Gavin McDaniels asked:
At some point or another, we all experience the helpless feeling of being physically lost. Whether it’s traveling, hiking, starting a new school or job, the fear is still the same. When we are not paying attention it is very easy to lose our sense of direction. The same holds true with our personal finances. If we allow ourselves to become distracted we can find ourselves in the same helpless and scary situation. Financial goals are like the signs or markers along the way that keep us on track and prevent us from getting lost. Setting financial goals helps put our current financial situation in perspective.
As individuals and as couples, identifying your finance goals early is important. For example, you may want to take and elaborate European vacation when your children leave home. However, if you don’t prepare now you will most certainly miss out on the dream. With goals in place, you are less likely to be tempted to spend your money on something you don’t need. As you identify and review your finance goals, remember to include your significant other because it takes a team effort.
Here are a few questions to ask yourself as you establish your finance goals:
* What hobbies do I have or would I like to pursue?
* Is education important to me or my family members? What preparation should I be making to ensure we receive a good education?
* Do I own a home or would I like to? What do I need to do to buy a home or pay it off?
* What are my career goals? What planning or training should I be engaged in?
* Is charity or church important to me and what type of contributions do I make to them?
* Are there specific character traits that I am trying to develop in myself or children? Do my spending habits conflict with these?
* When do I plan to retire? How am I going to be financially ready before that time?
* With the state of health care, will I be prepared for the future?
* How much consumer debt do I have if any? What am I doing to eliminate that debt?
* Will my spending today bring me regret later in life?
As you ask yourself these questions, write down your goals and prioritize them. This will help solidify and keep them in your mind. Work towards each of your finance goals every month and as you do so, you will find yourself happier and better prepared for the future. Don’t allow yourself to become financially lost by setting short and long term goals today.
Ronald
At some point or another, we all experience the helpless feeling of being physically lost. Whether it’s traveling, hiking, starting a new school or job, the fear is still the same. When we are not paying attention it is very easy to lose our sense of direction. The same holds true with our personal finances. If we allow ourselves to become distracted we can find ourselves in the same helpless and scary situation. Financial goals are like the signs or markers along the way that keep us on track and prevent us from getting lost. Setting financial goals helps put our current financial situation in perspective.
As individuals and as couples, identifying your finance goals early is important. For example, you may want to take and elaborate European vacation when your children leave home. However, if you don’t prepare now you will most certainly miss out on the dream. With goals in place, you are less likely to be tempted to spend your money on something you don’t need. As you identify and review your finance goals, remember to include your significant other because it takes a team effort.
Here are a few questions to ask yourself as you establish your finance goals:
* What hobbies do I have or would I like to pursue?
* Is education important to me or my family members? What preparation should I be making to ensure we receive a good education?
* Do I own a home or would I like to? What do I need to do to buy a home or pay it off?
* What are my career goals? What planning or training should I be engaged in?
* Is charity or church important to me and what type of contributions do I make to them?
* Are there specific character traits that I am trying to develop in myself or children? Do my spending habits conflict with these?
* When do I plan to retire? How am I going to be financially ready before that time?
* With the state of health care, will I be prepared for the future?
* How much consumer debt do I have if any? What am I doing to eliminate that debt?
* Will my spending today bring me regret later in life?
As you ask yourself these questions, write down your goals and prioritize them. This will help solidify and keep them in your mind. Work towards each of your finance goals every month and as you do so, you will find yourself happier and better prepared for the future. Don’t allow yourself to become financially lost by setting short and long term goals today.
Ronald
