15 Questions you need to ask yourself about your personal goals

Life is all about possibilities that’s why asking questions are relevant as we grow and nurture ourselves. 

When it comes to handling your finances you need to ask great questions so you can have liberty to dream 

again. The impact of questions will surely be changing and challenging your existing perspective now.

Goals should be outcome oriented; Stephen Covey said “let us begin with the end in mind”. When it comes

to your growing knowledge in finances you need to understand and focus on what is really relevant.

Here are the questions you need to ask yourself.

      Focusing on the End Goal:

1.      What is it that you really, really, really want? Dig deeper…

2.      What is the SPECIFIC goal or outcome you're looking for?

3.    What is the REGRET for you of NOT achieving your goal?

Aligning with your Core Values:

4.    Is this goal in line with your life vision, mission, overall life-plan?  (Don't know - what does your gut tell you?)

5.    Is this goal in line with your values? (if you are not sure about it, Ask yourself what’s REALLY important to you in life - will this or that goal help you achieve more of it?)

6.    Are these goals something YOU truly want, or are they something you think you SHOULD have or SHOULD be doing?  (Tip: If it is a SHOULD, it may be someone else's dream…)

7.    When you think about your goal does it give you a sense of deep contentment or 'rightness', happiness and/or excitement? (If so, these are good signs that it’s a healthy goal.)

8.    If you could have the goal RIGHT NOW – would you take it? (If not, why not? What are the problems out there?)

9.    How does this goal fit into your life/lifestyle?  (Time/effort/commitments/who else might be impacted?)

Identifying Obstacles:

10. Can YOU start & maintain this goal/outcome?  (ie. Do you have grit to complete control over achieving the project?)

11. How will making this change affect other aspects of your life?  (ie. What else might you need to deal with?)

12. What's good about your CURRENT SITUATION? (ie. What's the benefit of staying right where you are?) Then ask, how can I keep those good aspects while STILL making this change?

13. WHAT might you have to give up/stop doing to achieve this goal?  (Essentially, what’s the price of making this change – and are you willing to pay it?)

14. If there was something important around achieving this goal (to help you succeed, or that could get in the way) that you haven't mentioned yet, what would it be?

15. WHO will you have to BE to achieve this goal? (ie. Friends or families that will be with you ups and down)

David Isaiah Angway currently helps young, urban and educated millennial (Gen Y) set and achieve their

long-term financial goals by educating them about investments, asset allocation, risk management, 

retirement planning, and estate planning. His role as a financial planner is to find ways to increase the 

client's net worth and help the client accomplish all of his/her financial objectives. 

5 costly behaviors from top athletes of yesterday who are broke today

 

NBA players keep signing massive amount of contracts from team owners and endorsement deals year by year. Those who were once worth 90 to 200 million dollars during their good old days spent their money like they have unlimited resources. It was sad that they are currently struggling today and ended up not having those funds kept for a very long time. Worst is their getting those so called menial jobs just to make their ends meet. Here are the following reasons how they lost control of their funds and why those once richest and famous athletes are facing rock bottom today.

They fathered 7-10 children from different women- According to recent studies done by different universities in the United States that athletes who got the chance to play in a big league are more prone to engage with their fans that means more opportunities to hang out with them. They get to meet women from different locations and had various activities including sex. That causes a lot of unexpected pregnancies as they go along with that habit throughout their career. As they continuously play in different teams it is their responsibilities to pay child support or else they will face legal charges that are going to be more costly.

The danger of materialistic lifestyle- An NBA player who once had a flourishing career usually had fat paychecks and extravagant lifestyle for example; buying 2,000 pairs of shoes, a luxurious seven-bedroom mansion, yachts and jet for partying alone. They tend to overestimate their earnings with their expenses which are very normal at the peak of their career. “The problem with that lifestyle is they forget the tax they must pay in a long run, leaving them with a very small chunk of what they truly earned” an ex- NBA player said. As they increases their lifestyle the more it is hard for them to keep up with it. When they sign another contract that’s lower than they usually get, this is where the problem of falling starts, thus financial bankruptcies are epidemic in the league.

Gambling addictions – Rehab International Organization says more than $5 billion has been lost each year, also the social effects of addictions in the family are tremendously devastating since family members also suffers from physical and psychological abuse.  An NBA player, who earned over $200 million dollars throughout his career due to his gambling and drinking issues, loses his wife through a messy divorce, can’t pay his duty like child support, failed to have lifetime collaboration with Reebok.  Therefore, addictions can corrupt your good values in life; ruin your family, career and reputation.

Created a business but financial meltdown was really bad – Athletes are trained to do what they need to do on the court but not easily in the league of business. It is too risky for them to manage it without extensive training. Shifting from once famous career can lead serious mistakes and financial injuries will definitely occur. A lot of them attempted to create their own identity after those glorious years, helped a lot of people by simply creating business hoped that it will thrive but low economic growth took all those investments away and left them crippled from many creditors. Without solid financial plan they won’t able to sustain the business.  

He is supporting a lot of people - Sports Illustrated done an incredible study that family problems, risky investments, misplaced trust, and providing for an athlete's friends as the main reasons why players go broke after retirement.  Free loading friends as many as 70 left an NBA player who was a top pick in the 1996 NBA Draft, worth 108 million dollars, proved that he was not immune to this kind of misery, he was not able to sustain his earnings after he retire from the big league. He lost everything within 2 years. There’s a lot of athlete who had major financial commitments to a number of extended family members, they spoil their entourage and serves like an ATM for various groups of people. It also shows that they are not well equipped to handle their finances compare to handling balls and technical fouls on the court.

Bleacher Report and Mint.com says 60 percent of NBA players file for bankruptcy five years after retirement.  The combination of bad investments, poor economic conditions, lavish spending, bad attorneys, poor mindsets and lack of discipline shows that they are not excluded in financial woes like anybody else.

David Isaiah Angway currently helps young, urban and educated millennial (Gen Y) set and achieve their long-term financial goals by educating them about investments, asset allocation, risk management, retirement planning, and estate planning. His role as a financial planner is to find ways to increase the client's net worth and help the client accomplish all of his/her financial objectives. 

7 reasons why you need community in transforming your finances this coming year

Registered Financial Planners
Photo Credits to Henry Ong

Are you having issues in managing your finances such as saving, investing and even getting out from poor spending habits? How about having a hard time making your last year’s resolutions become a reality, such as I will save more and spend less?  There are a lot of people who get scammedso easily because they kept on doing it themselves. I remember an African proverb that says “if you want to go fast, do it alone but if you want to go far, go with others.” We, as human beings tend to seek out friends who match our core values. If you want to transform your finances this coming year never forget the following reasons you need to be a part of the right community.

They expand your vision- Research shows that this group of people will help you to see things differently. When you are starting to manage your finances you would like to set your mind to success because that is primarily end goal. You should win without any shadow of doubt but if you will be with a person who doesn’t see success happening in their lives absolutely you will fail. If you want to see great results, you need to act differently and be with the people who are ahead of the game, success is different to everyone but to be with the same boat with the achiever’s who can see the future is essential. 

They can help you find your personal finance hero – You already made a decision to change the pace of your saving and investing, you also developed a goal how to tame your spendingand have an idea where you are now however you don’t know how to get there. The right community has plenty to offer such as mentoring and leadership. When you are ready to learn something new then look for someone who can walk the talk. As you develop your relationships with them you will get an effective strategies when it comes to investing that can give you advantage among others. 

They give you a sense of support - You are down and trouble making the right decisions. Are you going to buy or sell your stocks? It seems like the economic downturn is making you crazy than ever. In addition to it, you are giving into the peer pressure and you don’t know how to handle the negative vibes from your materialistic friends. This vital people will prevent you from going down but instill hope to do what is right and necessary. I remember that they helped me to prioritize my emergency funds and prevented burying myself in debt. A constant encouragement and consistent modeling help me grew my knowledge, skills and discipline that resulted to a bigger wealth.

They are your accountability partner - You keep on cheating yourself for many years now and you are wasting so much time.  Study shows that when you are tied up with big spenders, your expenses will go overboard but when you have an accountability partner it will give you a sense of responsibility and confidence. Your behavior changes because they remindyou why you need to do the things that you do. Start looking for a friend who can stab you in front and gave you brutally honest feedback.

They promote safe haven - Whenever you are in the right place, you get to feel a sense of security and authenticity. They pushed you to be excellent that can help you attaining your financial goals, dreams and aspirations. They educate and give you insights on how to manage your funds effectively without cutting corners; the right one protects you like a family while wrong group will just push you to their own misery. In a longer perspective wrong community will ask you to spend so much without a blink of an eye and when you are broke they will leave you behind. 

They will grow your understanding about yourself – Being consciously aware about your behavior and identity gives you an edge. Every person is a restless wanderer until such time they find their purpose. You get a chance to simply educate those people who are also hungryfor personal finance strategies. It is also an avenue to share what you have learned to the people who are also part of the family. Personal finance is about values in life and by knowing who you are that means you are having a higher consciousness to do what is right with your finances without being insecure.

It will make the journey way better – Investing and saving is like a marathon because you should do it for a lifetime. The harder the battle, the sweeter the victory when you have a community backing you up. Have you seen Manny Pacquiao’s boxing career, without the people walking with him, his coach and team, he won’t survive the training all along. With the combination of your determination, right support group and your skills, sooner or later your net worth will grow exponentially. 

Whether in business or in personal finance the cost of being not connected with the right people will give you more headaches and heartaches, while the benefits of staying in a group will give you a leverage to look at long-term instead of snapshot of life. In addition to it, you can get an access to hi-tech information and hi-touch experiences that they already have. Now, where do you belong?

David Isaiah Angway currently helps young, urban and educated millennial (Gen Y) set and achieve their long-term financial goals by educating them about investments, asset allocation, risk management, retirement planning, and estate planning. His role as a financial planner is to find ways to increase the client's net worth and help the client accomplish all of his/her financial objectives.

Photo Credits

mashable.com

www.littlelearningschool.com.au

johnbarban.com

digitalbloggers.com

womenmakingmoves.com

www.stopthebombs.org    

www.ishafoundation.org

ferrall.radio.cbssports.com

13 Money management quotes about debt

 

Image by www.dynamiccio.com

Debt is not a sin but stay away from it and you’ll be in a safer place . That is how my relatives shaped my thinking towards debt. You should hate yourself being in debt since you want to be free. Financial freedom should be your priority because you will be in a state of liberty to do anything that you want. When you can’t sleep because you owe someone that means you are  ahead from other people. Here are some of the quotes that can help you change your mindset towards debt.

David Isaiah Angway Is a Financial Evangelist