Setting Financial Goals

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Once you have identified your financial goals and decided which ones will take top priority, devise a specific plan to achieve each one. You may choose to do most of your planning yourself and/or seek the advice of a financial advisor. However, creating a strategic plan for your financial goals is the first step in helping you to achieve them.

I HAVE LEARNED, THAT IF ONE ADVANCES CONFIDENTLY IN THE DIRECTION OF HIS DREAMS, AND ENDEAVORS TO LOVE THE LIFE HE HAS IMAGINED, HE WILL MEET WITH A SUCCESS UNEXPECTED
IN COMMON HOURS!  -- Henry David Thoreau


When it comes to your money, what are your financial goals? That is a question most people never take the time to answer. In fact, many live paycheck to paycheck; “winging it� by making financial decisions on the spur of the moment and leaving financial priorities by the wayside. You may dream of retiring comfortably at the age of 55, but you may not be contributing any or enough money to a 401K or other retirement plan. You may not even have a retirement plan. If that’s you, how will you be able to ensure the pleasurable and financially comfortable retirement you dream of? This is why it is important to identify your financial goals.
Many people find it difficult to identify financial goals. Do you plan on having a family? Do you want to purchase a home or automobile? Would you like to travel? Do you want to start your own business? If you said yes to any of these questions, you have the beginnings of a financial goal. These are events that will have financial significance in your life. Identify your own financial goals, ask when you would like to achieve each one, and put them in priority order. Be aware of identifying only general financial goals such as achieving financial stability. Ask yourself specific questions about what you would like to do with your life, where you would like to go and what you would like to have. Write your answers down. Try to define where you would like to be financially in the future. Be as specific and as clear as possible. Determine how much money you will need and when you will need it. Look at your goals in relation to each other. Identify those financial goals that are the most important to you. This way you make sure they happen. Work on the lesser goals after completing the important ones.
Once you have identified your financial goals and decided which ones will take top priority, devise a specific plan to achieve each one. You may choose to do most of your planning yourself and/or seek the advice of a financial advisor. However, creating a strategic plan for your financial goals is the first step in helping you to achieve them. Your plan serves as a roadmap for a bright future. Businesses make strategic plans as a way to prepare for their financial future, so you too can strategically plan for your financial future.   
Next, implement the plan you’ve created. To achieve any financial goal you must take action! Whatever your financial goals may be, have a blast identifying, prioritizing, planning and implementing your plan for achieving each one!

For questions about personal finance please contact Ms. Wiltshire at makingthemostofyourmoney@gmail.com

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