Setting Goals III: Developing a Financial Plan for Success

Making cents of it all

Let me start this off by telling you that I teach high school for a living. To translate that into financial terms, I love my job very much, but I don’t make as much as I could in other fields. And, being a teacher, I tend to work with a lot of other teachers, most of whom make more than I, yet complain about finances more than I do as well. I also have friends who make 3-4 times as much as I do who consistently complain about not making enough. Why is this? How is it that, no matter how much money some people seem to make, it is never enough?

I think it is because too many people don’t have financial goals in place. They are lacking a direction and plan for their money. They haven’t identified the purpose for money, and, therefore, do not treat their money as being purposeful. the funny thing is, when I tell people that I am going to be rich, they usually laugh. I’m not saying that my wife and I have no money problems, but we do have a plan for wealth in place that will make us rich.

The Reason for riches

To be honest, I have no desire to ever live the lifestyle of the rich and famous. I’ve had caviar; I don’t like it. I’m perfectly fine with cooking my own food; it’s healthier. Why does it matter which hotel I stay at when they both look the same with my eyes closed? That being said, I know that lack of money has stolen more peace and joy from my life than almost any other conflict I have had (the only item trumping that being problems in relationships). I have lost a lot of sleep wondering how I was going to pay for an upcoming bill. When my wife lost her job last year, it seemed like money was the only thing I thought about. I don’t ever want to be in that place again.

And so, one of our financial goals is to be rich. Not so we can spend a lot of money, but so that we can live in financial peace and afford to give a ton of money away.

Doing whatever it takes

In order to meet this goal on my salary, sacrifices have to be made. We say “no” to a lot of things so that we can say “yes” to our dreams. We live without now so that we can provide for a hopeful financial future. A financial plan, you see, is really quite similar to a fitness plan. If I want to lower body fat and increase fitness, I have to lower calories or burn more. And if I want to increase finance, I have to lower spending or increase income. The math is really very simple.

We have chosen to both lower our spending and increase our pay. This has often resulted in very little free time, a bit of monotony in daily life, and a little too much frustration regarding small purchases. However, I will tell you that the peace that comes from never wondering whether thel lights will stay on makes it all worth it. Every month, there is a significant surplus in our budget and we are constantly increasing our net worth. We have the goal in mind and the determination to do whatever it takes to get there.

Arriving

A lot of you might ask, “How will you know when this goal has been accomplished? Being rich doesn’t really seem like a very specific goal to me.” Well, it does actually get a bit more specific than that. Without delving too deeply into the subject, this goal will be considered complete when the amount money we make doing nothing surpasses the amount of money we make working.

But once you’ve met your goal, what do you do next? The answer is really quite simple; you set another goal. One that requires just as much effort as the first. I don’t think I’ll every be at a place with my faith, fitness, or finances that is good enough to be considered finished. There will always more I could do. I recognize that everything I acomplish is something God has allowed me to do, I thank Him for it, and I find a new way to press on, to find balance, and grow.