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Goal-Getter: Assessing Your Financial Milestones

Aloha, Kālā Capital Fam!

It's easy to get caught up in the hustle and bustle of everyday life, so taking a step back to appreciate our progress is essential. As the year draws to a close, it's the perfect time to reflect on the journey we've taken over 2023. In this newsletter, I challenge you to self-reflect on this past year through these three financial lenses 1) your money mindset 2) your goals, and 3) your accounts. Make your goal to improve upon one or two key aspects of your finances that will lead to meaningful change and lasting growth—think of it as a sustainable approach to constructing your dream life, unlike a crash diet yielding results temporarily.

Money Mindset

Have you seen a shift in how you handle money or what about money is most meaningful to you? Has your relationship with how you make, keep or spend money evolved? A change in your money mindset may not have an immediate effect on your material surroundings, but it’s one of the best ways of finding your financial peace (which can be felt immediately with a positive shift in your money mindset). Plus a healthy money mindset compounds over the long term and will directly impact your future financial well being. Maybe you’ve become more mindful of your spending habits? Or are making financial decisions that more closely align with your values and aspirations? Maybe you slipped up this past year, regressed a bit and have been hard on yourself. Take a moment to reflect on how your money mindset has shifted throughout the year. Was any change you made intentional or unintentional? Is your current money mindset serving you at the level you need it to? Spend some time reflecting on the progress you've made and how you can continue to improve your life by understanding the role money plays in it.

Your Goals

Another area to reflect on is the progress you've made toward achieving your goals. Where are you relative to your goals from the start of the year up to now? Have you met your expectations?  Perhaps you've paid off a significant portion of your debt, started a side hustle for additional income, or increased your retirement contributions. Recognizing achievements as stepping stones on our financial journey allows us to appreciate the outcome of constant quality effort done for a long period of time. Take your big, lofty goals and break them down into smaller milestones to measure, track and celebrate. This can help to sustain momentum and a positive mindset as you do the hard things that make the difference. 

Your Accounts

Now, let's turn our attention to your financial accounts. Check the balances and statements of your savings, investment, and retirement accounts. Have they grown over the year? Did it meet your expectations and follow the plan you have? Even small increases can indicate that your financial strategies are working. It's a moment to appreciate your commitment to saving and investing. While the numbers are essential, don't forget to acknowledge the discipline and dedication it took to achieve your results. Pro tip is to track progress on a percentage basis. Making $10 in your investment account may seem insignificant, but if all you invested was $100 then a 10% rate of return is significant. Measure progress in a way that captures how relevant progress can be.  

Lessons from Kālā Capital: Simplicity is Key

Internally at Kālā Capital, we've engaged in our own year-end reflection. We've come to a realization that in the pursuit of growth, simplicity is our friend. Moving into the next year, our focus will be on doing less of what's new and more of what we already know works. This means continuing to provide quality financial advice, creating valuable social media content, and maintaining a commitment to simplifying complex topics to inspire meaningful action. Just as with personal growth, we think business growth comes down to fundamentals and consistently taking the small steps (we know work) over and over again. 

As you’re reflecting on your own progress this year and picking the one or two meaningful changes you want to make next year, remember, it's not about making drastic transformations, but about cultivating the small habits that will serve you well in the long run. Sustainable growth is the key to achieving lasting financial well-being.

Mahalo for being a part of the Kālā Capital family. We're here to support you on your financial journey and look forward to the exciting opportunities that the new year will bring. See you next year!

With gratitude,

Chris - Your Financial Advocate

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