I believe that most of us are capable of accomplishing far more than we give ourselves credit for. In times of duress and significant obstacles, we dig our heels in deeper and push harder, focusing our whole intent on getting through. Surviving. During these stages, it’s challenging to think about managing finances and putting plans in place. It’s enough just to get through another week. That is precisely why it is a good practice to begin crafting your financial map before a crisis (or the next crisis) erupts.
A good place to start is taking inventory of your personal portfolio. We all have one, trust me. It’s personal and very unique to each of us. Your personal portfolio is an ever-changing collection of Skills, Priorities, Interests, Community and Experiences. Some call it your “secret sauce” or your “art”, I prefer calling it “spice” – the seasoning you add to whatever relationship or situation you’re in.
Skills – This includes every type of activity you have some level of competence in doing. Creating spreadsheets, doing research, gardening, chess, speaking another language, changing oil, knitting, or anything else you can recall.Your unique combination of skills may very well contribute to uncovering potential opportunities. I’ll write more on that later.
Priorities – This goes a bit deeper. Think about where you are at this point in time. What is the most critical action for you to focus your time, energy and resources? This month? This quarter? This year? You may be at the beginning of a new stage or relationship, so building trust and respect might be pretty important. On the other hand, you may be in a time of transition, so building up reserves and support systems may come first.
Interests – This is really important. It’s not just about what you are competent doing, rather what you really enjoy doing or want to try. Your list should include the people/places/things that you want to have as a part of your life. What would you like to explore, learn, discover, create?
Community – These are your networks. Start with family, schoolmates, neighbors, co workers, people you play sports with or know through meetups. Add any professional connections, such as doctor, dentist, insurance agent, or your mechanic. You may consider using your phone settings to tag people by category, build hives of people in similar fields or by geography. Our connections to other people helps build bridges that otherwise would be practically impossible.
Experiences – What are some of the most defining moments in your life? Who are the people or events that impacted you the most, contributing to your convictions?
By identifying each of these areas, hopefully you will be able to gain a clearer picture of your personal portfolio. Your portfolio provides the framework to better define what resources you have at your disposal to begin crafting your financial map. It also works as a filter to gauge important decisions, by verifying if it fits with who you are or want to be,
You are the Architect of your own finances.
Coming up next: Building a Strong Foundation