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1 July 2020

How to Set Financial Goals in 5 Steps

Many people set financial goals in their life and its one of the most important aspects of life to have a financial goal, but most of them get fail in financial goals. So, today in this article I’m going to give you a big picture idea to implement a couple of important Concepts on your brain to help you as we go forward in financial goals, but you've got to start to think about goals many of us have set goals and failed.

The human could all of us have been there been nothing all that unique about setting goals and failing. We've all done that as part of the process but some people quit and I don't want you to quit. So, I just wanted to hopefully encourage you for the importance of goals and most important about the financial goals.

Financial goals are a little bit weird because a lot of people feel a little strange setting financial goals. Some people don't even say because they never thought that they could but some people feel strange setting financial goals. Maybe they thought well, I just not that important to me, after all, there are more important things in money. Yeah, there is a problem. Is it almost all the important things that require money? Money is at the root of home with any other goal.

So, If you have a goal to goal it is going to have a price tag associated with it and you're probably going to have multiple goals that have multiple price tags. And this is one of the major problems with Financial Independence.

Because the price tag of financial Independence is very high. It's easy to get obsessed with this idea. I'm going to be financially dependent as soon as possible. But I have another price tag. I have other goals and also have high price tags and involve spending money. And so it's possible to do all these things. We may not be able to do them all the same time, but it's possible for all these things if we understand the prices, let's get to it.

Set Financial Goals in Just 5 Simple Steps:

Set Budget:

If you are struggling to get to a potentially great retirement. You got to set up budgets the most important thing you can do. So no matter how much money or how little money you have. You set a budget. Here's what I would argue. I would argue that the less money you have the easier it is to set up a budget. Budgeting is the key to get a hold of your finances a budget is your map for financial accountability and responsibility. I know it doesn't sound fun and it isn't but setting a budget allows you to extra size discipline and that's the key when it comes down to how you spend your money. It's all about discipline for instance. Do you know how much money you going to put into the Celanese versus how much you going to put in? The savings was going to be very difficult to build wealth long-term. If you don't know, right so budgets are passed to Financial Freedom by managing your money. You can control how and when you can reach your other financial goals and ultimately that Financial promise.

Savings Goal for Yourself:

Once you set a budget it's time to set a savings goal for this year. Your savings goal should be attainable, but it should also be as aggressive as you can manage. I like to say you should put away 10% of every paycheck. So you never even see it just pay yourself first so that you never even have to think about it and then figure out how to live on the rest of it and adjust your budget accordingly. Remember the more you save now, the more the money will multiply or compound in the market as time rolls along incredibly important understand the power of compounding on the money you save now. Also, it's important to put aside your savings money first before you pay anything else. If you're saving the first part of your budget that you pay they'll be much less likely to get left out. Just pay yourself first budget off the rest.

Pay off Bad Debts:

I want you to pay off bad debts. So the only financial goal more important than saving. Investing is saving and paying off bad debts. Bad debts are a particular kind of debt their death is carrying a very high-interest rate, like 18% interest 15% interest that could easily end up being what you're paying on your credit cards get rid of those because making 15-18% a year is fantastic investing. So if you could just pay down 18% credit cards that say if you're making 18% of yours an investor now, there is good debt.

The time that you incur when you're investing in something when it's about to produce and it's an asset to produces a great return.

For example, If you were to borrow money to put into a house that might be good. Because you might get a great return on that investment also investing in a college education invest in high school education is fabulously good debt, right so debt for Education that's going to benefit you by making you more productive than making you more money is good debt bad debt. When you go out there and charge stuff to do to impress people. You don't know who doesn’t care about you. Anyway, there's the worst kind of death in the world. So stop doing that so high interest bad that such as credit cards they work exactly the opposite of good investment. They're going to decrease your net worth rather than growing so pain. I've got such as these should be your priority and this year is as good a time as any to become debt-free of bad debt now.

Get Your Credit in Check:

So start the year off right by getting a handle. What's your credit score is and the factors that affected if your credit score ends up being lower than you would like it to then take some steps to improve it. So pay off debt and keep the balance on your credit cards low that works pretty good to get a better credit score. Here are some things that knock your credit score down. You might not realize when you go out and think about applying for an automobile loan or something and maybe you go to two or three places. Those will take your credit score if they run those credit score checks. So be careful when you do a credit check to an end through somebody you want to buy something from Chick-fil-A something big like an automobile that you ask them if they're going to do in such a way. There's going to hurt your credit score 

Take Some Time to Research Companies to Invest

Saving and getting your finances in order is so critical and so important when the market drops of a plummet. We want to be ready to take advantage of the fire sale on wonderful companies. So make it a goal to put at least five companies on a wish list in the year.


I hope now you’ll able to figure out how you can set your financial goal easily in just 5 simple steps. Also, I'd love to hear from you guys. Do you have your goal set for 2020? What are some of your goals and what's your big promise? What are the things you are going to do to get yourself financially free? Let us know below in the comment section.

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