Goals are an important part of living. Some goals are just built into our DNA for instance, learning to walk, talk, or accomplish task without supervision. These were our goal progression based on growing from an infant to who you are today. As we become adult, the task of setting, and achieving goals becomes muddier and more clouded. Sure goals such a get an educations, buy a car, buy your first house are all goals. What about the smaller goals that can have a greater impact. What about realistic financial/money goals? It seems as soon as money is acquired, someone or something is there to take it from you. Your goals become task.
Let’s go back in time a bit to when you first started to make your own money. For many people making your own money was your first trip into independence. For others the reason for making money came from specific goals to reach such as, your own car, splurge money, a concert or some possession. If you were fortunate and had a guiding mentor you may have found someone to guide you past your first financial goal beyond simply becoming a consumer. The initial reason most of us started working or generating our own money was because of something we wanted to acquire in life, usually your teenage years.
Now, let’s fast forward to the present moment, the driving goal has changed and the world is presenting you with more things than ever to spend your money, there is a catch, you may have been reaching goals that have little lasting meaning, you were just performing task and maintaining. Have a look at your credit card statement balance, see if you can remember every credit transaction, or a better question what and when did purchase that thing on my card. Chances are probably not, you have very little recollection what your high credit card balance was used to obtain specifically. I can remember having $20,000 in credit card debit, and not having a clue after 5 years of making payments on $20k+ what I actually purchased.
It all starts with a goal, a destination, or a means to an end.
How about making a new goal, for the short-term right now. Sounds crazy huh? You can do it. In the next 24 hours I’m sure you can have 100 goals in your mind.
- Save $1000 in the next 120 days to start your emergency fund, (Short Term)
- Pay off your lowest credit card this month. (Short term)
- Have total debt of less than 50% of your income (Long term)
- Pay off your student Loan in less than 3 years. (Mid Term)
- Generate an extra $500.00 a month. (Short Term)
- Sell your possessions you don’t have a relationship with or have not used in 6 months. (Short Term)
- Start a savings fund for your children’s education. ($25.00 a week can go a long way over time) (Long term)
- Edit your credit cards and pay off the 2nd lowest balance within 90 days.
- Own your home or get a more affordable home.(Long Term)
- Positively envision your life ten or more years in the future, then head that way.(Long Term)
Life is about goals, learning the guitar, losing weight, making more money or being a better person. It does not matter, but we must all monitor, define and redefine our goals constantly. A person without tangible, achievable goals is lost and drifting through life.
Here at The Billionaire Lifestyle blog, the writing is about the subject of money primarily and financial literacy, finance is a major concern and factor in the quality of life we all live. Once we have a handle on our finances, many of life’s other challenges become far easier to tackle and overcome.
If we never stop to set our destination, then we will wander forever, and wonder why we are where we are when we get there.
Here is a rule of Thumb,set up goals based on time, then evaluate at the end of the time, continue where you are if you did not reach your goal.
- Weekly Goal exp. (take my lunch to work this week and not spend a dime on food)
- Monthly – workout 12 hours this month
- 90 days – pay off a small credit card lock it away.
- 6 months – lose 10 lbs and keep it off for six months.
- Yearly – save a predetermined percentage of your income.
- 5 year – Your Choice!