Eric Thomas said “It’s not easy, but it’s simple.”

Setting Financial Goals can be made simple too.  Without financial goals your dreams would always remain … dreams.  Set goals and journey on a path that is focused and is directed towards your future financial freedom.  Goals help you to stay balanced in all situations, to recognise opportunities, to manage stress and anxiety, to learn from failures, to reset and to keep achieving until you reach your destination.

Sports is an area that most of us are familiar with, whether we participate or watch.  I like to use sports as an analogy between setting goals and financial freedom. 

Research shows that Elite athletes believe in the power of mental & physical preparation, they challenge themselves to be the best player they can be, to align their mind and body, to giving their best every time they compete.  One of Michael Jordon quote is “If you do the work, you get rewarded.  There are no shortcuts in life”

Proven Strategies…

Let’s take a look at what successful people have in common:

• Goals – they set goals that are focused and aligned to their strengths.
• Self-Awareness – successful people look inwards. They learn how to manage fear, doubt, failure, shortcomings etc
• They are lifelong learners
• They strive for Success … not for perfection
• They care of themselves – physically, mentally and spiritually
• They focus on controlling the controllables – their Attitude and Effort.

Connecting the dots…

It is said that millennials and younger generations begin their adulthood with record high debts, like student debt, credit card and other loans.  When these debts are not managed properly these debts have huge consequences on their futures, and many people do not have enough cash on hand to weather unforeseen and sudden economic shocks

Here’s how to apply these successful strategies to Your Personal Financial Goals.

Action 1: Brainstorm as many ideas as possible. Consider what you want to achieve.  List them according to priority and begin to create a plan.

Action 2: Separate your goals into Future Goals, Interim Goals and Immediate Goals

Begin with setting your “Future Financial Goals”.  These goals are intended to provide direction, purpose in life and help you achieve your full potential. They can be 1… 5… 10 years into the future.

Next Bridge-the-Gap between where you are now and where you want to be through learning, upskilling and practicing.  These goals will be your “Interim Financial Goals”

Next list the things you need go do immediately to get you started.  These will be your “Immediate Financial Goals”.  These daily or weekly activities must be aligned to your future goals to achieve success.

Action 3:  Now that you have created your list of financial goals.  Next create a step-by-step plan to accomplish these goals.  Use the process that best suits your circumstances and available time.  (One commonly used method is the S.M.A.R.T process.  S.M.A.R.T is an acronym for Specific, Measurable, Attainable, Relevant, Time-bound.  But there are other processes also available or create your own)

Action 4: Review your goals regularly to keep them relevant and centre of mind.  This practice can also give you a sense of progress and keeps you motivated for the long haul.  You can set new goals that will take you to greater heights. 

Key takeaways:

• Set financial goals that are important and meaningful to you
• Create a daily routine that you can follow. Be consistent
• Stay process focused. Do the little things that get you closer to your long-term goals
• Be in control of what you can control – your attitude and your effort.
• Learn from your failures. It will help you make better choices next time
• Reward yourself when you achieve a set milestone (not before)

The Bottom Line

Setting Financial Goals are an integral part of achieving Financial Freedom.  Long term financial goals serve as a guide to keep you on course when you face daily distractions or when times get tough. 

Having Financial Goals can lead you to a debt-free life, financial security and financial freedom.  It can help reduce stress and anxiety when it comes to money management.  Without goals to guide you, you may develop a tendency to jump from one project or task to another, ultimately achieving very little or nothing at all. 

“The journey of a thousand miles begins with a single step” – Lao Tzu

Begin by choosing to do something every day, even a small step forward is a step that will get you closer to your ultimate goal and a brighter future. 

What are you waiting for?

Persevere & let’s keep moving … FORWARD

All the best

Priscilla