2019 is right around the corner, which means it’s time to start thinking about what we would like to achieve in the coming year.
Do you have financial goals?
- Save for retirement
- Down payment on a home,
- Build wealth through investment
- Reduce debt
Did you know: more than 77% of American were expected to make a New Year’s resolution for 2018?
The trend is sure to continue as we head into 2019.
When we set goals, it is always with high expectations and good intent.
However, a few months into the year, after the initial motivation is gone, many will struggle to stay on track.
What we are missing is a solid plan of action to guide and motivate us so we stay on the path to achieving our goals.
Here are 3 Tips to Create Financial Goals You’ll Achieve
- Identify What You Want – We often don’t reach our goals because they are not what we want, but what others say we should want. For example, you may feel compelled to focus on boosting your retirement savings because that’s what your peers or colleagues are doing; however, you’re actually more concerned about eliminating your credit card debt or paying off your mortgage. Although it is possible for you to increase your retirement account contribution while you pay off debt, if creating a debt-free lifestyle is your goal, make reducing debt your top priority.
- Assess your financial situation. Once you’ve set your priorities and know what you want to achieve this year, review your complete financial situation. Include your most recent bank, investment, and debt statements and include other financial information you deem important. The objective is to obtain a complete understanding of your income and expenses so you can create realistic financial goals.
- Set SMART Goals. When creating your goals keeps this acronym in mind:
- Specific
- Measurable
- Attainable
- Realistic
- Time-Bound
Each goal should state specific, and written monetary amounts, and a time frame in which you plan to achieve the goal.
When creating financial goals it’s helpful to have professional advice. If you’re looking for a reputable professional, give me a call for a referral.
And as always if you or someone you know is interested in buying or selling contact me below or give me a call at 970-985-8555