It can be an easy trap to fall into, daydreaming about a debt-free life or wishing for wealth. While these are by no means bad desires to have, simply pondering them without action can result in remaining stuck in your cycle of financial toil. When it comes to building wealth and attaining financial freedom, it is essential to set goals and create a plan of action to take in order to achieve them. In fact, wealth will likely not come to you if you are unwilling to put in the effort to plan for it.
Sure, there are few exceptions of individuals inheriting wealth or coming into it by way of immense luck, however, these are just that: exceptions. In reality, you must shift your perspective on your personal finances, determine your wealth-building goals, and have the gall to follow through with the plan you set in place. This is, realistically, the only way to achieve true financial freedom in your future. Let’s dive into this goal-setting process and examine just how to go about determining your wealth-building goals.
Set Attainable Goals
The first step to ensuring success with your wealth-building goals is to make them attainable. While becoming a trillionaire sounds pretty luxurious, it is extremely unlikely to achieve that goal. Instead, set goals that are much more likely to occur in your personal finances. Perhaps paying off debt within a specified timeline, or having a certain amount of money saved up for retirement by a specified age, whatever your goals are, make sure that they are feasible for you and are not so far-fetched that you are not motivated to work towards them at all.
Envision Your Goals
There is true power in envisioning yourself achieving the goals you have set in your wealth-building journey. Envisioning success and the impact this will have on your life can greatly motivate you to put in the effort needed to achieve said success. Contemplate not only the achievement of reaching your goal itself, but also the financial freedom and benefits that come along with that, such as purchases you can make, experiences you can have, and the life you can enjoy.
Measure Your Goals
Another key aspect in wealth-building goals is to ensure they are measurable. This allows you to check how much progress you are making towards these goals, and to have finite proof whether or not these goals are actually feasible. Regularly measuring your progress towards your goals allows you to adjust them as needed.
Adjust Your Goals
Speaking of adjustments, there are some occurrences where the goals you set in the beginning will need altered. Whether you have been working hard, and the goal was simply too lofty to attain, or you have surpassed your goal and need to set a newer, more ambitious one, do not be afraid to adjust your long-term and short-term objectives. Doing so may actually help you achieve more success in the long run.
Simply setting goals and leaving them be is not enough. Your goals cannot be achieved if you are not following through and putting in the necessary effort to reach them. Write your goals down, take note of progress and adjustments made, and continue putting in the work in order to see the outcome.
If you would like assistance with determining your wealth-building goals and figuring out a plan to achieve them, reach out to our team of wealth strategists. ProVision is here to see you succeed in your financial goals, so contact us today!