Set Specific Goals

by KC
(Louisville, KY)

You’d be amazed at what you can accomplish if you take the time to set some financial goals and then get specific with them. Being vague and general will help you do one thing only—daydream away valuable time that you’ll never get back. Quantifying your goals, on the other hand, helps you know if your efforts are moving you in the right direction.

For example, don’t just say, “I want to be rich some day.” Be more specific, and figure out what you really mean by rich. One person might say, “By the time I am 50 years old, I would like to have a net worth of half a million dollars.” Another might state, “I want to own my home outright and have a retirement income of $75,000 dollars a year when I retire at age 60.”

If you are having a hard time with goal setting, find a trustworthy financial planner who can help you. And don’t ever forget, no matter whom you decide to work with, it is your goals and your money on the line here, so don’t be afraid to ask lots of questions until you completely understand the answers. Remember, the only stupid question is the one you wish you had asked—and didn’t until it was too late!