Rask - Knowing your values, setting goals and where to get financial help [Part 1 of 12]
The podcast emphasizes the significance of setting financial goals that align with personal values and life aspirations. It suggests that understanding one's values is crucial for effective goal setting, as it ensures that financial objectives are meaningful and motivating. The discussion highlights that goals should be flexible and adaptable to life changes, and that breaking down large goals into smaller, achievable milestones can help maintain motivation and track progress. The hosts also stress the importance of reflecting on past financial behaviors to identify patterns and improve future financial decisions. They recommend seeking professional help, such as financial advisors or money coaches, to stay accountable and on track with financial goals.
Key Points:
- Align financial goals with personal values for meaningful motivation.
- Break large financial goals into smaller, achievable milestones.
- Reflect on past financial behaviors to identify patterns and improve.
- Seek professional help for accountability and guidance.
- Adapt goals as life circumstances and values change.
Details:
1. 🎙️ Welcome to the Australian Finance Podcast
1.1. Podcast Introduction
1.2. Sponsorship Details
2. 🎯 New Year, New Goals: Setting the Stage
2.1. Introduction
2.2. Overview of Topics
3. 💡 Aligning Goals with Personal Values
- Goals are crucial in all areas, including finance, as they represent targets for self-improvement and motivation.
- The method of setting goals is vital; they should align with personal values and be manageable, not overwhelming.
- Goals don't need to be grand; smaller, attainable goals like improving cash flow management over 10 weeks are effective.
- Many people abandon their goals quickly, often within weeks, suggesting the need for better strategies to maintain focus.
- Goal setting is a process of discovering what is important and aligns with one's values, enhancing engagement and success.
- Implementing strategies like breaking down goals into smaller tasks and regularly reviewing progress can help maintain focus and prevent abandonment.
- Personalized goal tracking and accountability measures can significantly improve success rates.
- Example: A structured weekly review of financial goals can lead to a 20% improvement in financial management skills over a quarter.
4. 🔄 The Dynamic Nature of Goal Setting
4.1. Importance of Knowing Your Values
4.2. Goal Setting in Various Life Aspects
4.3. Aligning and Evolving Goals
5. 🧠 Unearthing Personal Values and Beliefs
5.1. Aligning Goals with Personal Values
5.2. Learning from Past Experiences
5.3. Goal Setting and Adjustment
6. 📊 Tracking Progress and Achieving Financial Goals
- Financial goals are divided by significant milestones, such as birthdays, to measure progress towards financial independence effectively.
- A shift from traditional wealth accumulation to aligning financial goals with personal values is emphasized, underscoring the importance of living life according to one's principles.
- Understanding and recognizing personal financial habits and patterns is crucial to ensure they support one's values and goals.
- External coaching is recommended to provide a fresh perspective and support in aligning financial goals with personal values, even for financial experts.
- The analogy of professional athletes seeking coaching even at high levels of proficiency illustrates the value of external guidance in enhancing financial goal alignment.
7. 🤝 Finding Support and Accountability
- Engaging a coach or mentor can significantly help in staying on track and identifying overlooked areas, as they provide an outsider's perspective.
- Initiate financial improvement by reflecting on past achievements, such as saving for a major purchase or maintaining timely bill payments, to build a positive mindset.
- Identify areas for improvement by taking stock of past financial behaviors without self-criticism, focusing on understanding patterns and mindset.
- Avoid comparisons with others, especially on social media, as they can be misleading; instead, seek inspiration from trustworthy sources or individuals.
8. 🛠️ Practical Tools and Strategies for Financial Health
8.1. Goal Setting
8.2. Budgeting and Mindset
8.3. Seeking Help
8.4. Community Engagement and Continuous Learning
9. 📈 Discover BetaShares Diversified All Growth ETF
- BetaShares Diversified All Growth ETF (DHHF) provides exposure to a broad range of global shares, with 37% of the portfolio in Australian shares and the remainder in international markets, including the United States and emerging markets.
- The ETF is distinguished by its low fees of 0.19% per year, which is significantly lower compared to many other investment options.
- Investors benefit from diversification beyond the Australian economy, which is crucial for those with a high concentration of assets in Australia due to employment, superannuation, and property.
- The fund addresses 'home country bias' by offering access to international companies like Apple, Google, and Microsoft, alongside Australian giants such as Commonwealth Bank and Telstra.
- DHHF is ideal for investors seeking long-term growth and willing to accept short-term risks, making it a core component of a diversified investment portfolio.