How to Set Your Financial Goals Now And Achieve Them in 2019?


By Michelle Flores / Posted: Dec 20, 2018 / 0 Comments / Posted in News

Set Your Financial Resolutions Now And Achieve Them in 2019

To become financially secure, setting financial goals is a crucial step. Being part of the entire planning process, goal setting plays a pivotal role in the establishment of a financial plan.

The desire to achieve the set 2019 goals lays a solid foundation on being keen on expenditure and savings.

Setting the goals reframes the mind to plan finances and think critically when making financial decisions.

Nathan W. Morris – a personal finance expert and a financial coach on financial freedom, (the owner of the Nathan W. Morris Youtube Channel), points out that, “The speed of your success is limited only by your dedication and what you’re willing to sacrifice.”

 

Why is it Important to set Financial Goals?

Setting financial goals help in sorting out the overall financial picture, plan the taxes and the retirement funds.

“For anybody who walks through the door, if they don’t have some financial goals, if they have failed to plan, it’s like the saying goes, they are probably planning to fail.” – said David Wohlwend (David Wohlwend (Linkedin)), the Vice President of finance and accounting at ModSquad(@modsquad).

  • Plan for the retirement.
  • Plan for emergency occurrences.
  • Adhere to consistent saving pattern.
  • Establish good budgeting habits.

The ones who look ahead and have some concept about what they’re looking to do with their money, the ones who put a plan into motion and establish some good habits, those people are golden.

How to Set Financial Goals?

For proper financial management, goal setting should be very insightful and inclusive.

  • Put time on your side.
  • Start planning and saving early and regularly.
  • Live modestly and don’t touch the money that has been set aside.

Therefore, to determine one’s financial goals, a person should visualize their future, to realize their dreams. After that, they should set aspirations according to their line of future expectations and values.

Tip While setting goals, one should be keen enough, to create a room for the immediate emerging purposes in the course of planning.

Seek Inspiration and Motivation for Consistency

Mostly, many people who are financially conscious will set their financial goals and plan their budgets and investment once and over during the beginning of a new year. However, most financial experts disapprove the “set it and forget it” philosophy.

“I would say it’s a good idea to do a midyear checkup of your finances.” said Nicole Christians (Nicole Christians Linkedin ), an investment advisor at Merrill Lynch, Pierce, Fenner Smith Incorporated (@MerrillLynch).

Some Common Financial Goals You Can Choose From

  • Payoff credit card debt. The interest charges on credit card accounts eat up so much of the cash flow that could be used for other objectives.
  • Design your budget and strictly adhere to it. Avoid doing your budgets skeptically.
  • Be prepared for emergency occurrence by setting emergency funds.
  • Live below your means to encourage savings and discourage debts.
  • Save for retirement. Set aside a specific amount until you get to 65 years.
  • Save for education of your children.
  • Boost your credit score to qualify for loans at a lower interest rate.

Steps to Set And Achieve Financial Goals

  • Be at a position to find your inspiration. This involves taking sufficient time to figure out those things that matter most to your life. Every aspect should be inspected and weighed practically.
  • Examine your current situation. Determine those things that are within your reach, what will take time to be achieved what needs to be part of your long-term strategic plan.
  • Create a budget that is realistic. This budget should be well framed to be able to plug any financial leaks. A budget should, therefore, be realistic, well-sealed, and tough to have leftovers for savings. Be staunch and strict on progress monitoring. “Budgets are focused on debts and expenses, and nobody got rich by focusing on their debts.” said Ric Edelman (@ricedelman), the chairman and co-founder of Edelman Financial Services.
  • Think of SMART, as a goal strategy. Therefore, be certain that your ambitions and goals are Specific, Measurable, Achievable, Relevant and Timely (SMART).
Experts Cited

David Wohlwend Photo

 

David Wohlwend (@davidwohlwend) is a Vice President of Finance and Accounting at ModSquad (@ModSquad) with over four years of experience.

Nicole R. Christians Photo

 

Nicole Christians (Nicole Christians(Linkedin)) is an investment advisor at Merrill Lynch, Pierce, Fenner&Smith Incorporated based in Farmington Hills. She majors at providing holistic, comprehensive, and creative guidance to every aspect of a client’s financial life, and has 18 years experience in the finance industry.

Ric Edelman Photo

 

Ric Eledman (@ricedelman) is the chairman and co-founder of Edelman Financial Services, LLC. He is a certified financial planner and an Award-winning financial advisor who is also the author of eight books on personal finance

Nathan W. Morris Photo

 

Nathan Morris (Nathan W. Morris Youtube Channel) is a personal finance expert and a financial coach on financial freedom.


Works Cited

1 Summit Credit Union “Want to achieve your financial goals? We’ve got 5 tips to make it happen!” https://www.summitcreditunion.com/blog/want-achieve-your-financial-goals-we%E2%80%99ve-got-5-tips-make-it-happen

2 Investopedia “Setting Financial Goals for Your Future” https://www.investopedia.com/articles/personal-finance/100516/setting-financial-goals

My Frs Answers “The Importance of Setting Specific Financial Goals” http://www.myfrsanswers.com/importance-setting-financial-goals/

3 The Morning Sun “Financial Experts advice give yourself a midyear mMoney Checkup” https://www.themorningsun.com/lifestyles/financial-experts-advice-give-yourself-a-midyear-money-checkup/article_b36ca115-1ee4-536e-b3c3-e7ad9001cb75.html

4 Finra “Set Your Financial Goals” http://www.finra.org/investors/set-your-financial-goals

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