Defining Your Vision
Consider for a few moments, your definition of wealth. Envision the lifestyle your wealth can provide. The definitions of wealth and lifestyle are unique to every individual. For example, your vision of wealth might involve having a modest, paid-for home with a self-sustaining small business to provide passive income in retirement which can be passed on as a legacy for your family. Alternatively, you may have a vision of wealth involving a high-profile career, having multiple offices, providing for international travel and frequent networking engagements.
Your vision of wealth is based on your personal desires – there is no right or wrong definition. What is the lifestyle you want for you and your family. How much wealth will it take to live your lifestyle? When do you want to achieve financial freedom? On the next page, take a few minutes to write down your vision – your “end game,” and keep it where you can quickly look at it and reflect upon it.
Reflecting on your end-game scenario is important for three reasons:
It creates a way to measure the cost — in time and talent — of achieving your vision
It helps define your path and highlights the benchmarks you must achieve.
It discourages you from hastily changing your vision without first considering the consequences.