2 minute read
Finance
LEARNING BY MISTAKES
Andrew Fort B.A. (Econ.) CFPcm Chartered MCSI APFS, Certified and Chartered Financial Planner, Fort Financial Planning
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“Sometimes on the way to your dream, you get lost and find a better one.” – Lisa Hammond, Permission to Dream: Stepping Stones to Create a Life of Passion and Purpose
There’s a lot of bad news around at the moment. The war in Ukraine, inflation set to hit 10%, a recession around the corner, misbehaving politicians… Bad news is everywhere. Man’s inhumanity to man seems to be a common strand throughout history.
One of the most important aspects of real financial planning is to accept that there is always bad news somewhere. One of the most important financial planning decisions is not to make the mistakes that other people make. In particular, by not responding to bad news without thoroughly understanding the consequences.
One of the most important aspects of real financial planning is the need for an annual review meeting with your financial planner. Financial planning is much like keeping fit and healthy. You can’t go to the gym once and then be fit for the rest of your life. You have to keep going.
Financial planning is an ongoing process, year after year after year. It’s a bit like sailing a yacht from one port to the next. Most of the time you will be off course, blown by the wind or pulled by the current in the wrong direction. The only reason you end up at your destination is that you are constantly correcting course, pulling the yacht back on track so that it finally gets to its destination.
It’s the same with financial planning. It’s an ongoing process precisely because bad news happens. Things change – a lot. Over time, making little tweaks here, and little tweaks there will help you keep on track so that you eventually hit your target. With just a little awareness in your day-to-day thinking about your choices and actions – and their effect on your financial bucket – you may even stop wasting money on unnecessary expenditure.
We also change as individuals and our goals may also change. ‘Sometimes on the way to your dream you get lost and find a better one.’
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ON YOUR BIKE
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