Setting The Right Financial Goals

Hello Friend!

It’s that time of the year where everyone starts to think about the New Year (hopefully) and set goals.

Two years ago; 2016 to be precise, I set out with a goal of publishing 4 books for that year; 1 per quarter. At the end of the year, I ended up with 3 books published, which was a big deal for me.
You might say I underachieved my goal; but imagine if I had not set that goal at all, one book might have ended up being a big deal for me!

Having financial success is more than technical knowledge or actions, it requires a change in your core emotional thinking, feelings, belief and attitude. Goal setting should be about who you want to BE, not just want you want to DO. If your beliefs on certain things do not change, your attitude will not change either and even if you end up setting the goals, sooner than you think, you would be back to your old ways.

Be- Do-Have!

Be what you would like to See, Do It, and Then Have it!

It is always better and easier to plan one’s journey after choosing the destination. A planned itinerary certainly helps in making an efficient and optimum use of the available resources.

My question for you is: what is your anticipated FINANCIAL DESTINATION or better still your ultimate FINANCIAL DREAM?

Goal-setting: Have Short /Medium/ Long Term Goals On Earning and Spending Your Money.

Goal-setting starts with, and is effectively done by identifying various short to medium term to long-term goals. This can only be efficacious when you have an end destination in mind.

While saving for an expense such as annual vacation or buying furniture in the next 12 months may be a short-term goal, saving for the purchase of a house or home down payment over the next 3-5 years may be your medium-term goal. Finally, Long-term goals may include your children’s education, planning your own retirement or perhaps purchasing a business (relative).

Setting short-term, mid-term and long-term financial goals is an important step toward becoming financially secure.  If you aren’t working toward anything specific, you’re likely to spend more than you should.

Ensure also that your goals are S.M.AR.T (Specific, Measurable, Achievable, Realistic and Time Bound)

So May I ask what your Short term goals for 2019 are?

– Plan a Vacation?

  • Go back to school?
  • Purchase a property?
  • Save up for a particular need?

Sola Adesakin is an experienced and versatile Chartered Accountant with about 16 years hands-on experience on Personal and SME finance. She is a Personal Finance Coach, Author of 5 books and a Conference/Seminar Speaker.

Source: Above Whispers

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