Taking charge of your financial future involves setting short-term, mid-term, and long-term financial goals.
In fact, did you know that 83% of people who set financial goals feel better about their financial situation within just 12 months after setting their goals?
Setting financial goals can also help you improve your current financial situation.
And in this article, I’m going to show you how to set financial goals by giving you my top 10 financial goals examples that can help you take control of your finances. What is a Financial Goal?
A financial goal is a milestone you aim to reach by mastering money management . Financial goals can be either short-term, mid-term, or long-term and they typically require you to budget, save more, pay off debt, and invest for retirement.
The more specific and measurable your financial goals, the more likely you will accomplish them.
The unfortunate truth is that today more than ever; Americans need to commit to their personal finance goals so they can better prepare for their future.
The recent pandemic has been a complete disrupter, financially speaking, for most Americans. In fact, 63% of Americans say their personal finances were affected by COVID-19.
Solid financial goals can help you get back on track.
The first step to developing your financial goals is to create a budget with top-tier software programs like You Need A Budget.
Once you’ve created a budget, the next step is to figure out your financial goals.
Below is a list of financial goals that my husband and I developed for ourselves: Live on a minimalist budget
Pay off the mortgage by 35
Retire our parents by age 35
Achieve millionaire status by 35
Travel to 1 new country each year
Build 2 additional side hustles by 30
While we have many additional goals, these are some starter financial goals that you can also take inspiration from. The 3 Types of Financial Goals
There are 3 types of financial goals: Short-term Mid-term Long-term It’s important to understand the difference between each of the three types so that you can start setting short-term, mid-term, and long-term financial goals.Below is a breakdown of the 3 types of financial goals:Here are some short-term financial goals examples: Save for holiday gifts Prepare an estate plan Build an emergency fund Build a net worth statement Short-term goals should be accomplished within 1 year of setting them. Typically, short-term goals are fairly straightforward.Now let’s take a look at some mid-term financial goals examples: Pay off your car Start maxing out your 401k Save for a house down payment Pay off your massive credit card debt Mid-term goals often take a little more time to plan and execute. They also typically require more money than short-term financial goals.Lastly, let’s take a look at some of the long-term financial goals examples: Save for college Save for retirement Build your business Pay off your mortgage Plan for long-term care Review your estate plan Long-term financial goals often require more planning, more money, and more commitment. Often, long-term goals take patience and discipline – and typically it takes time to see progress.Surprisingly, only 30% of Americans have long-term financial goals.It’s critical to have long-term financial goals because these goals help you accomplish lifelong dreams – like retirement, owning a home, or providing for your family’s financial security. Financial Goals: What to Keep in Mind As you start considering which financial goals may best suit you and your situation, you should keep in mind that there is a secret way to build successful financial goals.I call it the SMARTV Plan.If you follow the steps of the SMARTV plan, then you’ll make it much harder for yourself to fail at accomplishing your goals.I’ve personally used the SMARTV plan when it came to building this blog, and it worked wonders. Top 10 Financial Goals Examples Now that you have a rough idea of how to set financial goals, let’s take a look at the top 10 financial goals examples.As you read through these goals, remember to stay: Patient Focused Consistent Even if you don’t see progress within the first few months, continue with your plan, and chances are, you’ll start seeing a difference down the road.Let’s dive right in. 1. Educate Yourself on Basic Financial Literacy If you want to get ahead financially, you have to understand basic money matters.Did you know that Botswana is almost as financially literate as the United States?Clearly, there is a lot of ground that we need to cover.If you want to save money in the […]
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