Financial Goals

"A goal should scare you a little and excite you a lot" - Joe Vitale

When first starting out some of the more common financial goals are:

      • Set up a budget

      • Build an emergency fund

      • Get out of debt

      • Buy a house

      • Generate more income

      • Stop mindless spending

      • Save for kid(s) college funds

      • Protect yourself with the right insurance

      • Plan for retirement

Let's brainstorm and elaborate on these financial goals.

      • Set up a budget

        • Be serious about tracking all your expenses and telling your money where it should go to make sure your actual spending aligns with your priorities.

      • Build an emergency fund

        • Plan for the unexpected. Unexpected expenses ALWAYS come up whether it is car repairs, medical bills, lost income, etc. Make a safety net for yourself by setting aside 3-6 months of expenses.

      • Get out of debt

        • Debt is a bad idea and the sooner you say goodbye to debt the sooner you'll experience peace knowing you aren't a slave to debt. Make a plan and get rid of it for good!

      • Buy a house

        • Don't fall into the trap of thinking you deserve more house than you need. Save for a large down payment and don't fall into the mindset of paying the minimum on your mortgage. This is just another word for debt and the more you pay and sooner it is paid off the more freedom you'll experience.

      • Generate more income

        • Increase cash flow by building additional income streams. Start a side hustle, get a second job, ask for a raise, invest in dividend growth stocks. The possibilities to generate more income are endless. Be creative and get to work!

      • Stop mindless spending

        • Tracking your money will help you identify areas of mindless spending. Make sure your spending aligns with your priorities and tell your money where it goes instead of the reverse. If you know you'll spend too much at Target, don't go or order the necessities online instead.

      • Save for kid(s) college funds

        • The sooner you start the better. Learn about the power of compound interest and don't put this off another day. If you have kids - you should be saving. Prioritize education and encourage them to follow their dreams.

      • Protect yourself with the right insurance

        • Some insurance is a scam, but some insurance is worthwhile. Educate yourself and reduce risk by making sure you and your family are protected.

      • Plan for retirement

        • Once again the sooner you start on this the better. Sacrifices today are worth it and compound interest will be your best friend. You'll never regret the money you save.

While all of those are good goals to have they aren't SMART goals. SMART goals stands for:

    • Specific (what, why, how you plan to achieve the goal)

    • Measurable (define specific values)

    • Attainable (be reasonable with your goal setting)

    • Realistic (understand what constraints you have and what obstacles might stand in your way. Make a game plan to overcome those challenges)

    • Timely (identify a time-frame)

It takes time to think, figure out and define your financial goals; the time you spend on the task is worthwhile and your future self will thank you. Don't wait another day. Identify goals, track your progress, and turn your goals into reality.

ACTION: Identify your Top 5 Financial Goals. If unsure just where to start contact one of our coaches who can brainstorm with you and walk you through the steps to help identify SMART financial goals that will propel you on your path to financial freedom.

In addition to financial goals, do a favor to your future self and set aside time to do some big thinking and list out your goals for personal/self development, relationships, health (spiritual and physical), career/business, service/community, travel, environment, etc. Think through each aspect of your life and plan out how you can be your best you in each area. You won't regret the time you spend planning.