A goal is a place in the distant future where all our dreams and aspirations live. Goal setting is basically building that bridge that would take us there. Personal financial goals, like any other goal require a goal setting mindset that designs and builds the structural steps to achieving them.
First Personal Finance Goals to Set
Your personal financial goals are a handful of good things that you would want happen to your money. They may exist in many areas of your life, such as saving money, investing, budgeting, and life insurance. Good results are always born from deliberate beginnings. There are no accidental prosperity outcomes.
Your first personal financial goal should be financial education. This is your money acumen that will surely be the foundation or cement for building the bridge to your prosperity or financial independence.
Search Inside for the Dreams that Drive You
Search inside yourself for the things that drive you. First, build a money mindset through financial literacy and perpetual learning. You will begin to gain empowerment to go after your dreams – no matter what they are.
After pursuing the monetary aspects, you should gain momentum with other goals of each area of your life. For example, while working to improve your credit score, you could also make deposits into your emotional bank account to repair or improve your relationships.
Invest in your health and fitness also to assure you of a long fruitful life to enjoy the labor of your hands. These will work alongside all your other personal financial goals to solidify a balanced life.
Without this balanced-life mentality, we would fail at achieving holistic prosperity. It counts to invest in your health. A healthy body and strong mind are catalysts in building enduring wealth.
10 Personal Financial Goal Recommendations
Not to be considered an exhaustive list, but they’re worth mentioning here, and worth striving for. You can add a few other personal financial goals, wealth tips, and ideas to the ones below and run with it. Goals are most effective when you dress them up with objectives, sub-objectives and timelines.
The Ten Goal Recommendations
- Create An Emergency Fund
- Create A Solid Budget
- Pay Off Your Debt
- Fix A Credit Score
- Pursue Financial Freedom
- Pay Off Your Mortgage
- Fund Self/Children College Education
- Save Towards An Object (Dream Home/Vacation/Car)
- Leave A Good Inheritance
- Become A Millionaire
Keep It Stupidly Simple
In order to avoid paralysis by analysis, or procrastination, keep it simple. Move in baby turtle crawl steps. This will allow you to gain momentum while your financial confidence grows. The results of your personal financial goals will be parallel to progress your financial literacy.
Use It or Lose It
Once you learn something new – such as the concept of budgeting, start creating a simple monthly budget. Not following through could take the enthusiasm out of it. You may lose steam and even forget a few steps in the personal financial goals process. Every beginner investor also needs to practice.
Update and Upgrade
Revisit your goals daily or periodically. This keeps you focused on them. Track and optimize them with new data, or new insights throughout the course of the year. You may also prune your personal financial goals list as you advance forward into your first million dollars.
Tools that Help the Process
There are many goal setting tools and Apps out there today that can help manage your personal financial goals and resolutions. A very good tool for monitoring or tracking productivity is the Pomodoro App. It keeps score and alerts you about daily tasks according to your personalized settings.
Accountability and Discipline
Not all of us are able to Robinson Crusoe our way on a deserted island. Most of us need an accountability buddy who’ll keep us focused on our personal financial goals. They may be spouses or friends. Perhaps an online connection you made through social media groups. There are also a small group of people who can do this on their own. They tend to work harder, better, and faster in isolation.
Gratitude and Keeping Score
Finally, stay grateful. You can use a gratitude journal to outline all the small and great progress you make. Or you can keep those things private in absolute secrecy. But be altogether grateful for the ups, the downs, and the wins in the personal financial goals you set for yourself.
The Final Takeaway
Be committed to education and strive to stay focused on one goal at a time. It may be fun and ambitious to have many irons in the fire, but FOCUS is that thing that brings completion at the end of it all. Your journey of setting personal financial goals and achieving them would be inevitable and almost unstoppable.
Share your journey so far in the comments below – or make a statement of commitment to start today if you haven’t already begun.
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