For setting financial goals, selecting a simple course of action that we could follow will guide us to financial success. First, we need to identify and write down our goals which will help us to visualize our 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 our retirement and how we want that retirement to look. Then, we need to take some time to break down our monetary goals into several smaller manageable time driven measures. These include short-term, medium-term and long-term goals. Doing this will create our goal setting process and as we set those targets, we need to make sure they’re quantifiable and achievable. Another important part of the process is researching to educate ourselves 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 our goals and risk tolerance. Last, but certainly not least, we need to review our progress occasionally so as to notice where we need to make alterations and to chart our financial growth. We’ll want to periodically check our progress monthly, quarterly, or in any interval we feel comfortable with, but at least annually, to be able to confirm that our program is working and our goals are on track.
Are You Doing This One Simple Thing?
Understanding and analyzing your financial decisions allows you to realize how those decisions are interconnected and the impact one decision can have on other financial decisions. Just like any other type of decision, each decision you make results in the experiences you have which lead you to make other decisions. Your financial situation is no different.
This is why a comprehensive plan is so necessary, because without it, it will be challenging to reach your financial goals. The benefits of controlling your money properly is to ensure you control your spending and have the capacity to save enough in order to attain financial independence in the future. How can you expect to get to where you want to go without having direction and a plan for getting there?
“A dream becomes a goal when action is taken toward its achievement.” – Bo Bennett
Going through the process of setting financial goals and being consistent in periodically reviewing them along the way will get simpler and easier as you go. The significant thing is to do something as opposed to nothing, and to start NOW! The longer you put it off, the more difficult it can become. The earlier you make the decision to take control of your finances, the earlier you will reach financial success.
By taking control of your finances, you take control of your life! You get control over your money so your money doesn’t have control over you. And it all starts with deciding what you want your financial future to look like and setting the goals that will get you there. One goal will lead to another and before you know it, you’ll be on your way to financial freedom and the life you deserve!
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