Albert Bandura describes in his “self-efficacy theory” how a person’s belief in their ability will determine how likely they are to succeed in a particular situation. He found that people who set goals and have a strong commitment are more likely to achieve them.
In my experience, having a vision helps us to focus on what we want. Even when it comes to finances, people tend to respond better to images than numbers. Visualisation requires you to want something, perceive it, and believe in it. But with your finances, it is important to recognise that money may not be the real thing you desire – it’s more about what you can do with it.
For this reason, I work with some clients to set up a personal vision document, which helps generate feelings and motivation. Here are a few examples I came across:
I worked with one couple who I learned liked yoga and dreamed of visiting Canada. With this in mind, we worked on meaningful targets and investments for them. They have recently returned from a yoga retreat in France and a wonderful trip to Canada.
Another client, when I first met him, expressed a desire to retire at the age of 55 and to spend more time playing golf, start playing the piano again and to become involved in local amateur dramatics. Within 6 months he had re-organised his office at home to accommodate a new piano and retired in March of this year at the age of 55. I suspect he is on the golf course this week!
Money can help us feel comfortable, but it can’t buy happiness. I believe it should work for you - and not just be left in a bank account or in “faceless” investments. After all, you tend to move towards and become what you regularly think about - good or bad.
If you found these ideas interesting I would like to invite you to come and join us for the launch of our new venture, The Royall Wealth Club. In the event we will set out how through a serious of events we will build a community of likeminded people looking to acquire and share skills and information that will make a difference to their overall wealth and well-being.
We look forward to seeing you there!