Setting Goals for Financial Success
Author: Mata Paul.
Wealth doesn't come by accident. Money can, but true wealth that lasts over the course of a lifetime is something that can be both built and preserved; it is a proven process, and one that doesn't just "happen." With this proven methodology, the single most important factor in success comes down to our behaviors. This is why financial professionals spend time understanding their clients' behavioral investment profile and then setting goals to shift them into the right direction.
When it comes to reliably growing wealth, the discovery of values, creating a clear vision of what you want, and setting goals that will help you reach your desired endpoint are all important. This endpoint may be a particular sum, a life plan or a dream for an early retirement, but setting a goal is the first step in the wealth management framework.
Setting Goals
That's easy enough to say, but many Americans struggle with actually setting financial goals. To start, it is a good idea to set specific goals that are (a) specific, (b) measurable, (c) attainable, (d) realistic, (e) time-bound, and most importantly (f) written. These can include items like paying for a child to go to college, or paying off a mortgage early.
Next, break down the goals that you've set for yourself into short, medium and long term so that you have a basic idea of the time-line for each one. Once you've written your goals down, you'll start to see a pattern emerge - this pattern can help you identify your values.
Why Your Values Matter
Value Discovery is essential in the process of wealth creation for a reason, since it's what you value that will ultimately direct your financial growth activities. If you set goals that are not in line with your values, you will more than likely not reach them due to low or inconsistent motivation levels. They will be left, forgotten and your chance at wealth may pass you by. Getting your values in line with your financial goals is crucial to creating realistic strategies that will help you stay the course over the long term.
Why Goals Matter
Simply saying that you will "save money" isn't enough. This is something you've likely heard from your financial advisor many times, and creating concrete goals is something that a financial planning expert can help you with. A team that you trust, one that has experience in the wealth industry, can help you set goals that are not only reasonable, but that you will also stick with over the long term
How to Get Goals Moving
Once you've set your goals, it's important to put them into action, and this can be done in a number of ways.
First, eliminate any perceived ambiguity from your goals. Make sure they are clear and focused. Next, reinforce the strengths that you have, and focus on the opportunities that are presented. These last two can often be difficult to see on your own, and having a trusted financial advisor can help in both identifying your own strengths and seeing how they can be refined into viable goals.
What Might Keep You Blocked
Procrastination, fear and neglect are the most common causes for goals not being reached since once a plan is set, it is easy to put it off for a "better time." The fear of failing, of ending up worse than when you started is also very strong, and often you won't be able to ensure goals are reached on your own. Having a good support system – family, friends and a wealth management advisor – can help to push you over the obstacles by making sure you don't limit your possibilities due to passiveness.
What You Need to Do to Succeed
There are two keys to personal success in your financial goals: Accountability and education. Ultimately, you are responsible for what happens to your finances, and must embrace that fact that you need to take ownership of your goals. You must also commit to learning about your own financial situation over time, and become savvy about what goals are performing, and which ones need to be adjusted. Many people never reach their goals in life simply because they hid from the challenge by putting their head in the sand like an ostrich.
Don't Goal It Alone
The number of financial advisors in the country is on the rise, according to the US Department of Labor, as more and more people seek out qualified advice. Not all advisors are created equal – seeking those that can offer you a partnership based on having an in-depth understanding of your values, mutual respect and solid advice can be worth their weight in gold.
Goal setting and following an action plan is a key component in lifelong wealth generation as well as having a process in place that includes value recognition and a strategy to keep goals updated and moving forward over time.
Article Source: http://www.articlesbase.com/wealth-building-articles/setting-goals-for-financial-success-5190168.html
About the AuthorPaul Mata is the author of this article on financial planning. Find more information, about wealth management here
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