Everyone Needs Financial Goals Including You
It's quite important for one to have life goals. To have these goals you need to strategize, and we're going to do it in two ways:
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How to set financial goals
First, you need to know how much?money you need to make per month. Now, this is an important number because if you don't know how much money you need, you won't have the right motivation to work for that money.
Do you have plenty of income? If not, you need to have an additional income stream leading toward a comfortable retirement. For example, if you don't have financial goals you will end up spending your money on things that you really don't care about and end up feeling bad for wasting your energy and money.
There are three types of goals; short-term,?mid-term, and long-term?financial goals . In a short-term goal, you can get to achieve it in a year's time to either buy a car or what you were saving for. When talking about mid-term financial goals, this takes longer than a year. Depending on your age that might seem like a long time. Finally, a long-term goal is something where you plan to save money for several years.
How does one determine the kind of goal to set?
You pick the one you love the most. Love it and you'll attend to it. Plus, if you set goals too far ahead, they could become unattainable . For example, if someone sets a goal to pay off their credit cards by the end of the year, they better also build in some interim milestones so that the goal doesn't get lost in the distant future.
One may wonder what's the other way of strategizing...
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I'm headed to the other end of the table, where I tell you that another way to look at this is to ask yourself: How many months would it take me to reach my goal? If it's less than six months, it's probably realistic.
Here you can set a monthly savings target based partly on your future income and remember you shouldn't set your goals too far ahead. So, you should set small achievable goals that build up to a bigger goal.
There's a very big difference between a dream and a goal. Our dreams are likely to come true if we make them into goals. We can achieve this by writing down our goals.
Goals must be Specific, Measurable, Attainable, Relevant, and Timely.
The trick is to take one small step at a time. Start by deciding what your first goal is then break that goal down into smaller steps.
I hope this gave you some clarity on your #financialgoals with these #financialtips from today's edition.
Listen to today's episode on "Financial Stress w/Michael De Haan" from the Simple Success Podcast on Spotify or your favorite podcast channel using this link here .
Listen to more about Financial Life Coaching from A Happiness Perspective! in the?Simple Success Podcast