How to Set Your Financial Goals

Welcome back to Business & Budgets. In this post we will be discussing how to set your financial goals and execute them. There are four steps to this process and if you follow them, you will be well on your way to making your dreams come true.

FIRST: DECIDE what you want. Be serious with yourself, what do you really want out of life? Ponder these questions as you make these decisions:

  • Where would you like to live?

  • What type of work would you like to do?

  • What kind of diet and lifestyle will you maintain?

  • How often would you like to travel?

  • What kind of life would you like to provide for your child(ren)?

  • What would you like your business to be like?

SECOND: Determine if those goals ALIGN with your current lifestyle? If they do not, how will you fill the gap? What sacrifices would need to be made? What lifestyle behaviors would need to be changed? Are you willing to make these changes in order to manifest your goals? Be realistic with yourself as you re-access your goal list, what needs to be removed?

THIRD: PLAN SMART Goals (Specific, Measurable, Achievable, Relevant, Timebound). This acronym will ensure you are setting realistic and relevant goals:

S-what are you doing, use adjectives

M-how will you track progress

A-can you get it done? Do you have the resources and ability?

R-does it make sense? Is it really a financial goal?

T-when will it be done? Put deadlines on your steps to the goal too!

Mapping out your goals with specific will increase your likelihood of achieving your goals

FOUR: Bring it to life, DO IT! If you are going to live the life of your dreams you better start executing those goals, one task at a time. Here's some goals of mine that I have set for my future, everyday I strive for these things. This isn't an all inclusive list but here are a few financial goal examples from my life:

  • Spend less than $300 a month on food

  • Pay off one credit card by 5/30

  • Save $5,000 before Bae comes home

  • Buying a house before Deuce started kindergarten

  • Retire by 35

  • See my first million by 30

  • Homeschool my children

  • Provide release centers for men/boys in local neighborhoods, grants or independent funding