There are many ways to define financial success, but here in The Prudent Millennial, allow us to define it for you. Financial success is achieving your financial goals with peace and the correct sense of security and right now, I want us to focus on financial goals.
Financial goals are a series of things you wanted to achieve and most of us have set goals at the beginning of 2019. June is here already and how are your goals so far? Are you happy with your progress or are you disappointed that at some point, you feel paralyzed because this isn't what you have imagined your situation is going to be?
Many of us decide to stop checking or thinking about our goals as they are already failing and doesn't want to confront reality. Let me tell you something, THAT. WILL. NOT. HELP. At some point you have to confront your fear of acknowledging your shortcomings so you can properly strategize how to make your situation better in line with your goal and purpose.
Our financial goals directly affect the lives we are living. It determines our purchasing habits, money handling behaviour and basically, the totality of our daily living. It is important to have an ambitious yet, realistic financial goals, it is a must that you know your current needs and anticipate your future needs to determine if your goals will still be relevant when times have progressed. The last thing you want is to put so much effort into something and then you will be surprised you don't need them anymore. Given this information, how do we properly set our financial goals?
Realize
- Realize how much your goals cost. All goals have a price tag and the first step to achieve your financial goal is to know how much they cost.
- Determine whether your financial goal is relevant to your needs and growth according to your current financial life stage. We do not want to work on a goal that will not compliment our lives. You have to know if that goal is truly important or if it is just a want that doesn't really add value to your life.
Evaluate
- Evaluate your current financial situation, can you afford your goal? How much are you earning vs. how much you are spending and if you have money left to fund reaching your goals.
- Evaluate and determine the exact monetary amount you will be needing to get to your goal and how long will the process be.
Plan
- Plan on how you will address the financial shortfall in reaching your goals.
- Do not forget to write them down, remember, what gets written gets done according to one of John Maxwell’s book.
Act
- Follow your game plan and make sure that there is something you can do on a daily basis no matter how small or big it may be to help you move closer towards your goal before you go to bed.
Realizing the reality and the weight of your goals and evaluating its value makes you aware of where you are and how much work needed to get where you want to be. It helps you make an effective game plan to guide your actions on a daily basis. This relieves the anxiety of not seeing the progress you are making. It helps you become more grateful and become a good steward of every resource God has blessed you with.
We will be talking more of the steps on how we can properly set our financial goals on my next blog post.
Sometimes, to do all these, you need help, and if you are one of those people who feel overwhelmed or believes that you need someone to help you put things in the right perspective, just leave us an email at theprudentmillennialph@gmail.com or message us on our facebook page with the link found on this blog.
Thank you so much reading, I hope this adds value to your day.
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