Long Term Financial Goals Seem Hard? Tips for Success You Need to Know

 

Have you ever wondered why it’s tough to reach your financial goals, stick to a budget, or keep up with New Year's resolutions? After helping thousands of clients since 2008, we’ve found a key reason that’s often overlooked: your "why."

The Power of Understanding Your "Why"

Your "why" is the personal reason behind your decisions and actions. It’s what keeps you going, even when things get hard. Without a clear "why," it’s easy to give up on your financial plans. This idea isn’t just about starting strong; it’s about building a foundation for lasting growth and happiness.

Many people struggle to build wealth and happiness because they skip this important step. Goals need more than just good intentions; they need to connect deeply with what really matters to you. When your goals match your values and you know why you want to achieve them, you’re much more likely to succeed.

"Begin with the end in mind. This means to start with a clear understanding of your destination. It means to know where you’re going so that you better understand where you are now and so that the steps you take are always in the right direction." Stephen Covey 

In this blog, we’ll guide you through four stages to help you find and use your unique "why."

Stage 1: Defining Your "Why"

The first step in reaching your financial goals is finding a strong "why." This deep reason is what sets apart those who make lasting changes from those who don’t.

Think about a couple who earns a lot of money but still struggles with debt and stress. They’ve tried budgeting and using apps, but nothing sticks. These methods fail because they don’t have a deep reason to succeed. They do well one month but fail the next, a roller-coaster of guilt and frustration. But once they find a strong and passionate "why," they gain focus. This clarity helps them use every tool and strategy available. This step is new for many people, and it can help to work with a financial accountability coach trained in "why" development.

Stage 2: Implementing Your "Why"

Once you've found your "why," the next step is to put it into action. Remember, "Wealth" isn’t just about money; it’s about health, relationships, and life balance. Here’s how to start:

• Define Wealth for You: Write down what wealth means to you, including things like health and relationships.
• Identify Your Priorities: List the top two things that matter most to you. If you’re married, do this with your spouse to stay aligned.
• Create a Plan: Break down your priorities into clear goals. For example, if health is a priority, plan for regular exercise or healthy eating.

As you grow, your "why" may change, and that’s okay. Keep refining and deepening your understanding of what drives you.

Stage 3: Deepening Your "Why" Through Real-Life Examples

Understanding your "why" can change everything. It’s not just about setting goals; it’s about setting goals that match your values and motivate you to succeed.

Imagine someone exploring their "why" in areas like relationships, personal growth, and career. By breaking down each area and defining what success looks like, they can set meaningful goals and create a roadmap for their financial journey. For example, defining what makes a supportive friendship might involve qualities like encouragement and loyalty. This clarity helps them cultivate stronger relationships, making their journey more fulfilling.

Stage 4: Bringing It All Together with a Vision Board

A vision board is a tool to visualize your goals and stay motivated. It’s a way to bring your "why" to life through images, quotes, and drawings.

Creating Your Vision Board:

• Gather Materials: Collect magazines, photos, quotes, and other visuals that match your goals.
• Organize Your Board: Include sections for different life areas like relationships, health, and fun. Put images and quotes that inspire you in each section.
• Display It: Put your vision board where you’ll see it daily, like in your office or bedroom.

Connecting Your "Why" with Financial Success

We’ve found that achieving financial success isn’t just about budgeting or saving. It’s about following a plan driven by your personal "why."

To make this clear, we use three key phases: Refocus, Gain Control, and Plan. The Refocus stage is where we help clients find their "why." These phases are crucial for creating wealth and happiness.

But remember without a clear "why," it’s easy to lose motivation. Your "why" ties everything together; it’s what makes each phase effective and life changing.

The Key Ingredient: Accountability

Understanding your "why" and going through these phases is important, but there’s one more thing that brings it all together: Accountability. Having someone to hold you accountable and support you is key to your success. 

A study by the Association for Talent Development highlights the power of accountability. If you pick a goal and commit to it, there’s a 50% chance you’ll reach it. But if you make a plan with someone to check in on your progress, that chance jumps to 95%.

Whether it’s a financial accountability coach, a mentor, or a friend, having someone to keep you on track can make all the difference.

As you move forward, remember that your "why" is the fuel that drives you, the three phases are the roadmap, and accountability is the compass that keeps you on course. With these elements, anything is possible.

Call to Action:

Your journey toward financial transformation doesn’t have to be walked alone. We're here to support you every step of the way, providing the accountability and guidance you need to stay on track. If you’re ready to take the next step and want a partner in your financial journey, connect with an Accountable Coach today. We’d love to work with you and help turn your goals into reality.

 

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About the Author

Dave Jacobson is a nationally recognized personal finance expert and the founder of Coach Connections, LLC, a membership that trains and mentors financial accountability coaches. Since 2009, he's been passionately educating people on the dynamics of money—its workings, the psychology behind financial decisions, and its potential as a tool to impact happiness.

Recognizing the need for improved coaching services, Dave founded Accountable Network. This platform helps clients connect with the right Financial Accountability Coach, each approaching coaching on a case-by-case basis, adapting methods to fit individual situations. Accountability is a core component, reflected in the network's name—Accountable Network.

Dave connects with teenagers through innovative means. His brainchild, the video game Money Mavericks, transforms personal finance education into an engaging experience for the younger generation. Emphasizing the significance of early financial literacy, Dave sees the game as a dynamic and enjoyable tool for teens to grasp essential mindsets, habits, and behaviors crucial for fostering happiness and achieving success.