Setting Financial Goals
Nearly all of the people that we consider 'rich' became
that way because they set specific financial goals for themselves and then
worked hard to achieve those targets. Hardly anyone gets rich by accident. To
achieve what you want, you first have to define what you want to achieve.
Setting financial goals is easy. First, picture what
you'd like to be making, what you'd like to have or own, where you want to be,
and then figure out how to achieve those targets. I find it helpful to work
your way backward.
Start with a target in mind. Maybe you have a goal of
buying a new car for cash. Figuring that the car will cost around $30,000,
determine how much and how long you will need to save in order to achieve that
much. If you are able to set aside $500 a month, you'll be able to walk into
the dealership in just 5 years and plunk down a stack of cash and drive away
in your new ‘paid-in-full' car.
If you financial goal is to have $1,000,000 in the bank
by retirement, you need to put together a plan to make that happen, it's not
just going to be there when you need it and, chances are, you're not going to
hit the lottery.
Perhaps your goal is to earn a six-figure salary. That
too is achievable with planning and some hard work. If you can imagine
yourself doing that six-figure career define the steps that you will need to
take in order to get there. It may require some more education; it may require
extra part-time work in order to build up some extra money to start your own
business; it may require you to get out and network with others.
Just keep in
mind that EVERY goal is achievable. It is only by your determination and
desire that is going to make it a reality. Through proper
budgeting, money and time management, and
perseverance, you can make your dreams come true.
