities to strengthen your connections.
Focusing on yourself and others might take a monetary commitment. That’s OK. Review your financial road map and adjust your goals and funding as needed.
Financial investments
Financial investments often play a significant role in achieving your goals. Let your values, financial road map and goals drive your investment decisions.
A common goal is saving 20% of your income. You can do this incrementally starting at, say, 5% and gradually working up to 20%. Set a goal for yourself and make a plan to achieve it.
Investing through retirement accounts, education savings accounts, and brokerage accounts are good ways to start but remember that investing involves risk and the potential to lose money. Be sure to consult with a financial advisor to help you with this process.
Review and make changes
Life can throw us curve-balls so it’s important to be able to adjust. Schedule periodic reviews and ask yourself questions. Here are a few to help you get started:
▪ What do you currently value most in your life? List three things.
▪ What goals are relevant? Break them down into future time periods. How do these goals align with your values?
▪ What changes do you need to make to your spending plan, goals or investments? It’s OK to add, adjust or remove items.
▪ What are three action items to help you begin investing in your value-based goals?
Before you think about your bank account, think about your values. Take the time to define your values, create a financial road map, begin investing (personally and financially) and always be ready to make adjustments.
Make a daily pledge to yourself. Align your investments — most importantly your investment of time — with what matters most to you in life.
Nolan Keim is a CERTIFIED FINANCIAL PLANNER professional and an active member of the Financial Planning Association of Greater Kansas City. He serves as a wealth advisor for Mariner Wealth Advisors in Overland Park.