Do You Have a Financial Fitness Plan?
June 24, 2011
Like many people, I was paying for a gym membership that I rarely used. Sure, I would put together a streak of regular visits for a few days or weeks, but I never felt like I was making any real progress toward my goal. In fact, I’m not even sure I had a goal. All I knew was that I had the obligatory membership, and my workouts were designed as if my fitness goals hadn’t changed since high school…when I played organized sports. But I had changed since then. It was clear to me the do-it-yourself plan was failing miserably. So where does someone who has always belonged to a gym turn to get help with physical fitness?
In 2009, my New Year’s resolution, like so many before, was to get into shape. But this time I knew I needed to do something different. My gym was about to start a new program called Fit Club and I paid the extra money to join. The entire program was administered by trained professionals. No more do-it-yourself fitness magazine workouts. Participants began with an established goal – get physically fit by trimming the fat.
For the first time, I had a professional analyze the key measurements of my physical condition—an enlightening experience that let me know exactly where I was starting from and helped me to further define my goals. With the help of my trainer, I worked on getting from my current physical condition to my goal.
My first assignment was to start keeping a food log. Who knew a bag of popcorn washed down with some wine was a bad dinner? Acknowledging every calorie I consumed was eye opening to say the least. We also did the new and improved hour-long workouts three times a week. Big changes didn’t happen over night, but I did see and feel the difference quickly. When the first six weeks were finished, I signed up for round two. My successes encouraged me to keep working toward my goals.
This experience changed the way I viewed physical fitness, as well as financial planning. I now view myself as a financial “trainer”, helping people become more financially fit. Like my physical fitness, I can bet that your financial condition has changed over the last 15 or 30 years. Your view on life, your financial situation, or your financial objectives have probably evolved over that time, as well. But because we tend to stick with what we know, like my tired do-it-yourself fitness routines, it’s also likely that your financial plan hasn’t changed much.
Has a professional analyzed your financial “measurements” and given you sound advice? Have you tracked your financial “calories” to see where your hard earned money is being spent? A food log is to losing weight as a household budget is to saving money. They are both formulas. In order to lose weight, you have to burn more calories than you consume. And in order to be financially fit, you have to earn more money than you spend. But nobody I know can count calories for a sustainable period, and most people don’t keep a meticulous budget for long either. However, people still lose weight with modifications to their diet, and I believe people can save money with smart planning without the laborious task of religiously tracking their spending.
I view comprehensive financial planning as the process of taking your financial measurements, analyzing your situation, setting attainable goals, developing a financial workout routine, and having a professional advocate in your corner who has the same interests in your financial fitness as you do. You may be a member of a gym full of investments and financial products, but are you really in the best financial health you can be? Working with your own professional financial “trainer” to improve your financial fitness could help you finally reach your financial goals.
Comments
Subscribe to RSS
