Goal setting is critical for success and that is no different when it comes to financial freedom.
A carefully crafted game plan is your ticket to financial independence. Working together with your spouse is critical to ensuring the success of the plan. Financial goal setting, whether personal, business, or both, helps to set the scope and a starting point for your financial independence. Good short-term goals will fuel motivation and create action. Long-term goals will help you realize a vision and help paint the big picture. When you start to see yourself reach your goals, it becomes reality.
First step – really assess what is important to you, your business, and your family. You should be thinking about what your priorities are; must haves and non-negotiable items. Finding a common ground with your spouse, if there are disagreements, is the best outcome. In most cases, the real solutions can be found by reevaluating your lifestyle spending. The next step, which often people forget about, is to write your goals down. Writing allows your brain to visually recognize these goals and commit them to memory. Getting it down in writing makes it real. Next, and this is a scary one, you must tell someone. Telling someone enables them to hold you accountable for your actions.
Find a financial partner that you trust. Someone who can coach you, demonstrate how to set financial goals, and devise a plan on how to reach your goals. Over time, you will start to see these things come to fruition; your newborn graduating college, your starter home eventually becoming the home you want to raise your family in and retire in. Many don’t see retirement as a possibility, often lacking the financial freedom to live out their retirement in their preferred manner. Partnering with a financial coach helps your future financial freedom become real.
Finally, address what your personal mission statement is. Ask yourself, why is it important to set financial goals? The personal mission statement includes goals that identify what you want to achieve in your life, family, work and career. Go deeper on this. Allow yourself to intimately look at what makes you happy and what brings you joy. This could be doing something wonderful for someone daily, helping an individual through their own struggles, or donating to charity. Whatever those things might be, you get to define them, as they are an integral part of your personal mission statement.