7 Keys To Achieve Your Personal Financial Goals
Eric Bowie
Contracting Officer at U.S. GSA | Financial Mentor & Coach at Smart Money Bro on YouTube where I help people make, save, and invest more money
Setting personal financial goals is difficult for most people!
Successful goal setting is an essential skill for both personal and professional success. It is not easy, but it is definitely worth it.
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After working 1-on-1 with hundreds of people on their personal finances, I can honestly say that most people, regardless of age or socioeconomic level, have a hard time properly setting goals.
In this article, I want to help you master the art of setting and achieving your personal financial goals with 7 keys to success. These 7 strategies for goal-setting will work with any type of goal. Whether you are setting financial goals, health and fitness goals, business goals, family goals, career goals, or networking goals...these strategies work!
Take notes and save this article because you may want to refer back to it on your personal financial journey. Thank you for supporting us. Click HERE for more on my story.
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7 Keys To Achieve Your Personal Financial Goals
#1. Commit To Writing Your Goals Down - Several well-known researchable studies, indicate that you are more than 40% more likely to achieve a goal just by writing it down.
Writing down your personal financial goals does five things:
- Forces you to be specific and more direct
- Commits the memory of your goals to a different area of your brain
- Adds strength to your resolve and intention to achieve your goals
- Allows you to see your goals in writing and not just a picture in your head
- Increases the odds that you will achieve your goals
Be sure to keep your goals located and visible.
#2. Have A Vision - If you do not know where you are going you will never know if you get there. We all have visions, but articulating them into words can be tough. But, it is a necessary beginning step. Aim high and think big!
You need to first know what you want your end result to look like. Ask yourself what exactly do you want with your money? Once you answer that question, write down your specific answer so that it is made plain. This is your vision.
If you want to do a vision board, by all means, do it. Check out this article HERE on creating a vision board.
#3. Only 1 to 2 Personal Financial Goals At A Time - If you try to focus on too much at one time, then you are not really focused on anything. You can not set the world on fire if you can't get your first goal accomplished. A lot of people fall in love with the “idea” of goal setting by creating lots of goals. Stay focused.
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Set ONLY 1 to 2 personal financial goals at a time and keep it simple. Achieving one goal at a time is far better than working on 10 goals at once.
Also, be sure your personal financial goals are both realistic and attainable.
Remember, your vision is where you shoot for the moon, but your goals are where you look for achievable wins on the way to that bigger vision.
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#4. Set Detailed and Specific Personal Financial Goals - Your goals must be both measurable and quantifiable. Written directly into the goal itself?should be specifically how you plan to measure whether or not you have achieved the goal. This is your accountability.
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This is where MOST PEOPLE get goal-setting wrong!
Ambiguous goals that are gray, rough around the edges, and non-specific, are a waste of time. A measurable goal is time-bound and has a specific time period associated with it. A quantifiable goal has a specific amount associated with it.
A well written goal will leave no doubt about whether or not you achieved the goal when you go to assess it.
Example 1: I want to save more money by the end of the year. (wrong)
Example 2: I want to save $10,000 dollars in my emergency savings fund by December 31st. (correct)
#5. Take Specific Action - Action steps are your specific plan of action on a daily or weekly basis. They represent your blueprint! What good is a goal if you have not written down the specific action steps that you are going to take in order to reach the goal.
With each personal financial goal, write down 3 or 4 specific action steps (daily or weekly habits) that you will have to do on a regular basis in order to achieve that goal. Do not just talk about it, be about it.
Remember: Each action step should also be measurable and quantifiable. Action steps are a daily reminder of the behaviors that are necessary to reach your goals and ultimately reach your vision.
#6. Move In Silence - Do not share your goals with everyone. The fact is, everyone is not interested in your success. Only share your goals with people on a need-to-know basis and for the extra added accountability/motivation that you believe you may need.
There will be people who discourage you, doubt you, and relish in your failures. So limit who you share your dreams and goals with and show your work. The results have a way of speaking for themselves, so let them speak.
When you are working on accomplishing your personal financial goals, your focus is your habits and your outcomes, not what anybody else thinks, says, or feels about your actions and decisions.
#7. Reflect And Assess Your Personal Financial Goals - Periodically check to see if you are on track and always take time at the end of the measured period to see if you actually achieved your goals. People often set goals and never revisit them or assess their progress.
Following-up becomes easier if you keep your goals in a place where you can see them often or daily. Remember to be flexible and willing to pivot and make changes when needed or necessary.
Reflecting and accessing your goals is another way to hold yourself accountable for your goals and your action steps.
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2 年This is where people need to be with this financial knowledge.
Social Worker BSW -looking for an internship to help with cost of MSW
2 年Thanks for sharing these nuggets of common sense and new ways to evaluate my financial goals progress!
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2 年Doesn't Business Financial fall under Personal Financial Goals by default?