Financial Map & Compass
Financial planning is a map. It is a financial roadmap to get from point A (where you are) to point B (where you want to go). Easy, right?
The interesting thing about building wealth in your life is that it can be subjective. It is not like corporate finance where the goal is focused on increasing ROI and shareholders’ equity. In personal finance it is much more nuanced; and much more fun! What relationships, material items, and experiences give you value is different from other people.
What would increase your total wealth and quality of life could be much different than other people. For example, you may want to have a large family and another person would find it too much responsibility. You neighbour may love to own a high end sports car, but you may not want the attention it gets you and therefore would be a waste of money. You may want to go on an adventure vacation to Antarctica, and your friend would not do that even if they were paid to go. It is all subjective. You need to know what will be valuable to you as there is no right and wrong in this, but discernment is needed.
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We have to really understand what brings value to our lives. We absorb thousands of advertisements and messages daily; it is easy to get lost in the noise. There are many things you may be told you would want to have from the well-meaning people in your life and society as a whole. At this time of year, the holiday season, those messages can be even more dominant.
As this year draws to a festive end and we contemplate 2025, think about what you really want. In your travels this past year, what went well? What decisions did you make that really boosted your wealth and quality of life? What were ones that you would change? This is not meant to self-shame, but really understand where value is generated for you. That is your Compass Star.
What brings wealth to your life?
About the Author
Dr. Cora Pettipas, CFP is an award-winning global financial strategist, bestselling author, and creator of the Compass Star PATH system. Through her writing, speaking, and financial planning work, she helps individuals build Passion, Abundance, Time, and Health into their lives.
Learn more about Dr. Cora Pettipas by clicking here.
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Photo credit: Adapted from Freepik: user31947721
Disclaimer: This article is for educational purposes only and is not personal financial advice