How to Set and Achieve Financial Goals

 By Miguel Dos Anjos      

Be Specific

Set financial goals. Be specific. If we walk down the street and ask anybody: “Would you like a million dollars?” Every single person will say “yes, I would like a million dollars”. But what determines who will get it, and who will not?

The first step is to want it, the second step is work towards getting it. Developing a game plan will provide a clearer path to that goal. Once you know what you want, came up with a plan to get there, set up milestones.

Today this part will get implemented, and this much capital will be put aside towards the goal. Develop milestones for next week, next month, next year, and so forth. If that goal, or dream is big enough. The planning, and milestones might require some persistence, longer than a year, or few years to achieve.

What is the Reason You Want It?

 Looking at that dream, or goal you may stop and think; this looks too big, too far, or too hard to accomplish. The best thing I can tell you is to ask yourself; Why? What is the reason you want it? Maybe you don’t have a reason, maybe you don’t even want it that much, if that is the case you might want to rethink, and be happy today. We only have one life to enjoy. But if every time you spend money on something that is entirely materialistic you feel your money could be better placed in an investment that will provide you a return, and if you really want to achieve that dream, and you want the best of the best for yourself, and the ones you love, resolve, and follow throw.

Maybe your dream is to have enough to be emotionally, and financially stress free, or secure yourself, and family a comfortable future, which does not mean depriving yourself now. Once again commit yourself to follow throw.

Prioritize. Together with asking yourself “What you want most”, “What needs to happen first?”, and then “what needs to happen second?”.

Achievable, and Realistic  

Analyze where you are, and figure out if your goal is achievable. Be realistic. For example investing a couple of hundreds monthly in the stock market, and picking up winning companies, or an index fund generates an average 8% return yearly. With at least a 20% down payment you may buy your house, or an investment rental unit. Do not gamble your money away in the casino expecting to win, your dream in a few minutes, that is reckless.

Write Your Goals Down

                Write your goals down. Develop a chart. Check where your goals fit between short term, mid-term, and long term. Add to the chart how much is needed in total, and what is the monthly amount that will be required.

                Come up with plans on how to achieve it. Savings alone might be enough. Cutting unnecessary expenses can be another helpful path. Look into earning extra; you might seek a raise, a better position, or learning a new skill that will improve your paycheck, or pay rate. Another option is to find additional resources such as a part time or side hustle.  

                

Treat Yourself

At some point treat yourself. The prize at the end is the ultimate dream, but also each milestone are great positive achievements as well. Enjoy your journey. Do not burn out all your accomplishments but be happy today as well while keeping in mind your ultimate goal. If you were handed your goal it will not have the same value to you as if you accomplish it with your own work.

Other Key Factors

                A few other key factors is to be healthy. End addictions, specially unhealthy and expensive ones. You’ll save today on the cigars, and later on hospital bills.

                Seek to work on what you love. Thirty, 40, or 80 hours a week working a jog that you don’t love, or like, or makes you miserable is too sad.

                And finally, do not self-sabotage. Most of us trying to get to the top coming from poor families grew up hearing from our parents, and family that the rich are greedy, and mean. Let go of those feelings. What you have does not need to make who your core is. Become comfortable sharing your success. If it is not your desire to brag, and go around 1 up all your friends, great, that is not what I’m telling you to do, but do not be ashamed of your success. If you’re getting further ahead, because you work hard, plan, and implement, and it makes you feel more accomplished, more power to you.

Which of these tips you use the most? Which tips do you wish to start using? And do you have other tips that are not on this list? Add it to the comment section down below.

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Our YouTube video on this topic: How to Set and Achieve Financial Goals
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