Plan What Action You Need To Implement Right Now To Hit Your 3 Year Financial Goals (2 of 3)

October 18, 2017 by Terry Lewis

In last weeks blog I helped you work out your Why, the reason you do what you do. Today we will get clarity on your financial goals.

 

Mindmap step 2: What are your financial desires? 

List the material things you desire in your life, be as detailed as possible. It is critical that you place a cost besides each desire to give you a precise amount to aim for, for example, you may write over 3 years I will need:

1. £600,000 to become mortgage-free

2. £108,000 for business and personal expenses

3. £72,000 to enjoy life’s pleasures such as holidays, dinners, weekend breaks, provide family assistance, kids school / higher education fees, theatre, club memberships etc

4. £116,000 for property investments.

In this example you would need:

£896,000 in total over the next 3 years. Your desires may be higher or lower, but whatever they are, my recommendation would be to increase your total by a third (x1.3) to take account of unexpected expenses. In this case it would be £896,000 x 1.3 = £1,164,800

Which equates to:
£388,267 per year (above divided by 3), or £32,356 per month (above divided by 12), or

£1,471 per day (above divided by 22 because I am assuming you will only want to work 22 days per month creating time to enjoy life with your friends and family).

The bigger your dreams and daily focus towards their attainment, the greater your chances of success. What are your dreams? Think big.

By way of a disclaimer, I am not a qualified financial advisor so please consult your FA before putting your plan into place. The purpose of this exercise is to motivate you into getting financial clarity on your money goals.

 

ACTION PLAN  (Print off and fill in the blanks

Mindmap trigger 2: Write your huge audacious ‘I wish I had’ financial targets over the next 3 years in the space below, get really clear, include costs next to each desire and add more financial targets on a separate page if you have more than 5:

£ Required to …………………………………………………………………………………………………………………..

£ Required to …………………………………………………………………………………………………………………..

£ Required to …………………………………………………………………………………………………………………..

£ Required to …………………………………………………………………………………………………………………..

£ Required to …………………………………………………………………………………………………………………..

Now fill in your totals below:  

£………………………….. Total money goal over 3 years
£………………………….. x 1.3 for 30% buffer
£………………………….. ÷ by 3 for your 3 year target
£………………………….. ÷ above by 12 for your 1 year target
£………………………….. ÷ above by 22 for your monthly target

It must be said, for a rounded life it is important for you to also acknowledge your psychological, spiritual, health, family, social and intimate needs. It is only for the sake of brevity you should concentrate on your financial needs for now. But please remember to detail your other needs at a later time in order for you enjoy a fuller, multi-dimensional life.

Terry Lewis Terry Lewis (28 Posts)

Terry Lewis Biography
2009
I started my professional wedding DJ career.
2011 – 2014
I won 6 Best Wedding DJ Awards, including Best Wedding DJ in England. During this period I also became a preferred supplier at more than 50 venues from Mayfair in London to the suburbs. And had the honour of performing at international weddings.
2015 – Date
I sit as a judge for the Wedding Industry Awards (the largest and most respected in the UK), and as a condition of accepting the role, I am no longer permitted to compete.
2015
I began my keynote speaking career at BPM Birmingham run by Mark Walsh & Eddie Short. Since then I have given motivational and educational talks at DJ associations such as NADJ and for leading Wedding Industry Networking groups.
2015
To facilitate my role as a mentor and coach, I launched a new company called Wedding Marketing Mastery, and created a world class 1-1 training program. It’s built from
the ground up and designed to oversubscribe a wedding suppliers business at above average fees.
2016
I published my 1st book ’12 Habits of Successfully Booked Up Wedding Suppliers’ – Available on Amazon and read from London to Sydney.
About my training
I realised that to get above average results in the DJ and wedding industry, you need to help those you serve, get what they want to get. If you can do this in a remarkable way you will succeed in any endeavour.
About me
I am a father to four children and 2 step children. I am in love with my wonderful partner Julie whose support I could not do without. We love travel, entertainment and fine wines!
I am also the co-founder of The GAAP Orphanage Foundation, our work helps orphans and abandoned children in Africa.


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