4 Personal Financial Lessons to Learn From the Inauguration

No matter what political affiliation, there’s something exciting about watching the Inauguration of a new president. You’ll usually learn about the President’s vision for America as well as what they hope to accomplish in their first term.

If you’re really paying attention, though, you might realize that taking charge of a country and taking charge of your finances have a lot of similarities. When you recognize what they are, you can use them to take a giant leap toward financial success.

Dream Big

Go back and read through some Inaugural Addresses, and you’ll find that many of our former presidents were dreaming big when they took the job. Ronald Reagan dreamed of an America where its citizens were happy and not living under the constant threat of nuclear annihilation. Barack Obama dreamed of an America where income inequality did not run rampant, especially in the wake of the Great Recession.

While you might not have goals quite as lofty as past presidents, you can still dream big when you’re setting goals in your own life, especially financial goals. Shoot for the stars, even if your dream seems impossible at the time. Dreaming big helps you challenge yourself and push your limits, and even if you can’t quite achieve your dream you’ll still have developed skills and habits that will eventually help you succeed.

Set Priorities

While most presidents may have a grand vision for America, they also know they only have three years to accomplish their goals before they have to focus on getting reelected. This means they have to prioritize what they would like to get done.

While you probably have longer than three years to achieve your financial goals, you also have to prioritize which goals you want to tackle first. Take some time and think about all the goals you have, and which ones are the most important to you. Do you want to build an emergency fund or pay off debt, maybe you want to save up to buy a house or a new car. There are no right or wrong answers, it's simply about what is important to you. Work towards those goals, and once they’re done you can start working towards one of your other financial goals.

Have a Definite Plan

While almost every president talks about their grand vision for America in general terms, many of them come to office with a solid plan on how to accomplish their top priority goals. Presidents like Franklin D. Roosevelt and Barack Obama, both of whom became president during periods of financial uncertainty, had plans they were ready to put into action as soon as they took office and accomplished a lot during the first hundred days of their presidency.

You’ll also want to have a definite plan in place to reach your financial goals. One of the best ways to do this is to make your goals S.M.A.R.T. In other words, your financial goals should be:

• Specific, so you have a clear idea of what your goal is
• Measurable, so you can track your progress
• Attainable, so you’ll know what you can do to reach your goal
• Realistic, so you’ll be confident your goal can be achieved
• Time-Bound, so you won’t be tempted to procrastinate

You can access a free S.M.A.R.T. Goals worksheet here to help you get started.

Work Hard

According to The Atlantic magazine, being the President is the hardest job in the world. It is not a nine-to-five job, and most presidents put in long hours, especially when a crisis occurs.

While your job may not be as demanding as being President of the United States, you can still get ahead if you’re willing to work hard on your financial goals. In the words of Coleman Cox, “The harder I work, the more luck I seem to have.”  Put simply, you'll need to find ways to stay motivated while working toward your personal financial goals.

Prepare for Presidential Levels of Success With First Alliance Credit Union

While Presidents aren’t perfect, many of them have a lot of positive traits, and the Inauguration lets the public see a lot of them. When you realize what these traits are and see them in action, you can use them in your financial life to give yourself an edge.

You can also give your financial life an edge when you become a member of First Alliance Credit Union today. You can use the S.M.A.R.T. goals worksheet in our resource center to help you set financial goals, and our Beginner’s Guide to Budgeting and Beginner’s Guide to Saving will kickstart your journey toward financial success. Once you’ve finished planning, you can save and invest money in our traditional savings accounts, club accounts and certificates of deposit to help you achieve your financial goals.

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