… and how will you achieve it?
Ok, let’s take a step back and define ‘thought bubble’. This is a term that my husband uses every time I come up with a new grandiose idea. My ‘thought bubbles’ have been coming through thick and fast recently which have kept him on his toes whilst also keeping him very amused.. or should that be bemused?
My first big ‘thought bubble’ occurred in 2010 when I had the grand idea of starting a Financial Planning business. What I love about ‘thought bubbles’ is that they can be as big or small as you want them to be. My 2010 ‘thought bubble’ seemed so far out of reach that sometimes I thought that it would never actually happen.
The thing with ‘thought bubbles’ is that you have to try to keep yourself accountable to achieve them. It doesn’t matter how long it takes to achieve it, but you have to plan how you are going to get there.
When I first had the idea to start a Financial Planning business, I didn’t know where to start, but I did know a lot of people in the industry. My first phone call was to a friend of mine who ran her own business. We had coffee and she gave me some ideas on how to get started, and importantly, who else to talk to. I spent about 18 months planning the financials, the marketing strategy and just talking to as many people as possible, so that I had a good idea of what I was getting myself into.
It also meant that plenty of people knew what my plan was so when the 18 month mark hit, it dawned on me that it was now or never…. how much longer can I ‘talk’ about starting a business, rather than actually starting the business?
Where I am coming from here, is that ‘thought bubbles’ are great as they give us something to look forward to, but they won’t just materialise without seeking help and planning them. My current ‘thought bubble’ was inspired by the boys I share my office with (THE best Mortgage Brokers ever….). My ‘thought bubble’ is getting bigger by the day thanks to these guys and to the chagrin of my husband! But simply by talking to as many people as possible will either give you the idea, or help you plan the idea.
So, back to my initial question: “what is your ‘thought bubble’… and how are you going to achieve it?”
Who do you need to talk to to get the wheels in motion? Is it your Financial Planner? is it a friend who has done what you want to do? is it your mortgage broker to see if you can get finance? Is it your Accountant? is it your girlfriends over a ladies lunch?
Your ‘thought bubble’ might be that you want to buy a property in the next 2 years. Excellent – but do you know how much you need to save to achieve this? Do you know how much stamp duty is going to cost? do you know how much you can actually borrow? There is no point saying “I’m going to buy a house in 2 years time” if you don’t actually know whether it is achievable. By talking to the right people you may find that you can, in fact, buy now… or you may have to wait an extra year or two.
Is your ‘thought bubble’ spending Christmas 2014 in New York? how much will that cost? do you want to travel any where else? where is the best area to stay? Do you need help budgeting for this?
Is your ‘thought bubble’ to start a family next year? Again, how much will that cost? how will it impact your lifestyle moving to one income? what can we do to minimise this financial gap?
I hope this has encouraged your to start thinking and planning! I love hearing of people’s ‘thought bubbles’ so feel free to share them with me! (I’m available for a Ladies Lunch…. and my best ideas happen with a glass of wine in hand!)
I have also had so many people help me along the way with my ideas, of which I am very grateful. I would love to be able to give back, so please feel free to contact me if you think I can help in some capacity.. or if you just want to sound out your idea.