Investing

  • It's all about visualizing your future, writing down your goals, and pursuing them.

  • "Financially independent people seem to be better able to visualize the future benefits of defining their goals."

  • Thomas Stanley and William Danko, authors of
    The Millionaire Next Door

  • If you don't know where you're going, you'll probably never get there. That's why it's important to establish financial goals before you even start to think about investing your money.

  • Exercise:

  • Establish your goals by following these 3 steps:

  • 1. Look into your future.

  • 2. Imagine the sort of house you want to buy, the neighborhood you want to live in, how many children you want to have, what colleges you want them to attend, where you want to retire...that sort of thing.

  • 3. Write your goals down on a piece of paper, categorizing them by what age at which you want to accomplish them.

  • For example:

  • Age 25 - 35 Age 35 -55 Age 55 - 75

    Buy a house in Bel Air

    Send children to UCLA Send children to graduate school

    Build a lake house on property Grandma Kelly left us

    Have two children, preferably a son and daughter

    Host daughter's wedding for 200 people, including sit down dinner

    Travel abroad one month out of each year

 

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