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“If you aim for nothing you will hit it every time.” ~ Unknown
Any career coach, personal advisor, or motivational speaker will tell you the key to success in life is to have clearly defined goals. The same can be said about having long-term financial goals. However, most of us rarely have any long-term goals and if we do they are pretty vague. Below are three recommendations to start making your long-term financial goals an everyday part of your life.
First thing is to write them down. This might sound simple and immaterial but by putting them down on paper your goals start to become a reality. You are more likely to practice your goals if they are written down instead of being stuck in your head. I know for a fact that I do things better and more consistently when I write stuff down on paper where I can see it.
Next, your goals should have a specific time limit. Having goals such as retiring early, moving to a bigger house, or taking your family on that dream vacation are nice, but will likely not happen the way you envision it without a specific timeline. Financial Goals such as having a million dollars in investments by the time you are 50, having enough down payment to buy that 2,500 square foot house in 10 years, or taking the family to Hawaii for Christmas in five years will more likely get done because you have a time set for you to achieve that goal.
Finally, your goals must be measurable. Vague statements like “Get out of debt” or “Vacation more” will not work. What kind of debt do you want to get out of? Where and how often would you like to go on vacation? Measurable goals allow you to be focused on a specific task.
With all this being said here is my family’s long term financial goals. Next week I will expand and talk a little more about each goal
- Stay out of consumer debt
- Invest 15% of our income into retirement accounts
- Pay off the Mortgage by the time we are 40
- Stick to a zero based monthly budget
- Have my wife stay at home with our children full-time
- Continually increase our giving each year
- Start my own business that can support my family
If you would like help in determining and following through on your long-term goals please get in touch with us today and we will be more than glad to walk along side with you through this process.