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FNBO
Cashology®Dec 30 2023
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Video & Article | Read time: 4 minutes
The following is the transcript for this video.
BAILEY: Betsy, what's she doing?
BETSY: Meditating. Getting in touch with the universe for today's show.
AMELIS: Hi, everyone. Today we're going to talk to you about financial vision boards and how you can align your dreams, with your money, to make your life goals a reality. Join us, won't you? Much to learn, you have.
BETSY: And we've gone from yoga to Yoda. OK.
AMELIS: Many people miss the deep connection between their money and life goals, but they are tied together. And when you visualize where you want to be financially.
BETSY: The vision board will aid in your financial planning decisions. Here are some steps to create your board.
AMELIS: Select your images. To create a financial vision board, you should begin with a big selection of images.
BAILEY: These images can represent anything in your life. Things like nature, food, lifestyles, people sports, you name it. They won't all end up being on your vision board.
BETSY: So don't worry about what they mean just yet. You just want a good sample size, maybe 20 to 30 images to start with.
BAILEY: Sure, you could design your financial vision board on your computer, but it's more fun when it's a physical exercise.
BETSY: If you don't subscribe to any physical magazine.
BAILEY: People still do that?
BETSY: Easy youngin, you can just print out images that you find online.
AMELIS: Then whether you're at a table, desk, or on the floor, lay out all the images in front of you so you can get a good look at them. Doing this on a windy day with the windows open could be a fun added challenge, which I've learned the hard way. Fun times.
BETSY: Choose images that resonate in a positive way. At this stage, you don't have to know exactly why you're gravitating towards certain photos.
BAILEY: Once you have ten to 15 images, you feel good about separating them from the others, which you are free to toss in the recycle bin.
BETSY: Has that always been there?
BAILEY: As far as you know.
BETSY: Identify how each image ties to your life goals. Keep in mind that even though we're creating a financial vision board, we're not going to worry about cost yet. That will come into play in the next step.
AMELIS: Select an image from your chosen stack and take a look at it, then close your eyes. Take a few deep breaths and allow that image to reappear in your mind.
BAILEY: Now ask yourself, Where am I? What do I see? How do I feel? Who's with me?
BETSY: Asking these questions allows you to really exercise those visualization muscles to envision the future.
AMELIS: One more question as you complete the step to create a vision board. What do you smell in the air?
BETSY: Hot lights, coffee. Amelis's perfume.
BAILEY: What you imagine smelling, not what you actually smell.
BETSY: Oh yeah, right, right?
AMELIS: Whether you smell wildflowers, cinnamon rolls or freshly cut grass in your scene, the imagined aroma brings your vision to life. Do this visualization exercise with each image in your stack and each time you uncover a new goal, write it down. This helps you define and reinforce what each image means to you.
BETSY: Arrange your images based on time and cost. Once you've picked out your images, you only need a few more items to start creating your vision board.
BAILEY: You'll need a piece of paper or cardboard that's big enough to display the images you've selected. Sometimes people use a bulletin board-type surface, but it's really up to you.
AMELIS: Something to write with, like a pen, pencil or marker.
BETSY: And something to stick your pictures to your paper or cardboard like a glue stick, tape, or thumbtacks. AMELIS Now, draw a simple grid one line vertically down the middle and one line horizontally across the middle. This will give you four equally sized rectangles.
BAILEY: The top half of your vision board is for goals that will require a significant amount of money to save and plan for.
BETSY: The bottom half is for goals that can be achieved at little or no cost, such as building stronger relationships or excelling in your career.
BAILEY: The left half of your board is for the things that you can realize sooner in life. The right side is reserved for long-term goals.
BETSY: Sooner and later or relative terms. So roughly speaking, goals that can be achieved within the next five years should be placed on the left side of your board.
AMELIS: As you continue to organize your financial vision board. You'll not only see a clear picture of the life you want to live, you'll also have a better sense of the financial implications of each goal.
BAILEY: Creating a vision board may also give you added incentive to start saving more money today.
AMELIS: Stay focused! Finally, after you've completed your financial vision board, you need to put it where you can see it.
BETSY: So hang it in your office above your desk or take a picture of it and hang it on your refrigerator. Anywhere! As long as you can see it every day. The more you can keep these images fixated on your mind, the more effectively you can align your finances to your dreams.
AMELIS: When you have a financial vision board, that's helping you keep your goals in mind. All the financial steps you need to take to achieve those goals become clear.
BAILEY: One with financial-ness.
BETSY: Exactly.
BAILEY: Good luck everyone.
BETSY: See you next time.
The articles in this blog are for informational purposes only and not intended to provide specific advice or recommendations. When making decisions about your financial situation, consult a financial professional for advice. Articles are not regularly updated, and information may become outdated.