5 fail-safe steps to setting and achieving personal financial goals | Author: Kalpen Patel | The Capital | June 2021
Hi everyone, thank you for coming back to my blog. I hope you found my last blog interesting and useful, in which I introduced “8 powerful steps to get rid of behavioral finance bias‘.
In this blog, I will describe the steps required so that you can not only set satisfactory personal financial goals, but also fully achieve them so that you can control your own personal life while living a fulfilling life. Finance.
One of the most important keys to living a fulfilling life is knowing where you are going. Having goals that inspire you, inspire you, and push you forward can help you make the most of yourself and experience a life worth living.
This is especially true for your finances. If your financial life is organized and you are moving towards achieving financial goals that support your greatest values and dreams, then you will be happier and more confident.
Use these fail-safe steps to immediately start setting and achieving personal financial goals:
Pick up a pen and paper and sit in a room where you will not be disturbed for about 30 minutes. Write down as many financial dreams and goals as possible as quickly as possible. Let your ideas flow freely on paper without editing or judging them (time will come later).
- When you brainstorm the possibilities, consider the financial difficulties that frustrate you and the financial dreams you have been afraid to pursue. Think about what you would do or dream of if you couldn’t fail.
- When you brainstorm, think about every area of your life. Do you want to be free? Own your own home? Achieve economic independence? Helping relatives with huge financial needs? Give your kids money for college? The possibilities are endless.
After about 30 minutes, you should have a page (or two) full of possibilities for a list of financial goals. Once you do this, start thinking about which of these goals is most important to you.
- Which brings you the most peace of mind?
- Which ones excite you the most?
These are the ones placed at the top of the list.
After you have selected about 3 to 5 financial goals that excite you, create a new page for each goal. Write down the goal at the top of the page, and then list all the reasons you think you can’t achieve this goal. Write down all the challenges that prevent you from achieving this goal.
- Your list of obstacles will provide you with specific next steps to quickly eliminate your fear of failure. Come back to this list later and ask yourself how to overcome these challenges. Who can help you? What resources do you need? What information are you missing? What steps need to be taken next?
- Rather than deny that there are challenges along the way to any worthwhile goal, Meet these challenges by considering them in advance. When you do this, nothing can stop you from achieving the financial goals you set.
One of the easiest ways to significantly increase the excitement, peace, and happiness in your life is to prepare for financial problems. An emergency fund with only one month’s income can get you out of most of the financial stress you are currently feeling, so try to set the income target of the emergency fund at three to six months to make you in a more comfortable position.
- Once you have saved enough money for the emergency fund, please promise to use the money only in real emergency situations. This fund ensures that the train to your financial dreams stays on track. You will be surprised how much time you spend in your day worrying about finances. This is banished along with your emergency fund.
The end result of your exciting financial goals should drive you forward. But it can also make you feel overwhelmed and hinder your progress. instead, Focus on one step at a time Until you reach the financial destiny you were born for.