Importance of setting financial goals and targets
Most of us have never set a financial goal and focused on achieving that over an extended period of time.
Especially when it comes to paying off a traditional home loan over a 30 year period! Whenever we don’t have a financial goal or target, we as humans ‘drift’ along financially.
The facts are that no one in school, high school or uni taught us how to set financial goals. We have all set weight loss goals, but very rarely set financial goals.
We are here to help you track your savings rate (% of your income you save each month) – one idea is you can set a goal to achieve a saving rate of 15% each month or year.
We help track your surplus cashflow every month – you can set a monthly surplus cashflow goal of $1,250 per month as an example.
You should also set a financial goal on how much you want to pay off your home loan in 12 months, your wealth coach can keep you accountable to this!
The faster you pay off your home loan, the quicker you can retire. So start setting goals and targets financially. Write these down.
When you achieve any financial goal, make sure you celebrate your WIN – go away for a weekend, book a night out and a dinner with the family, go see a movie in Gold Class…!
That means everyone in the family buys into the financial goal as they’ll be enjoying the reward when the family hits that goal.
I think you should know your numbers. Just like you know your body weight, you should also know your ‘financial weight’.
Your net worth, your surplus cashflow and your equity position are all numbers which you should be looking at every 90 days.
We’re here to help track your financial weight so that you can see what’s possible for you! If you have goals this year that you’re keen to achieve please contact your Wealth Coach to put a plan in place, because if you don’t write it down and create a plan it’s just a wish that may never happen! Let us help you bring it to reality.
Love and Gratitude, Scott Parry