Do you have financial goals? Do you have a plan on how to achieve them?
Most individuals have financial goals, the only problem is how to make them a reality. The `how to` is a process that entails discipline, self-control, honesty and integrity.
If you need to achieve financial independence, you need to set goals. Goal setting aids in giving direction and focus.
Success and overall freedom are anchored on goal setting. If my goal is to get rich and own a vast amount of assets, then one of my goals has to be having millions of shillings in the bank.
If your goal is to be a philanthropist, then keeping money for yourself isn’t helping you achieve your goals. To accomplish your goals, you need to know how to set them.
The following are proven steps on how to do just that.
Set SMART Goals
Financial goals should be
Specific
Measurable
Attainable
Relevant
Time-Bound
They should be specific, clear and straight to the point. An example of a specific goal is `to have saving of Ksh 100,000 by end of this year’. When you have a specific goal, it shows you the way.
Secondly they should be measurable. You can’t just say I want to reduce my expenses but by what percentage? Only this way you can measure your financial progress.
Set attainable goals. Unrealistic goals will rip you off your confidence.
Your financial goals should be relevant for consistency. Success requires consistency.
Set deadlines for your financial goals. Setting deadlines increases your sense of innovation and urgency.
Make Your Goals in Writing
Just so you cannot easily forget them, write down your financial goals. Writing makes them a reality as opposed to reciting them in the mind. While writing your financial goals, use command words such as Will. I will invest in the stock market this year and not I might invest in the stock market this year. The first statement has passion and power while the later lacks.
Motivation
Set financial goals that motivate you. If your financial goals don’t motivate you then you are likely going to put zero effort in achieving them. Set goals that make you feel warm inside. Interests is key in setting financial goals that motivate. You say you want to invest in the stock market if you never had interest in stock market.
Become a Master of your Mind
Financial planning becomes easier when you become a master of your mind. Learn new and big ideas, strengthen your understanding of the money language and build resilience.
Summary of how to Make your Financial Goals a Reality
- Set SMART Goals
- Make Your Goals in Writing
- Make goals that motivate you
- Become a Master of your Mind
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