By Christopher Cervantes, RFP
You’re listening to a very powerful motivational speaker inside a huge conference room. Before ending his talk, he throws out this question: “Who wants to become successful?” Everybody’s hand goes up in the air, which leaves you no option but to raise yours as well. After all, who doesn’t want to become accomplished in the first place?
We all want to play a major role in whatever industry we’re in. People aiming high will do everything to be granted the highest accolade. Somehow, upon completion and goal attainment, what’s next? Should you lie back and enjoy the rewards or push yourself further and come up with higher aspirations?
It’s a prevalent notion that the amount of money you have quantifies your success. Seemingly true but look at it again. First you have to determine the ultimate intent, equivalent to a numerical target. How much money do you need to consider yourself rich? Some will just answer: “More money!” So if have P1,000 right now and I give you another P1,000, can you say that you’re rich already? Setting goals with no corresponding value is like pointing an arrow at a moving target. Success is relative to the quantum of your dreams, not to the size of material possessions. A well-known management guru once said: “What can’t be measured cannot be managed.”
Now is also the time of the year to change the direction of your finances. If 2017 was unproductive, what are you waiting for? Start devising a refined plan for 2018 that will modify the trajectory of your finances and every year thereafter. Review, repeat then revise as you draw closer to the cardinal breakthrough of your financial future.
I “walk the talk” every year, with my wife and I going through our financial plan. Some parts have become obsolete or not applicable but since it is still a plan some figures are reconciled with our current goals and prevailing conditions. Ten years back, for example, we planned and calculated our retirement needs. Checking the status of our investments will help us determine if today’s figure is close enough to the figure we had planned for. If yes, then all we need to do is to continue what we’re doing and if not, the logical step is to find new ways to achieve the desired investment return.
Knowing how much is required for a goal will give you a sense of satisfaction. How much will it take to send your children to college? Just imagine how much of a relief it will be if 18 years from now you won’t be worrying about your child’s tuition. If you calculate what is required to meet your goals, what you come up with is what is needed for you to become successful. Remember that success is relevant to the amount of your dreams, not to the size of your neighbor’s house.
This practice should be employed by all goal-oriented individuals. But also consider — after making your plans and preparing for their execution — seeking the expertise of an accountant, a lawyer or a registered financial planner. Don’t forget that 85 percent of our happiness in life comes from happy interactions with other people.
The reverse holds true as well: 85 percent of a person’s unhappiness or problems come from difficulties in getting along with others.
Unleash your full potential and I wish you an unstoppable 2018. Merry Christmas!
Christopher G. Cervantes is a Registered Financial Planner of RFP Philippines. He is author of Financial Planning for the Fast Changing World and The Seed Money. To learn more about personal-financial planning, attend the 67th RFP program this January. To inquire, e-mail info@rfp.ph or text to 0917-9689774.
