Since I last wrote about taking risks in life, I thought I should follow up with a post about how and why you can take risks. Any financial planning engagement involves the planner understanding what the client’s goals, objectives and dreams are. I encourage clients to really take their time in determining what their goals REALLY are. This can pose an especially challening task for couples who discover that they may not have the same goals. But that issue aside, determining your unique (that’s the most important part) goals and dreams is a cruicial step in achieving success.
Oftentimes clients come to me with the “rubber stamp” goals (“I want to retire at fifty-five and have one home here and one in Florida.”). When I get to know the client a bit more, both of us discover that the client wants to retire at (what I think is) such a young age because his Father died young, and he wants to make sure he enjoys his life without the burden of work. That’s actually quite a different goal. That actually means that the client needs to live his life, enjoy his activities, spend more time with his family and friends while still working. This isn’t something I can always help a client tackle from a financial standpoint, but sometimes I can. Perhaps a different work schedule can be negotiated. Perhaps the client can become an independent contractor that travels and reports from various locations.
Once you realize what your true desires are, you’re better prepared and subsequently more driven to take the risks necessary to pursue them. Think abut your dreams; they can act as a bulls-eye at which you can aim your efforts.
