Hi There
Setting goals is terrific and really important however you do need to apply a financial aspect to the process – no point in having dreams to do really well with your online business as an example but still be broke on 5 years time – you’ll just give up so don’t have a plan follow this one if you want, much of this is based on my own personal experiences and what I do myself
Setting Financial Goals
The first step in personal financial planning is learning to control your day-to-day financial affairs to enable you to do the things that bring you satisfaction and enjoyment. This is achieved by planning and following a budget.
The second step in personal financial planning, and the topic of this section, is choosing and following a course toward achieving your long-term financial goals.
As with anything else in life, without financial goals and specific plans for meeting them, you will just drift along and leave our future to chance. A wise man once said: “Most people don’t plan to fail; they just fail to plan.”
The end result is the same and it is a failure to reach financial independence.
The third step in personal financial planning is learning how to build a financial safety net, which is like to having a retirement fund for when you are no longer generating any income.
FOUR SIMPLE STEPS FOR SETTING FINANCIAL GOALS
Step 1: Identify and write down your financial goals, whether they are saving to send your kids to college or University, buying a new car, saving for a down payment on a house, going on vacation, paying off credit card debt, or planning for you and your spouse’s retirement.
Step 2: Break each financial goal down into several short-term (less than 1 year), medium-term (1 to 3 years) and long-term (5 years or more) goals; which will make this process easier.
Step 3: Educate yourself and do your research. Read Money magazine or a book about investing, or surf the Internet’s investment web sites. Do not be afraid of the stock market.
Yes, there is a potential for loss, but if you do your research and get a trustworthy broker, you can ensure your financial future. Just remember not to put all of your eggs in one basket.
Diversify your portfolio. With a little effort you can learn enough to make educated decisions that will increase your net worth many times over. Then identify small, measurable steps you can take to achieve these goals, and put this action plan to work.
Step 4: Evaluate your progress as often as needed. Review your progress monthly, quarterly, or at any other interval you feel comfortable with, but at least semi-annually, to determine if your program is working.
If you’re not making a satisfactory amount of progress on a particular goal, re-evaluate your approach and make changes as necessary.
There are no hard and fast rules for implementing a financial plan. The important thing is to at least do something as opposed to nothing, and to start NOW.
Sometimes when people write down their goals, they discover that some of the goals are too broad in meaning and nearly impossible to reach, while others may seem smaller in scope and easier to achieve.
It is okay to dare to dream about riches, but be realistic about what you can actually do. A good idea is to break your goals down into three separate categories of time.
One more thing to remember: by placing a time frame on your goals you are motivating yourself to get started and helping to allow you the chance to succeed. Just remember that you can adjust the time frame whenever you want to.
Long-term goals (over 5 years) are those things that won’t happen overnight, no matter how hard you work to achieve them.
They make take a long time to accomplish (hence the reason they are called long term goals), so give yourself a reasonable amount of time, that are based on your best estimates of what it will take to achieve them.
Examples of long-term goals might include college education for a child, retirement plan or purchasing a home. Whatever the case, these goals generally require longer commitments and often more money in the end.
Intermediate-term goals (1-5 years) are the type of goals that can’t be executed overnight but might not take many years to accomplish. Examples might include purchasing/replacing a car, getting an education or certification, or paying off your debts like credit cards etc. (depending on the amount).
Short-term goals (within one year) generally take one year or less to achieve, based on the date the task is needed, the total estimated cost, and the required savings.
What are your goals? To find out, you need to make up a list, decide which timeline your goal fits into, detail the steps necessary to achieve your goals, then take action toward reaching those goals. It’s that simple.
You might be wondering where to start when deciding how to go about to start your financial goals. These are some basic tips to help you in making the best choices for you.
After looking at these tips, it is best for you to go out and do some research to find the method(s) that suit you best.
Its really important to have a plan depending on where you live in the world, here in the UK ISA’s are a key area to consider
- Begin by taking 5%-10% out of each pay check and put it in a savings account
- Look into different investment strategies such as mutual Funds, personal investments etc. There are many more and all can assist you in short and long term goals.
- Start making a budget for yourself that leaves you with some extra money and follow it
- Use your coupons that is why they are there. It seems like small savings, but add together you could save 20-30 dollars at each trip to the market – my wife saves a fortune at the supermarket
- Shop around for bargains
- Do not live outside of your means
These are just some of the things that you can do when beginning to realize your financial goals. Of course, you also have to follow the steps in the above sections on how to successfully set goals.
The steps to setting goals successfully don’t change, only the methods that you use to go about it. . It really is that easy.
Hi there
I’m Tony and here i am with my wife and daughter in Prague a few years ago
My site is about Helping, starting and scaling an online business
I want to share, impart my learning curve to all.
– the highs, the lows, frustrations and the solutions
So we all reap the success we deserve – join me on the journey.
What I’m not:
Is an internet marketing guru who’s made a fortune online, I haven’t got the country estate, the Bentley & Ferrari parked in the drive and the disposable income to flit off around the world to exotic places many times a year as I please.
Now I’m not saying that I wouldn’t like all of that, who wouldn’t? And I seriously believe I’m on THAT journey finally.
BUT what I am is a normal guy worried about my lack of pension, my children’s future and having a more comfortable lifestyle later on in life.
I’m fascinated by the online world. Having spent my entire career in advertising & publishing both consumer and business titles & I see first-hand the impact that online is having to ad revenues and reach. Likewise I understand first-hand how monetising a website is not easy and getting traffic is the key to it all – but not just any traffic but targeted traffic, that’s the Holy Grail.
How Our Lives are Changing ………
WHAT I Do
Help, start, scale and grow both mine & other online businesses
Developing a business on line can be frustrating, I’ve tried it several times and I’m sorry to say I’ve given up, life’s got in the way etc. and then I’ve gone to seminars, bought another shiny thing in a box and failed again.
This time is different – my mind-set is in the right place, I’m committed to devoting time and effort, my focus on a plan is set in daily stone!
I want to share, impart my learning curve to those of you who join me – the highs, the lows, frustrations and the solutions to overcome those issues so we all reap the success we deserve – join me on the journey.
Email: startinternetmarketingonline1@gmail.com
Email: tarlmarketing1@gmail.com
