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Making Financial Goals Is Not Enough, You Need To Follow Through

By Simon Cooper
February 14, 2022

The concept of accomplishing goals was already taught even to children. The idea that one must triumph over the hurdles that are faced is highly encouraged to be applied in life. As a person gets older, the application of this concept only intensifies. When a certain age is reached, everyone would want to chase success but with the broad and complicated idea of success, it is no wonder why everyone is having a hard time trying to think of how to actually begin.

The first step in achieving that bigger picture of success is strategically planning to accomplish small but significant victories like achieving financial success. While some might argue that the amount of money that is in one’s bank account is not a measure for success, it cannot be denied that finances revolve around money, and it is still a rather significant factor in determining success. Putting it ahead is not selfish but rather smart since you will be prepared for whatever comes.

The Beginning

Setting financial goals is the perfect way of starting your journey. It greatly increases your likelihood of success. But since every beginning takes a giant leap, and that may seem very overwhelming, it will do well to remember to take everything one step at a time.

Step 1: Use a SMART Strategy

The SMART technique criteria is attributed to Peter Ducker’s Management by Objectives dating back to 1954. Today, it is a widely used strategy for different individuals and organizations.

S – Specific

Your goals should be specific otherwise it will not be clear for you were to focus your efforts. An otherwise wayward list may keep you from staying motivated.

When drafting your goals, it is suggested to answer the five W’s:

  • WHAT do I want to accomplish?
  • WHY is this goal important?
  • WHO is involved?
  • WHERE is it located?
  • WHICH resources or limits are involved?

M – Measurable

It is also important to have measurable goals that can help you assess your progress. It will be easier for you to stay on top of your deadlines which in turn motivates you to stay focused throughout the whole process.

A – Achievable

Your goals also need to be attainable to be successful. It is already a challenge for you to overcome so make sure that the objectives remain realistic. When setting an achievable goal, start with identifying missed opportunities or target resources that can be secured in a short period of time.

For you to be able to identify whether your goal is achievable, it must answer the following:

  • How can I accomplish this goal?
  • How realistic is the goal, based on other constraints, such as financial factors?

R – Relevant

This step is about making sure that the goals you have come up with so far, matter to you and that it also aligns with other relevant goals on your list. This will help you retain control over their progress.

To help you further understand, a relevant goal should be able to answer a resounding YES to the following:

  • Does this seem worthwhile?
  • Is this the right time?
  • Does this match our other efforts/needs?
  • Am I the right person to reach this goal?
  • Is it applicable in the current socio-economic environment?

T – Time-bound

Setting a target date enables you to set expectations. The deadline will drive you to take control of your work and to focus on something to work toward. This step helps to prevent everyday tasks from taking priority over your longer-term goals.

A time-bound goal will usually answer these questions:

  • When?
  • What can I do six months from now?
  • What can I do six weeks from now?
  • What can I do today?

Step 2: List down your goals

List down the reasons why you are doing this in the first place. Try to visualize what you want to see and where you want to be in the future. Enumerating your goals will not only give you a clear picture of what to expect but will also show you the progress in terms of achievability.

Keeping track of your goals, whether short, mid, or long-term, will be essential in helping you to stay focused and motivated. This will also help you remember each of the goals you started with as well as the ones you have added while your priorities shift as you undergo more experiences in life. Always remember to focus on what you want to achieve instead of what you want to avoid.

Step 3: Set up your budget

It will be harder for you to predict where you will be headed if you don’t know where you are at the moment. By keeping tabs on your income and expenses you can control and at the same time gain a better understanding of where your money is going.

Step 4: Pay off debts

Obviously you can’t truly move forward with problems still pulling you back. Debts are a major drag on many people’s budget. Getting rid of those payments early on can significantly reduce your spending and make it easier to save and meet your goals and achieve financial freedom.

The Middle

A lot of people believe that starting is the hardest part when in fact it is not as complicated as the next – following through. We often overlook the fact that as times change, our lives also change and that includes our goals. When our goals get harder to achieve we don’t simply abandon it but rather adapt and try to upgrade our solutions or double our hard work so that it will remain attainable and can be accomplished before its deadline.

Accepting that you are headed to a different direction or making significant changes is not a failure. It signifies that you are adapting to the changing environment and that your goals also thrive. Don’t hold on to an outdated goal, rather take it as a sign that heading to a different direction from it is one step closer to success.

The End

Achieving financial success is quite a journey with endless priorities, deadlines, and most dreaded paperwork, but that is why we exist.

At Forward360, it is our mission to help everyday people create and prioritise their financial goals. We have a diverse pool of highly professional financial experts that focus on designing a strategy which will help you set your goals in motion. Our team will help you through unpredicted changes in your wealth creation journey to make sure that all your goals and priorities are up to date. Live a financially carefree lifestyle, sooner. Contact our support team today.

Simon Cooper

Co-Founder, Managing Director, Financial Adviser

Simon is a financial advisor who takes his work seriously. He ensures that all of his clients receive the best possible advice, so that they can reach and exceed their financial goals, both personally and professionally. Simon has been in the business for many years, and has a wealth of experience to share with his clients. He is known for being friendly and approachable, and always puts the needs of his clients first. Simon Cooper is an Authorised Representative of Reedy Capital Pty Ltd (AFSL No. 495539), Authorised Representative Number 1248807 and a financial adviser at Forward360.

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