Setting Achievable Financial Goals
One thing which should never be done haphazardly is setting financial or career goals. There is a need to be deliberate about your goals rather than just acting on a whim. Spelling out your goals not only gives you a clearer vision, it also makes the achievement of the goals faster, easier and less cumbersome.
Now, it is possible that you already have some goals, but you have come to a realization that you are currently not edging closer to the achievement of the goals. There is no need to feel disappointed, this article contains some tested and trusted strategies that would take you closer to the fulfillment of your goals.
1. Set Career or Financial Goals
It is important to know exactly what you want before you set any goal, and as noted by Elizabeth Koraca, it is essential to have a life vision. Peradventure you are uncertain about these goals, you can achieve more certainty by first determining the things that excite you. Ask yourself: “What is that thing I will do if I know I can never fail at it?”
Once this has been ascertained, clarity begins to set it and this serves as enough motivation to forge ahead. However, this isn’t to say that you should set unrealistic goals. Career coach, Allison Task, established the SMART goal technique that helps to highlight the desired features of any goal. According to Task, the goal needs to be Specific, Measurable, Attainable, Relevant and Time-bound. Task expressed that working within the context of this framework increases the likelihood of achieving any set goal.
2. Write out your goals
Merely thinking about your goals can never move you ahead. You need to expressly write out your goals because there is a likelihood that you might forget the goals, or not particularly take actions on them if they are not written on a medium where you can easily access it.
This brings us to the next important point which is the need to keep your written goals within easy reach. You can hang them somewhere conspicuous in your office or at home where you will regularly see it and constantly get reminded of the goals.
3. Set time limits
More than serving as a constant reminder, your written goals need to also serve as your plan of action. You need to be as detailed as possible, don’t keep things to yourself. Set a specific timeframe within which you intend to achieve the goals. This makes you more focused and organized and dispels the vagueness of goals which can be a very huge hindrance to the achievement of goals.
Some of the goals might be short-term, while some others might be your long-term goals. Whatever the term, be realistic with the time limit you set. Do not set out to achieve goals that are clearly unrealistic within a short period of time. That isn’t being optimistic, it is setting yourself up for disappointment and you should, therefore, avoid it. You have planners and calendars on your phone which you can use to map things out.
4. Break down goals into milestones
If all your goals are long-term, odds are high that discouragement may set in, or the achievement of the goals her overwhelming. This is why it is essential to break down those big goals into smaller milestones and consistently monitor your progress through those milestones.
The more you see yourself achieving those small goals, the more encouraged you are to keep getting further. Experienced coaches have opined that motivation comes from the achievement of these smaller goals.
5. Be Accountable
One effective way to ensure that you achieve your goals is by setting up your own accountability method. According to Task, whoever you decide to use as your accountability partner, be it a spouse or best friend or even a professional, ensure that you have someone to tell about your goals. These people should be those you trust to keep you accountable week-in, week out. More importantly, you need to be accountable to yourself.
This is why it is necessary to have relevant, realistic and SMART goals. Being accountable has to do with monitoring your progress, seeing how far you have come and determining how close you are to the achievement of your clearly defined goals. This also helps you to know what works and what practices work best for you. Tracking your progress and celebrating your success also gives you the motivation to keep doing more
The important strategies for achieving financial and career goals include setting smart goals, writing out the goals, setting time limits, breaking down goals into milestones and maintaining accountability
More in Financial Advisor
Here’s Why Some People Never Retire
Changing Trends In recent times, it has become commonplace for baby boomers to keep working even into their 80s. Different reasons...October 29, 2018
Another Economic Crisis Could Be on the Horizon, But Where Will it Start?
The banking system has learned some hard lessons from the 2008 financial crisis which shook the global economy to its core....October 29, 2018
Companies Raising Prices Due to Tariff increase, Walmart Threatens to Follow Suit
The back and forth between China and the United States in the ongoing trade war is starting to sting the US-based...October 29, 2018
Snapchat Stock in Trouble as More Executives Leave the Company
Snapchat’s stock has been a trainwreck this year and investors are losing patience with CEO Even Spiegel and his “dictatorial management...October 28, 2018
This Retirement Expense is Making Women Lose Their Sleep
The only time living too long can become a curse is when you run out of retirement savings. And it is...October 28, 2018
Technology is Disrupting Jobs – But Here’s How You Can Keep Yours
Technology has caused major disruptions in almost every industry, and according to the World Economic Forum, more than 1.4 million jobs...October 28, 2018
Tesla Wins Case Against Ontario Government, Court Ruling Proves Carmaker was Treated Unjustly
Tesla filed a lawsuit against the Ontario government for unjustly canceling its vehicle rebate program last month, and a few days...October 28, 2018
When One Life Insurance Policy is not Enough
Yes, it’s true that you can get as many life insurance policies as you want. However, there is a certain limit...October 28, 2018
How Long Does $1 Million Last After Retirement? Research Finally Has the Answer
One million dollars is deemed a gold standard for the total sum one should have in a retirement fund. However, recent trends indicate that...October 28, 2018