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Setting Goals: Why It's Important Financially

By Edited Nov 4, 2015 0 0

Setting goals is one of the most important things we are taught to do. From the time we are young, we are taught to set a goal and work hard to achieve it. When we set our eyes upon something we want, we generate the motivation to obtain it. This is why setting goals is so important.

When we were in high school, most of us had a goal to keep our grades high enough so we could get accepted to a good college. Once we got to college, our goals changed as we focused on other things such as getting a degree, landing a great job, getting married and many other things. As you can see, as we enter different stages in our lives, our situations change which require our goals to change.

Creating a financial plan is something many people do once they become adults. When you have a financial plan, setting goals is very important to the success of your financial plan. By setting financial goals, you are breaking your overall financial plan down into smaller, more achievable goals. When we see progress, we tend to stay motivated and on track. This is why you need to set small financial goals - to keep your financial plan on track.

As with anything, when we don't have goals, we don't have a clear path set out. In other words, we don't really have clear-cut direction for our lives. We are, in a sense, wandering around aimlessly. Setting goals is what keeps us going and on track. We get motivated to get up in the morning and go to work so we can bring home a paycheck to buy a new car or pay the mortgage, etc. Setting financial goals is critical to our financial stability.

Once you begin setting goals, you will begin to make a plan to reach them. Years down the road, when you are able to send your children off to college, retire comfortably and take luxurious vacations with your spouse, you will be glad you set, and achieved, the financial goals you did.

In addition to ensuring our financial success, when you are setting goals on a regular basis, you will be teaching your children how to become financially successful as well. While you may think your children don't pay attention to anything you say, they definitely pay attention to the things they see you do. Setting goals, especially financial ones, is a great thing to teach your children to do – even if it is only taught by your actions.



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