If you have your sites set on reaching financial well-being, setting financial goals will be the way to get you there. For setting financial goals, selecting a simple course of action that you could follow will guide you to financial success. First, you need to identify and write down your goals which will help you to visualize your dreams and desires.

This may include saving to send kids to college, buying a brand-new car, a down payment on a home, going on vacation, paying off high interest credit card debt or planning for your retirement and how you want that retirement to look. Then, you need to take some time to break down your monetary goals into several smaller manageable time driven measures.

“A dream becomes a goal when action is taken toward its achievement.”

– Bo Bennett

These include short term, medium term and long term goals. Doing this will create your goal setting process and as you set those targets, you need to make sure they’re quantifiable and achievable. Another important part of the process is researching to educate yourself about investing and the various investment vehicles and strategies by, reading books, magazines, investment sites, etc. to which determine which approach would be best suited for your goals and risk tolerance.

Last, but certainly not least, you need to review your progress occasionally so as to notice where you need to make alterations and to chart your financial growth. You’ll want to periodically check your progress monthly, quarterly, or in any interval you feel comfortable with, but at least annually, to be able to confirm that your program is working and your goals are on track.

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