What should my Financial Priorities Be?

Financial PrioritesDo you ever feel like you wish somebody else was the adult in your house and you could just be a kid again? Or just go back to school and have everybody tell you what to do? As much as we all wanted to get out on our own, make our own money, make our own decisions and be the shot-caller, sometimes we realize that it stinks to be the one in charge.

As we meet with clients and brainstorm with them about how to manage their finances there are times when we sense what they are really asking is, “will you just tell me what to do?”.

And sometimes it is as easy as that. And we give them our opinion and move on. But sometimes it not that easy. I remember a young couple who came to me years ago and they had 3 big ideas on their financial horizon and they wanted to know what I thought they should do. To which (with all my vast wisdom) I replied, “I dunno!” I wanted to say, “I can barely figure out my own life much less yours” but I didn’t cause I am the financial coach and I get paid to help them figure out their stuff.

 

I was chatting with a client last night and again this morning and the conversation was virtually the same. How do I sort through my competing financial priorities? As I pondered the question, I am reminded again about our life coaching model that embraces 7 key areas of life that we need to concurrently make goals in. And then figure out how to execute those goals. The areas are:

Faith

Family

Field

Finances

Fitness

Friendship

Fun

The challenging part in life planning is that you have to have plan in each area simultaneously. No rest for the weary. In the same thought pattern, we have to think holistically in our financial planning as well.

As I ran financial priorities through the life planning model, I realized that there are some key priorities that have to be addressed in each of the areas. Over the next several weeks we will begin to elaborate on each of these. Check back with us. In the meantime, check out the chart below as to what needs to be addressed. As you check off each priority in each life area you begin to feel like you are accomplishing your financial goals.

Example: In the area of faith there are at least 3 key financial priorities. 1) Are you a good steward before the Lord in the way you manage His resources? 2) Are you generous towards God’s Kingdom Work? 3) Have you set aside funds to accomplish the ministry that God has called you to do?

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