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.”
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).
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.
For proper financial management, goal setting should be very insightful and inclusive.
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.
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).
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 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 Morris (Nathan W. Morris Youtube Channel) is a personal finance expert and a financial coach on financial freedom.