For most of us, financial success doesn’t happen on its own or overnight. Individuals who achieve financial success often credit their accomplishments to the power of setting goals and making plans that support their vision. Whether your financial dreams are for your business or your family, defining clear goals is a crucial first step towards achieving success and financial prosperity.
How do I set financial goals?
Everyone’s idea of success is unique, so your financial goals will be too. You know better than anyone what you want to achieve financially. Your wealth advisor can then educate you on the best ways to reach those goals. Here are a few tips to get you started on setting your financial goals:
Trust the power of goal setting
Setting goals is a proven method for improving your chances of success, through establishing direction and purpose for your decisions. Although our goals are highly individual, whether you are planning for early-retirement, a big holiday, or starting a business, the power of goal setting can help to set any of these dreams in motion.
Have a defined vision
We all want financial success, therefore it’s essential to clarify what you want to achieve with your improved finances. This clarity helps create a defined set of steps towards your goal, making it more achievable than simply wanting to be financially secure. For example, you might aim to take a holiday overseas next year or purchase a new car. Having a clear goal can be very motivating and increase your chances of success. If your goals focus on financial security, you might set a combination of short-term goals, such as paying off small debts, and long-term goals like planning for retirement. An experienced wealth advisor can help you set realistic and achievable goals to guide you on your way.
Review your goals regularly
In life, our hopes and dreams evolve just like we do. It is not at all a failure if you previously held hopes of saving enough for a house deposit but in the future decide to use those funds to start your own business. Having financial goals is about broadening your options and improving your future, not about being tied to a specific outcome if it no longer serves you.
LBW: Geelong wealth advisors
The team at LBW are experienced in setting financial goals and assisting you to plan for the future. If you are seeking expert assistance from a wealth advisor, we invite you to contact the team at LBW.
