Financial Goals For Your Family

3 Steps to Achieving Financial Goals For Your Family

If you are a parent, do you agree that financial planning and budgeting has become part and parcel of your family life?

In my coaching workshop for parents, almost everyone has told me that it becomes more expensive to live in Singapore. Food prices have gone up. Public transport is no longer cheap. Petrol prices never go down. If you are not familiar with the economic conditions in Singapore, the inflation rate was 5.4% in April 2012. I know having a family in Singapore is full of challenges.

Apart from sharing with my participants how to manage their family finances, I also work with them on how to set their family financial goals. Here is an interesting observation. Some parents shared with me that they did not have any financial goals because their household income had always been close to their household expenses. With little saving, they found it a waste of time to set any financial goals. In my opinion, this mindset should be changed because whether a family should have any financial goal should not depend on how much saving the family has. Instead, it is the financial goal that helps to determine how much household income is required and how much the family can afford to spend. Accordingly, setting financial goals is important for all families. In this article, I am going to share with you 3 steps to help you to set the financial goals for your family.

Step 1: Create a vision for success in achieving goals

In setting any financial goals, I feel that it is important for us to create our vision as to how it is like when we achieve these goals. Suppose one of your goals is to create a monthly passive income of $10,000 for your family. You can visualise how you and other family members feel when this goal is achieved. Are all of you excited? Do you see anyone in this picture? If so, what do they say to you?

You may wonder why this is important. To me, there is a saying that “success breads success”. We have to allow our mind to enjoy the success before it knows why it is important to achieve a particular goal. Do not underestimate the power of visualisation in this goal-setting exercise.

Step 2: Breakdown the goal into different milestones

From my experience, some parents do have a few financial goals in their mind. For the purpose of this article, let’s say one of them is to accumulate $1 million worth of assets. Here is the challenge. They do not know what to do next. How many of you know what I am talking about?

Here is what I suggest – breakdown the goal into different milestones so that it becomes more realistic and psychologically easier to achieve. Using the above example, if we need to accumulate $1 million worth of assets within the next 5 years, this means that we have to accumulate $200,000 each year on the average or around $16,600 each month.

Which is easier to achieve – $16,600 each month or $1 million in 5 years? Psychologically speaking, our mind will find a monthly target of $16,600 to be easier to achieve. I hope you get my point.

By the way, if you agree with me that success breads success, make sure you celebrate whenever you achieve a milestone. Your inner voice may say to you that it is pointless to celebrate small wins. I urge you to get rid of your inner voice. Celebration creates a positive impact on our mind. Therefore, even if it is a small win, celebrate the success with your family.

Step 3: Prepare that the result is not what you expect

Is it true that you will certainly achieve your goal by taking massive action? Unfortunately, the answer is no. It is possible that the result is not what you originally expected. The question is how you would respond in such cases. Do you say to yourself “I give up because it is a total waste of time”?

Here is one thing I have learnt from my mentors. There are always two outcomes for each action we take. It is not “win or lose” but “win or learn”. If we achieve the result we wanted, that is good and we should celebrate. If not, it is time to evaluate what is working and what is not and what is the lesson we have learnt. It is also the feedback time and therefore, you should speak to your coach if you have one. You could have blind spots and your coach would be in a better position to identify them for you. Change your strategy and continue taking massive action.

Setting Financial Goals

Setting Financial Goals – Part 1

Setting goals is difficult enough without adding the word finance in the mix. Many people are reluctant to tackle the task of determining financial goals. Unfortunately failing to do so can have an adverse effect on achieving a comfortable lifestyle later on in life. This article helps to guide you in successfully determining financial goals that you can actually achieve.

Before setting your financial goals there are 3 simple rules that must be followed. You will first need to learn to how effectively control your day-to-day financial affairs. Consistently doing this will allow you to do the things in life that bring you satisfaction and enjoyment. This is commonly referred to as making a budget. The next requirement is to choose a course of action that you can follow to financial success. Finally you must build a financial safety net such as a personal savings account or retirement investment.

Simple Steps To Setting Financial Goals

Step 1 – Identify and write down your financial goals. This will help you visualize your dreams and desires in the form of goals. This can include saving to send your children to college, buying a new car, saving for a down payment on a house, going on vacation, paying off high interest credit card debt, or planning for your retirement.

Step 2 – Take the time to break down your financial goals into several smaller more manageable time driven steps. These include short-term (less than 1 year), medium-term (1 to 3 years) and long-term (5 years or more) goals. Doing this simple task will make your goal setting process easier and more attainable.

Step 3 – Educate, Educate, Educate – Spend some time doing your research on financial topics. Read magazines and books on finance related subjects such as investing. Surf the Internet’s for investment web sites and don’t be afraid to learn about the stock market.

Step 4 – Periodically check your progress through a self-evaluation. You’ll want to check your progress monthly, quarterly, or at any other interval you feel comfortable with, but at least semi-annually, in order to confirm that your program is working. If you’re not making a satisfactory amount of progress on a particular goal, re-evaluate your approach and make changes as necessary.

Remember there are no hard and fast rules for implementing a financial plan. It is okay to dare to dream about riches, just be realistic about what you can actually do. When you write your goals down for your visualization process you will identify any that seem unobtainable and quickly see the more realistic goals that will lead you to financial success. The important thing is to at least do something as opposed to nothing, and to start NOW.

Financial Goal

3 Keys to Reaching Your Financial Goal

I don’t know you, but for me this week between Christmas and New Years Eve is the week that I solidify my goals for the New Year. As always, I balance my goals and so set them in all areas to maximize my growth as a person and as a professional. I have goals for health that include diet and exercise; goals for my career that include income and professional growth; goals for creative expression that include writing and photography; goals for relaxation that include travel and leisure, etc.

When it comes to setting and reaching these goals, I have found that there is a simple yet crucial 3 step process that virtually assures that I reach any goal. I’m going to lay it out here as it applies to a financial goal, but realize that this method applies to the success of reaching ANY goal. Here’s what you do:

Key #1: The first step is to be absolutely precise on the desired goal. For example, it isn’t enough for your financial goal to be to “earn more money than last year.” If you earn $1.50 more in 2011, then you will have reached your goal!

Instead, you need to know the exact amount. In determining that number, I always look at each month, factor in vacations, holidays, projects, etc., and then I add up each month and come up with an EXACT figure.

Once I have that, I break it down again per month and write each month’s specific dollar goal everywhere so I’m looking at it each day of that month. I post it on my desk, in my car, in the bathroom; I know exactly what it is each and every day.

I also adjust it per my production for that day so it is a fluid and ever changing number. Sometimes it gets bigger as the week goes on, and sometimes it gets smaller (depending on my production each day). But the point is that it is specific and exact and I’m always aware of what my daily, monthly and yearly, specific dollar amount goal is for each and every day.

That’s key number one.

Key #2: The next specific thing to be aware of is where each dollar of your yearly financial goal is going to go. Ask yourself: “What am I going to do with all the money I’m going to earn this year?” How much are you going to save by the end of the year? How much debt are you going to pay off? Are you going to buy a new car? Pay for your kid’s education? How much do you have budgeted for vacation? How about taxes? How about retirement?

These are just some of the questions you need to get in the habit of asking yourself at the start of the year, and you need to be completely clear on exactly where each dollar is going and where you’re going to be financially by the end of the year. Having this kind of clarity and purpose help keep you focused and disciplined, and it has a magical effect on how the Universe helps you accomplish your specific financial goal.

Now I know things come up, but when you have every dollar accounted for, you’ll be amazed at how you can earn extra money to handle the unexpected. That’s just how it works. But I have found that when I’m crystal clear on how much I’m going to earn and what I’m going to accomplish as a result of it, my focus is razor sharp and I remained motivated each and every day.

In addition, when you know why you’re working so hard and what for, you’re ready to put key number three into effect:

Key #3: Once you are clear on your exact financial goal and know what you are going to get as a result of it, you can now practice one of the most important parts of any goal accomplishment: acting as if you’ve already attained your goal. If you’ve ever read any book on the Law of Attraction, then you know all about the importance of accepting and believing on a subconscious level that you already have what it is you’re trying to accomplish.

The Law is simple: the Universe responds to what you feel and believe to be true. If you think you’re broke or that your territory is poor or that you can’t do something, then you’ll find evidence to support your belief and you’ll act (or not act!) accordingly. If you believe the opposite, then you’ll find a way to keep taking actions to accomplish what you believe is possible, and the Universe will provide you with the opportunities to confirm what you believe.

But the key is to believe it has already happened. By acting as if you are already the top producer at your company, or by going to sleep at night already feeling the feelings of having accomplished your goal, you’re acting like a magnet for the success you’ve already determined is yours.

By acting as if you’ve accomplished your goal, you’ll automatically and easily take the actions necessary to achieve them. Suddenly it will be “like you” to come in earlier, to make more calls, to qualify better, etc. I have found that acting as if is one of the most important things I have done to catapult me into new earning levels and “being states”.

And I have found that it ALWAYS works. Whether I believe I will or I won’t, I’m always right.

There are lots of ways to achieve the

Through Financial Goals

Find Prosperity Through Financial Goals

There is a quote by an anonymous writer that says, “Goals are as essential to success as air is to life.” This statement is especially relevant to financial success and how it relates to financial goals. The way to succeed financially is to frequently set and accomplish personal finance goals.

The problem is when most people hear or read the words ‘personal finance’, their eyes glaze over and they immediately begin to think about something more interesting…like what’s the function of their keyboard’s scroll lock button? But, the reality is that learning how to make the most of your finances is really pretty easy and that just a little bit of attention can go a long way.

Where Are You Financially?

It is hard to get somewhere if you don’t know where you are in the first place. And with personal finance, it’s just as difficult to set financial goals for the future, if you don’t know where your finances are currently.

The best way to measure your financial standing is to figure out your personal net worth. Personal net worth is basically your personal finance bottom line. After taking into account all of your assets and all of your liabilities, what you end up with is considered your personal net worth.

The Four Types of Personal Finance Goals

As you figure out your personal net worth, ideas for goals will begin to develop, write any of these down on a piece paper and then refer to them later when you are goal setting. There are four classifications for financial goals–the time limit you set to accomplish the goal will determine what type of goal it is.

Short-Term Personal Finance Goals

These goals typically take less than one year to complete. These goals are usually extremely important, as many of your bigger goals will depend on your success with these short-term goals. These goals are also important because they build moral and increase your financial confidence–suddenly the larger goals don’t seem so impossible. Short-term goals might include reading a finance book, beginning to track your finances with personal finance software or even paying off a credit card.

Mid-Term Personal Finance Goals

These goals should take less than five years to complete. These goals can relate to your short-term goals (i.e. a short-term goal may be paying off your Visa card and a mid-term goal is to have all of your credit cards paid off). Mid-term goals, as well as your larger goals, need to be tracked closely as procrastination can often make mid-term personal finance goals very hard to accomplish.

Mid-long-Term Personal Finance Goals

These goals should take anywhere from five to 15 years to accomplish. There are people who have become totally debt-free from perusing a mid-long term goal. These goals sometimes evolve or change completely depending on life’s priorities.

Long-Term Personal Finance Goals

Long-tem personal finance goals may take sixteen years to a lifetime to accomplish. These are goals that deal with your retirement and leaving an inheritance for your children. Many people set long-term personal finance goals to have a personal net worth of ‘X’ amount of dollars by a certain age. Long-term goals also change and evolve as people grow and their priorities in life change. You should review and evaluate your long-term financial goals at least once a year–maybe when you do your taxes.

Reward yourself for completing financial goals–smaller goals may be associated with smaller awards, while the completion of larger goals may be rewarded with a family vacation.

Speaking of family, involve your spouse and your kids (if applicable) in your financial goals. They will provide motivation and some financial goals will involve the entire family’s help to obtain.

Personal Finance Prosperity

Prosperity is a word that is defined by the person who is uses it. One person may not consider themself prosperous until they reach millionaire status, while another person may prosper because they provide their family with simple home that’s completely paid for.

While making financial goals, it’s a good idea to take some time and think about what you want in life–what will make you prosperous. Once this has been determined, set goals that will help you achieve prosperity–best of luck.

Setting Financial Goals

Setting Financial Goals – 6 Sure-Fire Ways to Help You With Setting Your Financial Goals!

Do you have financial dreams or do you have financial goals? What’s the difference?

It has been said that while these two may sound like the same thing, they’re actually not the same. A financial dream is something you hope for; while a financial goal is something you’ve planned for and prepared for, and are committed to executing until achieved. See the difference? It is your planning – not the hoping – that turns your financial desires into your financial reality.

So, what exactly does a financial goal look like?

Essentially, a financial goal is a guide or map if you will. A well-structured goal will consist of, but is not limited to, the following:

A clear definition of what you plan to accomplish
A basic understanding of what resources you’ll need to make it happen
A written time frame for which you’ll need to make it happen and,
A simple outlook on how you plan to make your goal fit into your overall budget and life

Follow these 6 easy steps to get going.

1. Make a List of Your Financial Goals.

Categorize them as short-term, mid-term and, long-term. Your short-term goals for example, can be achieved between 6 months and 1 year. To achieve your mid-term and long-term goals will take 1 to 3 or 5 years and 3 or 5 to ten years respectively.

2. Calculate The Cost of Each Goal.

Each goal comes with a price tag (figuratively speaking). When we commit to a goal generally there is a sacrificial cost meaning, you’re probably going to have to give up some things to realize your goal. Most goals worth achieving usually come with sacrifices. Weigh your options and be prepared to give some things up for the realization of the goals you committed to. Do your best to estimate each one.

3. Set a Date.

A goal without a deadline is not a goal. Any intention without a desired completion date is just a dream and we’ve already determined that you’re not a “dreamer” but a “doer”. Come up with target dates for each goal listed and work your butt off to achieve them!

Now that we have some targeted goals, we can move into creating a plan.

4. Begin by looking at the “price tag” of each goal and how many weeks or months until your target date.

5. You can now determine how much money needs to be saved or generated each week or month for that specific financial goal by working in reverse from the completion date.

6. With this information you can now compare your goal to your current budget and make adjustments as needed.

Some final thoughts and things to keep in mind while setting your financial goals:

*Make sure your goals have some real value and meaning to you. If your goal doesn’t excite you, it will make it that much harder to achieve.

*Make your goals realistic… to you and only you. Only you know your situation and budget. Be willing to stretch yourself however, while your financial goals should stretch you as a person, it should not overwhelm you.

*Lastly, don’t throw in the towel and give up. Things will come up in life to throw you off track because that’s what life does. Don’t be so hasty to call it quits. Address the unexpected happenstance, and reset your target date and go. Aim for the feeling of satisfaction you will receive once you’ve reached the finish line!

Financial Goals the Right Way

Setting and Achieving Your Financial Goals the Right Way

Your ability to set goals is the master skill of success. Goals unlock your positive mind and release ideas and energy for goal attainment. Without goals, you simply drift and flow on the currents of life. With goals, you fly like an arrow, straight and true to your target.-From the Book ‘GOALS! By Brian Tracy

Frankly, have you set financial goals to achieve? Financial goals differ from one individual to another. Perhaps it is because they depend on the available resources, the wants of an individual and other factors. Many people unknowingly set too high goals which eventually lead to failure and disappointments. There is a way you can set your goals to avoid failure and being disappointed.

Four Tips for Achieving Financial Goals

1.) Measure Your Goals: This helps you to evaluate progress and make changes with the aim of attaining your goal. Specify details like the total amount you want, your sources of income, the amount you’ll be saving each month etc. Always specify things that can be measured so that you know how you’ll achieve your financial goals.

2.) Make them Realistic and Attainable: Your financial goals must be realistic and attainable. Make sure that they’re attainable. Some individuals set their goals that are simply impossible to reach. Also make sure that each of your goals can be attained within a specified period. Take into account your current resources. You’re able to achieve some of your goals faster than others.

3.) Be Specific: Your financial goals should be specific. This lets you know which stage you’re currently in. Many people want to be promoted so that they pocket huge salaries, get rich quickly etc but these are vague goals. It is possible for your mind to become confused about what you want to achieve but try as much as possible to be specific while setting your goals.

When you describe your goals in a general way, your descriptions usually do not have boundaries and there is always room for compromise. Being specific means you need to include all the details. For example, write down something like, “I want to make one million dollars by the end of October this year.”

4.) Set Timelines and Deadlines: You’ll never succeed if you don’t set deadlines for achieving your goals. Specifying the date makes you work hard instead of putting off your goal to some other time. Some of the goals might take several years to achieve. It is smart to breakdown these long-term financial goals into a series of smaller objectives with deadlines. You’ll be able to complete everything in the proper sequence and eventually attain the long-term financial goal.