Achieving your financial goals

By Lark Ireland

Setting Financial Goals

Financial planning is a skill you should learn and practice. After all, it's something you'll be doing for the rest of your life. If you take the time to do it right the first time, you'll be light years ahead of your peers.

The first step of successful planning is to identify your personal financial goals. The only way you can create a financial plan is by knowing what you're working to achieve. Start with some of your dreams. What are they? How do they compare with the following list of goals:

• Eliminating personal debt. • Building up savings. • Starting an emergency fund. • Purchasing a home. • Investing for retirement. • Traveling. • Paying for long-term care. • Owning a business. • Passing wealth to heirs. • Giving to charity.

Goal-Setting Process

To meet your financial goals, you have to take some necessary steps. Here is a simple goal-setting process that you can follow.

Identify Your Goal: Make a list of all the goals you've identified and prioritize them. What are the things most important to you? What sequence in time are they likely to occur? Are there any competing goals?

List a date for achieving your goal: A goal is only attainable if you set a date for it. Otherwise it's not really a goal, is it? Make sure the date is realistic and corresponds to your goal. "In one year, I will move into my own home" is more realistic than "next week I will become a millionaire" .Unrealistic goals lead to unhealthy expectations.

Write it down: It's hard to remember your goal if you don't have it written down. Put your goal on a sticky-note or piece of paper and place it somewhere where you'll see it everyday - like a refrigerator door. Be specific. Being reminded of your goal will help you stay focused. There is something very powerful about transcribing our thoughts to paper – the magic begins there.

Monitor your progress: You'll never know if you’re attaining your goal if you don't keep track. Monitor your progress every month to see if you are on course. You may have to make periodic adjustments in order to successfully reach your goal. Don't get upset if you have to alter your plan because of small bumps in the road.

Stay focused and determined – your dreams will become your reality!

Lark Ireland is a Personal Coach based in California. Her coaching focuses on inspiring and guiding women to reach their full potential and ideal lifestyle. Her strategy consists of assisting clients in building a strong financial foundation. She also guides them into developing healthy lifestyles and images, peaceful home environments and fulfilling relationships. Lark believes that all women can reach their full potential and ideal lifestyle. Visit her website at www.larkireland.com or contact her at lwireland@yahoo.com



"Reprinted from Zongoo! Finances".