The path to financial freedom/wealth creation is a deliberate and active one. To do this right, you would need to set goals to guide you. Whatever stage you are in your life, setting goals and tracking your progress is key to attaining success. Determining what your short-term, mid-term, and long-term personal goals are is the first step as goals vary according to your status and vision. Here’s a guide to aid you in setting goals, it is important to place items in the appropriate categories of wants/needs, short, mid or long term goals, order of importance within the various needs and wants:
- What do you really want?
- Is it achievable within the next 12 months? 2-3 years or longer?
- Where would i like to be financially in the next 10 years?
- What are my dreams for my kids? How much will they cost? How will i achieve this?
- Do i have other dependants? How much do i need to set aside for them? How important is it that i include them in my plans?
- If you are unable to achieve these want, what are the repercussion? Will you just be sad or will there be real actual effects?
- Do i have emergency funds? Would i like to build that? Why?
- Do i have any debt? How will i get out of them?
- When do i want to retire? How much do i need to have in savings by then? How will i achieve this?
- What are my dreams? What would i like to do if money wasn’t an issue?
Finally, figure out what exactly you would need to do/ set aside or otherwise to achieve your financial goals. Don’t be discouraged if the outcome is overwhelming, remember that if you are not working towards specific goals, you are likely to spend more than you need to.
If you would like help in identifying, listing and setting these goals and more importantly, you need someone to hold you accountable in the implementation of these goals talk to us and sign up for the 6 months planning program to get access to a personal consultant. Let’s be …deliberately wealthy.