Rarely does anyone look back on their life and reminisce about the money they made. Instead, the memories are on the experiences and people that made an impact on our life. Personal goals are essential to living a lifestyle that is rich with memories. I'm sure you already have personal goals, so I hope this list will inspire you to set additional goals.
Last week, I offered 7 Financial Goals for Young Lawyers. Financial goals are great, but we do not live our lives solely because of finances. Arguably, our personal goals are much more important than our financial goals.
What is the point of accumulating wealth if you do not have anything to spend it on?
Personal goals usually center around what we enjoy doing in our free time. Here is a list of 7 personal goals that every lawyer should consider.
#1 Travel more
Traveling more is one of the most common personal goals for lawyers. It is nice to step away from the day-to-day demands of being a lawyer to relax and enjoy your trip. Traveling does not have to be a week-long trip either — a fun weekend trip counts too. If you prefer an extended vacation, make a plan: six months before, decide how long you want to travel and ask for time off.
#2 Buy yourself two gifts a year
You work hard in your career, so reward yourself! Make it a goal to buy yourself two gifts a year: a gift under $100 and a gift over $100. You can spend your bonus on these gifts, or you can save up for these items. The point is to spend some money on yourself.
#3 Be more active
Without your health, you have no wealth. It's a common saying in financial planning because it highlights the importance of being physically healthy. You are not guaranteed to be healthy because you are active, but it does give you a better chance of avoiding or delaying health problems. Set a goal to continue doing a physical activity you enjoy — invest in your health so you can enjoy your wealth!
#4 Read more
The great thing about this goal is that it does not restrict what you read. It's just supposed to push you to read something outside of work. Reading can also help you professionally — reading three books on any topic will likely put you in the top 1% of people who understand that topic.
#5 Make a new friend
Not only can friends make you laugh and reduce your stress, but they also make you healthier. According to the Mayo Clinic, adults with strong social support have a reduced risk of many significant health problems, including depression, high blood pressure, and an unhealthy body mass index. The point is to continue building connections in your life. You will benefit personally and maybe even professionally.
#6 Call your family more often
Over a year ago, I was leaving work and thought to call my Grandma. It had been a while since I last talked to her, but I decided I was too tired to call her on the drive home. Early the following morning, she suffered a stroke. She passed away a few days later. To this day, I still think about that decision and how I missed a chance to talk to her one last time.
There are many reasons why talking to your family more often is a great goal. One of the best reasons is that they are an incredible support network. Lawyers, especially early in their careers, will have many highs and lows, and family will be there for you on your best and worst days.
#7 Leave a legacy
When we die, we still live on through the impact we have on others. Maybe your legacy will be professional. It could also be personal by how others remember you. Legacies can also be financial — your legacy can be the money you leave behind to those you care about or the memories you leave with people. Making smart financial decisions now will not only benefit you, it will also allow you to pass along some wealth to your loved ones.
Goals are fundamental to living the dream life a lawyer deserves to live, but it can be challenging to figure out the best way to achieve them. The Developing Financial Process is built specifically to identify the goals you want to achieve and tailor a financial plan that puts you on the path towards success.
Have questions of your own?
I’m not taking new ongoing clients right now, but I’m still glad to offer a free 30-minute Meet & Confer — to answer your questions, add you to the waitlist, or point you toward another advisor.