An important aspect to living a fulfilling life is to have an idea of where you want to go. Setting goals will motivate you, keep you excited, and push you forward to get the most out of a life that’s worth living.
This is especially true for your financial life. If this part of your life is in order and you’re on the path to accomplishing financial goals, you’ll find yourself to be much happier confident, and self-assured.
Use these tips to set fulfilling financial goals today:
1. Brainstorming without editing
Sit for 20-30 minutes and write down as many financial dreams as fast as you can. Allow your thoughts to flow freely without editing or judging them. Later, we will work with this list, but for now just let loose and write!
∙ As you brainstorm and consider the possibilities, think about financial obstacles that frustrate you and make you afraid to pursue your dreams. Consider what you would do, if you could not fail. This is a key mindset to reaching financial freedom.
∙ Think about every aspect of your life. Would you like to be financially free? Buy a nicer home? Help a loved one that has a lifelong financial need? Donate to charity? Establish a foundation? Supply money for a college education for your children? Own a chain of restaurants? Buy a nicer car? The possibilities are endless and no idea is too big.
2. Prioritize your list
After listing all your financial goals, begin to think about which of them is most important to you. Which ones will bring you internal peace? Which excite you the most? Put these at the top of the list.
3. Write down the obstacles that stand in your way
After you’ve chosen 3-5 key financial goals that excite you greatly, create an entire page for each one. Write the goal at the top of the page and list all the challenges that stand in the way of reaching your goal.
∙ This list of obstacles will provide you with next steps and help to banish your fear of failure. Come back to this list later and ask how you can overcome each challenge. Is there anyone who can help you? What resources are needed? What information are you lacking? What next steps need to be taken?
∙ Meet these challenges head on by thinking through them well in advance. Thus, nothing will stop you from reaching your financial goals in time.
4. Create an emergency fund
One simple way to increase your self-confidence is to be prepared for when things go wrong financially. An emergency fund of 6 month’s income will go a long way toward freeing you from much of the financial stress you’re currently feeling. When your mind isn’t occupied with financial worry, you’ll be surprised at how much bandwidth you have available to work on your goals.
5. Focus on actionable steps
The final result of your financial goals should motivate you to keep moving forward, one step at a time. It may also hinder you from progressing by making you feel overwhelmed. Instead focus on taking small steps, moving forward until you reach the financial destiny you seek.
Finances can be a major source of stress for most people. But if you take control and put these tips into action, your financial situation will be inherently greater than most others out there. Instead of chasing your tail and feeling like you’ll never get ahead, you will be excited about what the future holds and what riches it may bring. Believe in the peace of mind that comes with a healthy financial life.