With a clear objective in mind, we will be able to work towards planning.
With sufficient planning, we will be able to know which steps to take accordingly.
It's important to factor in contingencies into our planning as well to be prepared for such events.
If you plan to have no plan, you will have to first start with a plan.
If you have no plan from the start, you will end up having trouble planning.
"I shall not offer or say I’ll give anything unless I’ve 100% confidence to deliver it"
This action will only deviate you further from achieving what you are originally supposed to. Especially with our mental biases, we will tend to lack in the motivation to put effort into it since we are not obliged to.
Definitely, everyone is constructed differently.
And as much as I've highlighted it, the most important thing is to know ourselves.
Everyone has a different profile and there is no method that works best for anyone. Each individual will have a separate set of techniques to apply in different situations.
Bringing them into the topic of finances.
So long we have an objective in our mind, we will need to plan for our finances. Such as towards big ticket items, our lives and certainly towards retirement.
Understanding our current profile will allows us to move into the planning with our given situation. It's never good to be planning for yourself in another's shadow.
Having that said, we should also prepare for contingencies, such as preparing an emergency funds to weather us through stormy days. This contingencies also include events when your investments turn sour and jump into the sea of red.
If our situation today does not provide us with a good cashflow, we should identify the cause of it and work towards improving it. Only with a positive cash flow, we will be able to achieve our targets with a lesser effort.
Having that said, the next important thing is line is our motivation and mentality.
If we tend to think that, just because I am not able to fulfill it, I shall not do it. It's time we reflect a little more on ourselves.
When reflecting, apart from identifying the issue. The most important area will be the solution towards it.
Read: Controllable VS Uncontrollable Factors
On a side note,
After sometime of contemplating, thesleepydevil has now joined Facebook!
Hopefully with that, there will be more interactions created between readers and bloggers! :)
Do drop by my new Facebook page/profile to say Hi!
Link to: thesleepydevil Facebook Page
You will also be able to look for me on some other platforms:
1. FB Page - The sleepydevil
2. InvestingNote - sleepydevil
3. SGX Cafe - sleepydevil
4. You may also subscribe to receive my latest email updates here.