Financial Planning Starts with Goal Setting

Financial Planning Starts with Goal Setting

June 23, 2020
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“Setting goals is the first step in turning the invisible into the visible.” ---Tony Robbins

We spend so much time caring for others that it is good to take time to focus on what we want and to build the life that we envision. Small changes compound into remarkable results over time.

Setting goals for different area of your life can set small changes in motion. When small systematic steps and habits are developed, you move closer to your goal. Below are different categories to consider in setting goals for various areas of your life:

Think about where you rank on each of these areas now and where you would like to be. This gap can be filled by setting goals (financial and personal) and working toward closing the gap.  The following are six steps for personal, social, relationship, and financial goal setting:

1. Think about what you really want in life. Look at the above wheel and consider what you really want from every facet of your life.

2. Visualize yourself achieving the goal. Lee Iacocca said, “The greatest discovery of my generation is that human beings can alter their lives by altering their attitudes of mind.” What will achieving your goal feel like? What will it look like?

3. Make a plan for the path you need to follow to accomplish the goal. This step is best done by breaking the larger goal into small steps. Then you can integrate small steps in your daily and weekly routines. Making these steps habits and building a system for accomplishing these steps is the most effective way for achieving goals according to James Clear in his excellent book titled Atomic Habits.

4. Write your personal and financial goals down. The first step toward making things happen is to write them down. Write down the plan, the action steps, and the timeline.
Current Financial Status (Worries and Areas for Improvement), Ultimate Financial Goals, and Why Are These Financial Goals Important?



5. Track your financial goals. It is good to set up a time to review your goals every day. Track goals with your handwritten list, day planner, or phone. Choose the tool that is easiest for you to use.

6. Review your overall progress regularly. Consider your progress each week. If you are having difficulty, hire a coach, get an accountability partner or tap into the support of loved ones. Analyze why your goals aren’t being met. Figure out what you need to accomplish them—what small steps or habit can you put in place next week.

The following are some financial goals to think about. We will be covering all of these financial planning topics and more in upcoming articles, videos and blogs:
• Saving money for emergencies.
• Paying off credit card debt.
• Investing more in my retirement plan at work.
• Getting out of student debt.
• Saving for a home.
• Spending less than I make.
• Managing Risk.
Planning your Estate.
• Investing your savings.
• Generating retirement income.

Money is a tool that can help you to achieve your dreams. If you need help turning your goals into systems we can help.

Kudos to you--Celebrate for taking the first step to achieve your goals.

“If you set goals and go after them with all the determination you can muster, your gifts will take you places that will amaze you.” –Les Brown