Set your (money) goals!
I can write until the cows come home about financial strategy. I can talk until I’m blue in the face about building wealth. These things are all well and good, but the real question is, how do they relate to your money and your life? Ultimately, what do you want to achieve?
Grab a pen and paper, let’s do a little exercise:
Start with your vision
Close your eyes and imagine: if you had a magic wand and could make anything wish come true, what would your life be like? Where would you be? Who would you be with? What would you be doing? What kind of skills would you have? Would you work for yourself or someone else? What would your job look like? Really dig deep into your ideal life. Your life without limits.
Write out your goals
I learned a brilliant way of looking at goals from my coach, Diane. She starts every goal setting session by asking, what do you want to celebrate in 1 year? How about 5 years from now? What do you want to be popping bottles and smiling all the way to the bank about?
Read through your vision again. That will be your life in 5 years. What would have to happen to get you there? Starting with your vision, write out the top 2-3 things you want to celebrate in each area of your life for the next 5, 3 and 1 years. The areas I set goals in are personal, financial, health and career.
For example, here’s a 1 year goal that scares me but might be possible: “The Money Edit has 1000 email subscribers by December 2018”. Write it as if it’s happening now. Immediately I realize I can add a subscribe pop-up window to the homepage. I can ask 10 friends to send out my blog via social media. By declaring this tangible goal, my mind gets to work to make it happen!
What do you want to achieve with your money in the next year?
Take an honest look at your money. When you calculate your net worth, how much debt do you have? What can you do in the next day, month or year to reduce the amount of money you owe? Write out one tangible & timely goal around debt. For example: “I make $12,000 on Air bnb in 2018 and apply $10,000 to my mortgage”.
Maybe you have a savings goal. Maybe you have an investing goal. Hopefully both!
What are you going to accomplish this month to move forward in achieving what you want for your life? I want to hear about it in the comments below or by email. For me, there’s nothing more exciting than working toward our goals 🙂
This post first appeared on themoneyedit.org by Lady Investor Kaila Pilecki.