Here are six easy steps to take to help you set your financial goals.
- Identify your priorities. Place everything, from the urgent and practical to the far-fetched and dreamlike, on the table so that everything may be inspected and measured.
- Determine what can be done quickly, what can be done in a reasonable amount of time, and what must be incorporated into a strategy with a longer time frame.
- Ensure success by setting S.M.A.R.T goals. To put it another way, you should ensure that your goals are:
- S – Specific. Goals that are specific means to be well defined, crystal clear, and free of ambiguity.
- M – Measurable. A S.M.A.R.T goal must include criteria for evaluating progress in order to be considered successful. Without any kind of measuring stick, it’s impossible to tell if you’re making progress toward your objective.
- A – Attainable. For a goal to be considered SMART, it must also be attainable. This will help you figure out how to get there and keep you motivated as you do so. If you want to feel truly challenged, your goal should be just out of reach, but still within normal limits.
- R – Realistic. A S.M.A.R.T goal needs to be realistic in the sense that it is feasible to accomplish the goal given the amount of time and resources that are at one’s disposal. If you believe that you are capable of achieving a SMART goal, then that goal is likely realistic. Consider the following:
- Is it possible to accomplish the goal in a timely manner?
- Is it possible to achieve the goal, taking into account the available time and resources?
- Can you make the necessary time and effort commitment to succeed?
- T – Timely. S.M.A.R.T goal needs to include a start date and an end date in order to be considered complete. If there is no time limit on the goal, there won’t be any sense of urgency, and as a result, there won’t be as much drive to see it through to completion. Consider the following:
- Does a time limit apply to achieving my goal?
- When do you hope to have accomplished your goal?
- Make a spending plan that fits your needs. Obtain a firm grasp on what is coming in and what is going out, and then work with this information to address your objectives. Put your budget to work for you to find and fix any financial holes in your ship.
- Your strict, realistic, weatherproof budget should leave a few dollars. Regardless of how much money this is, set it up so that it is deposited into a separate account that is solely dedicated to addressing the issues that are at the very top of your list of things that need to get done.
- Examine how far you’ve come. Make sure you’re on track to accomplish your objectives. Otherwise, you need to figure out what went wrong and why.
Is investing part of your plan for achieving your financial goals?
Get in touch with Markowski Investments right away to take advantage of our no-cost initial consultation. This meeting will give you a clearer picture of your current financial situation, allowing you to set more realistic financial goals and make better investments.