How important is it to have a map when traveling to a destination? Using maps is a very reliable means of navigation. We also use mental maps to navigate our lives. This series is a discussion of our financial maps.
Podcast Title: The Social Cartographer Series: Monitoring
Podcast Series: The Maven’s Keys to Financial Contentment
The Maven’s Keys to Financial Contentment is my idea that true financial contentment can be found when an overlap of money and beliefs occur. Many people ask the question of how to be “financially content” and this is a discussion to uncover those answers.
Link to Show Episode
So last week we talked about “PRESCRIBING
“…and today we’ll cover “MONITORING”.
So a brief recap…
we have to have a DESTINATION DECISION and DESTINATION ADJUSTMENTS. This is inevitable. Although possible, it is rare when you are traveling long distances that you won’t have to make an adjustment to the route and/or itinerary. Well, the same with reaching your financial destination. Inevitably, some life event, job change, or recession (God forbid!) will happen to cause you to make route adjustments to your financial map.
This is the reason we put a plan in place!
, it’s important to realize this is all about behavior adjustments. This can only happen after you realize that the results you are getting aren’t the ones you want. You have to first acknowledge this and then change your belief system so your behaviors change.
In MONITORING, we are trying to maintain a steady pattern of progress on our way to FINANCIAL CONTENTMENT
(if you are not already there.) The tricky thing about this is that as we begin to have success, it is human nature to get distracted.
Often the path that creates success is not the path that sustains success.
We do so much as it relates to discipline and focus in order to build momentum that will carry us towards success. But then as we begin to have it, we will begin to let “success” take over. An example being, more hours at work means less time with family and other relationships. So how do I as a financial planner help with this paradox of GOAL ACHIEVEMENT equals SACRIFICE of [insert here whatever you value]?
Well, the answer is with care because it can be difficult. Take a corporate executive that values the PRESTIGE of his or her position versus the PEOPLE you can reach in the position. Which do you think is easier to maintain? How long before it becomes evident to those around this person that PRESTIGE is valued over PEOPLE? And which is easier to marshal your resources behind? A team will always rally behind the cause of “serving the customer” instead of your climb up the corporate ladder.
This is where my formula for financial contentment really helps. Because to be content you can’t chase success (of any variety) as the goal. The goal has to be DEEPER. This is so you never end up sacrificing what you believe or value for the success.
Dominique Henderson, CFP® is founder of DJH Capital Management, LLC., a fee-only, registered investment advisory firm specializing in comprehensive financial planning and wealth management.
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