by Doris Dobkins
My Story: Achieving Financial Goals
My Story: Why I Set Goals
Setting Successful Goals
What are your financial goals? Quick! Everyone reading this should be able to state them clearly and precisely within the next 60 seconds. If you can't do that then you've missed the whole boat.
So do you want to be rich? How do you define rich? Do you want a secure retirement? What amount of money equals "secure"? Do you want to enjoy your money now and deal with the future when it gets here or do you want to spend some time now, planning for the future?
Before you can even think about investing, budgeting or personal finance, you must determine your personal financial goals. Why? Because a goal sets the tone for your financial direction and gives you a foundation from which to base your financial decisions.
If your goal is to have no debt (which I define as true "financial freedom") then your plan would focus on paying off your mortgage and all other debts even at the expense of saving for retirement.
If your goal is to be wealthy and have a lot of money at retirement, then you'll probably want to focus on getting rid of unsecured debt, maximizing your retirement contributions and possibly leveraging your assets to increase your net worth.
Where are your values? What are you doing with what you make? What should you be doing now to get where you want to be?
There's no reason to delay starting any longer. If you only have $10 extra a month, that's a start. Whether you invest it or use it towards paying off a bill, that's up to you. There's no rights or wrongs as long as you have a plan and are following it.
Doris Dobkins is a money saving expert, author and speaker and has helped thousands of people find ways to save money and get out of debt.
Take the Next Step
- Are you getting the best CD rate? Use our simple tool to find out. It's completely private, extrememly simple and you'll know what rate is available to you in seconds!
- Compare money market rates with our best rate finder. Don't let your bank pay you less than you deserve. It only takes a minute and your privacy is completely protected.
Trending on TDS
- How to use the home loan comparison calculator
- Taking over your parents' finances
- 8 job hunting myths
- Salary negotiation for the common person
- Managing money during different stages of life
- How a little education could save you money or even make you money
- How investing style changes over your lifetime
- 5 poor ways to save (and how to do better)
- What to do if your credit card rate goes up
- 3 steps to rebuilding an emergency fund
- 5 big bills you can cut fast
- Money-saving secrets of the rich and frugal
- Reduce your debt with this free debt course by The Dollar Stretcher
- Reduce your debt payoff time
- Find a better credit card rate
- Get better savings & MMA rates