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have you reached your financial goal?
Hello I am wondering have you reached where you had initially planned to be in your financial goal? And what are some tips on how to accomplish it? #money
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5 answers
Updated
Mohammad’s Answer
One thing about money everyone needs to understand is that you'll never have enough. Give a person a valley of gold and they'll ask for another.
Inherently, you'll always want more and you'll always want to be better than you were - that's how you grow. It's important to set large goals and smaller goals along the way to help nudge you to those larger ones.
I think financial literacy is one of the biggest issues here in the USA so it's good you're asking the question. The best thing you can do is set a budget and stick to it. Its not about how much money you make but how much of it you keep.
Surround yourself with people who have the same or similar mindset as you AND get a mentor who is where you want to be. They will steer you in the right direction and keep you there.
Keep separate bank accounts so you cant overspend - say you make 4000 a month. Put 3000 away in your bill paying account and 1000 for your investments. Automate that from your direct deposit. With that 3000, make sure you have a bit of buffer built in your budget so you can have some breathing room every month. Doing this will also help mitigate lifestyle creep because the only amount that should change as you make more money should be the amount you're investing because your expenses are staying the same.
Make sure to revisit your plan at least 1-2x/year to make sure it works for you and you're on track.
Ultimately, you have to do what works for you otherwise you won't do it.
Build a budget
Automate a bill paying account and an investing account
Save 3-6 months of living expenses
Don't let your expenses grow as your income grows
Watch your money grow
Inherently, you'll always want more and you'll always want to be better than you were - that's how you grow. It's important to set large goals and smaller goals along the way to help nudge you to those larger ones.
I think financial literacy is one of the biggest issues here in the USA so it's good you're asking the question. The best thing you can do is set a budget and stick to it. Its not about how much money you make but how much of it you keep.
Surround yourself with people who have the same or similar mindset as you AND get a mentor who is where you want to be. They will steer you in the right direction and keep you there.
Keep separate bank accounts so you cant overspend - say you make 4000 a month. Put 3000 away in your bill paying account and 1000 for your investments. Automate that from your direct deposit. With that 3000, make sure you have a bit of buffer built in your budget so you can have some breathing room every month. Doing this will also help mitigate lifestyle creep because the only amount that should change as you make more money should be the amount you're investing because your expenses are staying the same.
Make sure to revisit your plan at least 1-2x/year to make sure it works for you and you're on track.
Ultimately, you have to do what works for you otherwise you won't do it.
Mohammad recommends the following next steps:
Updated
Tidjan’s Answer
When it comes to my initial financial goals I'd say I have completed them. Things such as setting up sub accounts, saving for small emergencies and optimizing credit card use. I am stilling working on more long terms set goals such as saving enough for 3 - 6 months of emergencies. When it comes to achieving your financial goals there are a variety of thing to consider.
1. Keep track of everything you can. How much money you make? How frequently you are paid? What are your expenses?
2. Feel free to look at what financial experts recommend. I took a course on investing to get my feet wet on the topic.
3. Utilize benefits your employer may have if any such as matching deposits for retirement.
1. Keep track of everything you can. How much money you make? How frequently you are paid? What are your expenses?
2. Feel free to look at what financial experts recommend. I took a course on investing to get my feet wet on the topic.
3. Utilize benefits your employer may have if any such as matching deposits for retirement.
Updated
Rawa’s Answer
I am content with what I have achieved so far from a financial perspective, but its natural that humans continue to demand for more. The more you achieve, the bigger your goals will become.
The following are some things I do to help me accomplish my financial goals:
1. Develop a plan that highlights your key milestones and what key steps you think you need to take to get there. You will need to revise this plan regularly to see how you are progressing and adjust it according to your life events.
2. Seek advice from those around me who are more experienced in life or have particular knowledge/expertise in what I am aiming to achieve (whether it is property ownership, stocks/bonds, gold coins, or simply saving cash in the bank)
3. Explore new options or opportunities that you may have not considered, and study them to assess whether they are worth including within your financial plan
4. Keep log of your expenses and conduct regular analysis to determine where you overspend
In doing all this, remember that success does not come at no cost. You may fall, you may lose track of some of your goals, but keep fighting through and you will be happy with your achievements in the end.
The following are some things I do to help me accomplish my financial goals:
1. Develop a plan that highlights your key milestones and what key steps you think you need to take to get there. You will need to revise this plan regularly to see how you are progressing and adjust it according to your life events.
2. Seek advice from those around me who are more experienced in life or have particular knowledge/expertise in what I am aiming to achieve (whether it is property ownership, stocks/bonds, gold coins, or simply saving cash in the bank)
3. Explore new options or opportunities that you may have not considered, and study them to assess whether they are worth including within your financial plan
4. Keep log of your expenses and conduct regular analysis to determine where you overspend
In doing all this, remember that success does not come at no cost. You may fall, you may lose track of some of your goals, but keep fighting through and you will be happy with your achievements in the end.
Updated
Ross’s Answer
Here are some great tips from https://www.ramseysolutions.com/personal-growth/financial-goals
Create and stick to a budget.
Build up an emergency fund.
Get out of debt.
Live on less than you make.
Spend less and save more.
Ross recommends the following next steps:
Updated
CRISTAL’s Answer
Financial goals change with time. My goal in college was to pay for my undergrad which I did through working a part-time job I started at 17. I graduated debt-free! I have met many of my goals.
1. Set Goals! and re-visit them every 3-6 months.
2. Learn about financial literacy through books, videos and webinars
3. Start investing early whether it's in retirement, stocks or bonds
1. Set Goals! and re-visit them every 3-6 months.
2. Learn about financial literacy through books, videos and webinars
3. Start investing early whether it's in retirement, stocks or bonds