It is important to set goals in order to achieve financial freedom. Without a goal, you cannot know what it is that you want or where you are going. The first step of achieving this goal is setting up a financial goal. This could be as simple as earning $100 more per month than your current income. Once you reach this goal, create new and higher goals so that you can continue the path towards financial freedom!
Remember, it is important to be specific with your goals and make sure that you have a plan of action in order to achieve them. Write these goals down and track your progress so that you can stay on track!
The best way is to set an optimistic, but obtainable goal. Not just any goal, but an exact amount. Down to the penny! Once you have this number, write it down and place it everywhere. Place it in your wallet, on your car dashboard, on your computer screen - the thing is to see this number every day, all day!
Let's do an example of how to find your exact number...
Say your first goal is a small one, but important to you. You want to buy a new smart watch. Let's see what the total cost is. Down to the penny!
Smart Watch: $299
Taxes: $23.92
Total: $322.92
Write $322.92 down everywhere. When you achieve this, buy your watch!
Let's go bigger! Say you want to replace your entire monthly salary so you can quit your job. First, it's not just about replacing your income, it's also about how much you want to earn (more money is always good!). Let's do a simple example below.
Rent: $1,200/mo
Utilities: $125.33/mo
Car Payment: $256.49/mo
Food: $365.55/mo
Entertainment: $300/mo
Money to Save: $500/mo
Total: $2,747.37
Your new goal is $2,747.37 per month. Now, write this number down and put it everywhere.
Studies have shown, if you write down your goals, you are more likely to achieve them. This is especially true when it comes to financial goals. When you write down your goal, you are putting it out there for the world to see. This makes you more accountable for achieving that goal.
Why is writing goals on paper important?
The reason goal setting on paper is so important is that it makes your goals tangible. It's easy to set a goal in your head, but when you write it down, you are more likely to achieve it. Writing down your goals also allows you to track your progress and stay motivated. When you see that you are making progress towards your goal, you will be more likely to stay on track.
Another reason goal setting is so important, it helps to define what you want in life. Without written goals, it's easy to get lost and not know what you're working towards. When you have a specific goal in mind, it's easier to make decisions that will help you achieve that goal.
What is your goal?