How to Create Wealth Goals?
Wealth is a choice and you alone will decide what you want and how you will achieve it. When you set goals, you are proactively selecting a path with self responsibility and playing an active role in your destiny. If you don’t set goals, then you are betting on your luck to provide for your needs. Goal setting is important, particularly, if you want to achieve something extraordinary. It gives you direction and momentum. Without goals your life is like a sailboat without a rudder, you have no control where it goes.
So are you setting goals and reviewing them? If no, then read the following steps that can help you in your goal setting process.
Types of wealth goals:
There are mainly three types of wealth goals.
- Lifestyle or rainy day funds to accomplish certain goals such as a sports car
- Life events such as school fees, paying the cost for studying abroad, paying for marriage
- Property purchase or retirement planning over the very long term.
How you perceive wealth?
Everyone has their own perception about “wealth”. Some people believe that health is wealth, some say wealth means if you have $5 Millions in your bank account, some are wealthy in terms of having prosperous relations, peace of mind and a calm lifestyle blah blah blah…! But in actual wealth is much more than just money, it is a lot of things. Wealth depends on who you are, what your interest are and where you are in your life. In order to be truly wealthy – you need to first change your perception about wealth.
Envision your goals
One of the most important step of goal setting is to identify the things that motivate us emotionally. Spend some time to think about the things that you always wanted and prioritize them. Make sure that these are your goals not someone else and not what you think you should want.
Set Measurable goals
There are two important factors to make a wealth goal measurable and achievable:
- Set deadline with each of your goals
- Reduce your goals to a monetary amount
Once you have set your goals, you now begin your efforts to achieve them. Some goals are short term while some are long term. But how you are going to do that? What is your next step? Well, we make this thing more simple for you – just divide and conquer. Such as categorize your goals in the short term or long term goals and start approaching them.
Put your goals in writing
Whenever you attempt to set your financial goals – it is preferred to keep it in writing. Once you have materialized everything – you can keep them somewhere you can see it daily like post them on your wall or mobile phone. It will also motivate you and keep you focused towards your goals.
Where to Now?
Creating your wealth goal is step one, implementing the goals into your life is the next step. One way can be creating smaller goals and daily habits, which will help you each day move towards your main wealth goals.
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