Tips for Setting your Goals

Now that you know what your personal net worth is, you can now set your goals. Here are some tips to help you set personal financial goals that are SMART—Specific, Measurable, Attainable, Relevant, and Timely.

Make your goals personal. Remember that you are in-charge of your life. You steer your own ship. The same is true when you set financial goals. They should be your goals. In the same manner that you chose a medical course because you wanted to be a doctor even if your parents wanted you to become a lawyer like them, you should treat your financial goals this way.Ask yourself some vital questions: Am I willing to let go of some conveniences now so I can retire early? Do I want to travel around the world as soon as I’m out of the workforce? Do I want to move to a mansion with a wide lawn in an affluent neighborhood before I turn fifty? By asking yourself the hard-hitting questions, you will be in a better position to set goals that you can call your own.

Commit it on paper. It is said that what goes through the hand goes to the head—and to the heart. Don’t just think about your goals. Write them down. Again, whether you use a pen and paper or type away in your keyboard doesn’t matter. What’s important is that you get them in writing. When you put something down on paper, it becomes more concrete, more real. As a result, you bind yourself to it.

Make your goals descriptive. If you have a hand at drawing, you can even draw them. For example, if you want to have your own house by the time you’re forty, write: “I want to live in a Mediterranean style home in a tree-lined street in Olmos Park, Texas by the time I’m forty.” When you are able to imagine yourself in this situation, you are more likely to realize it.

Specify short-term goals and long-term goals. There are things that you want to achieve in a year’s time or less and there are those that you want to get in a longer time period. For example, saving to buy a brand new laptop can be considered a short-term goal but saving for your daughter’s college tuition is a long-term one. When you are specific about the time-frame of your goals, you have a way of evaluating if you have achieved them.

Evaluate your goals regularly. Why should you review your progress? Because evaluating if you have achieved your goals is one way of keeping yourself committed

to your other goals. If you find yourself successful in the short-term ones, you have the impetus to make sure that you get to your long-term objectives. For instance, if one of your goals is to eliminate all your credit card debt in six months and you are able to do it then there is no reason why you can’t start your own small business or save up for the rainy days.

If you fail, try and try again. There will be times when you won’t be able to honor your goals. Don’t let one failure—or two or three or even more—stop you. Understand why you failed, get up, and pick yourself up from where you have left off. When it comes to your financial success, remember that it is always possible to start over even if you have failed countless times. Just make sure that you learn a valuable lesson each time so that you won’t repeat it and can finally work towards becoming financially successful.

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