How To Set Strong Long Term Financial Goals

We all have dreams and ambitions. Some of us want to live a comfortable lifestyle, and don’t really desire loads of wealth. Others want to be highly successful and give away money like never seen before. There are advantages of both approaches, and whatever your desire, you’re sure to find a few tips in this article for setting long term goals that exceed your expectations. If you could do anything . . . One of the best ways to determine the goals you should aim for is to ask yourself: “If I could do anything, what would I like to do?” I can hear you screaming “VACATION!” right about now. Understandable. But how do you get to go on vacation? By saving! Not only in the short term, but saving in the long term (also called retirement savings). Try this: make a list of some of your ambitions and desires. What is it that you want to do in life and finances? Where do you want to be in the future? It’s all about projects. Long term goals almost always have to do with projects in that in order to reach them there are several steps you must first take. For example, in order to pay off all your debt, you must first make a list of your debts (try using the Debt Snowball method). Working your way through the individual steps will help you reach your end goal, and complete the project in front of you. Sometimes well-intentioned individuals write down a project as if it is to be completed in one step. For example, they might write on their to do list: “Save for retirement,” when what they really should do first is “Find a financial advisor.” Think about what the very next action should be, and write that down first. You’ll be more likely to get started on your project and make the progress you so desperately need! When you’re not sure where to start . . . There are several elements to a wise long term financial plan . These are some components that nobody should be without. Some of these will take time to implement, others can be started right away. Emergency Fund: I can’t tell you how many times our emergency fund has saved us from going into debt. Just imagine all the interest we saved by not going into debt because we had money in the bank to cover our emergencies! Monthly Budget: This is foundational. It will take a while to get the hang of making a monthly budget, but you’ll be better positioned once you do to make sound investments and eliminate your debt. Widespread Insurance: Insurance is so important. Who knows what storms are coming your way? Don’t forget some crucial pieces of insurance such as homeowners insurance, auto insurance , health insurance , identity theft protection and life insurance . Strong Income: Your income is what makes it all happen. Your dreams could be shattered if you flip burgers your entire life. Don’t become a victim of low pay! Debt Elimination: As you pay off your debt, you’ll break through the chains and have more of your money freed up to use as you please! Sound Investments: Investing should be a high priority for anyone who cares about their future long term goals. You’ll be able to multiply your money if you’re wise with it. Unconditional Contentment: While you’re going through your journey, don’t forget to practice contentment. It doesn’t always come easy, but it will help you spend less and live a healthier lifestyle. Joyful Giving: Whose money is it anyway? It’s God’s. Keep money in perspective by giving some of it away. It feels good, trust me! Transparent Communication: Married? You’re going to need to stay on the same page. Have some transparent communication and make sure you share with your spouse all of your future ambitions. So, what are some of your future goals? How do you intend to get there? Meet us in the comments! Related Articles: 3 Things to Overcome to Reach Your Financial Goals Reaching Financial Goals: How To Appropriately Prioritize How to budget for people who don’t want to 7 Ways To Get Serious About Personal Finance Financial Checklist For 2011 Financial Projections: Where Will You Be In 5 Years? John Frainee is a personal finance writer at TheChristianDollar.com . His goal is to provide biblical financial principles that encourage people to live healthier lives. Beyond personal finance, John enjoys spending time with his wife and two crazy cats, playing a competitive game of Monopoly, and reading just about anything he can get his hands on. You can also find him on Twitter and Facebook . The articles on this site are for entertainment purposes and should not be taken as financial advice. Please contact a financial professional for specific advice regarding your situation. Also, many of the CPF articles help us pay the bills by using affiliate relationships with Amazon, Google, eBay and others. Find out more here .

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How To Set Strong Long Term Financial Goals

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