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Setting Smart Financial Goals
Setting Smart Financial Goals
Word Count:
497
Summary:
Managing your money wisely is the best way to make sure you and your family gain financial security. Money management is also extremely important if you own a business. All business owners need to understand how money comes in and goes out of their business-if you ignore budgeting details, your venture might not be successful. There are many similarities between budgeting for yourself and budgeting for your small business. When you understand the basics of money management fo...
Keywords:
credit, finance
Article Body:
Managing your money wisely is the best way to make sure you and your family gain financial security. Money management is also extremely important if you own a business. All business owners need to understand how money comes in and goes out of their business-if you ignore budgeting details, your venture might not be successful. There are many similarities between budgeting for yourself and budgeting for your small business. When you understand the basics of money management for yourself, you will be more prepared to set up a budget for your company.
To manage your money wisely, start by setting financial goals and establishing a budget plan to help you achieve those goals. Financial goals are simply statements about things you wish you could afford; for example, you may have a goal to establish an emergency savings fund of $2,000 by the end of the year.
What are your personal financial goals? If you had $2,000, what would you do with it? Would you invest it in your small business? Would you buy a car? Would you make a home improvement?
You will be able to accomplish your goals if you manage your finances and put money aside on a regular basis. The key is to setting financial goals that are Specific, Measurable, Attainable, Realistic, and Trackable (SMART):
Specific. State exactly what you want to achieve, how you're going to do it, and when you want to achieve it. For example:
General Goal Statement: I want to improve my finances.
Specific Goal Statement: I want to pay off my credit card bill in 8 months by negotiating a payment plan with my creditor.
Measurable. A financial goal should be measurable so you know when you have achieved it.
General Financial Goal Statement: I will pay off most of my credit card debt soon.
Measurable Goal Statement: In the next six months, I will pay three of my five credit card bills in full.
Attainable. Make sure the financial goal is within reasonable reach.
General Goal Statement: I will save money.
Attainable Goal Statement: I will save $1,000 in a year by putting aside $3 each day.
Realistic. Is the economic goal realistic for you? Don't ignore your limitations. Your economic goals need to be tasks that you can reasonably accomplish.
General Goal Statement: By managing my money well, next year I will become a millionaire.
Realistic Goal Statement: By managing my money well, next year I will be debt free and will have an emergency fund equal to three months of living expenses.
Trackable. Being able to track your progress encourages you to keep going and reach your fiscal goal.
General Fiscal Goal Statement: I will increase my savings goal every year.
Trackable Statement: Each year I will save 10 percent more money than the previous year.
If you are SMART about setting financial goals, you will be well on your way to managing your money in a way that will provide financial security for you and your family for years to come.
BONUS : Title:
Setting Your Goals - Easier Said, Easily Done
Word Count:
727
Summary:
The basics of goal settings. Setting clearly defined short term and long term goals will enable you to measure your progress and achieve personal satisfaction once you have successfully met your goals.
Keywords:
Setting Your Goals, basics of goal settings, personal satisfaction, goals, plans
Article Body:
The basics of setting a goal is an open secret known by top-caliber athletes, successful businessmen and businesswomen and all types of achievers in all the different fields. The basics of setting goals give you short-term and long-term motivation and focus. They help you set focus on the acquisition of required knowledge and help you to plan and organize your resources and your time so that you can get the best out of your life.
Setting clearly defined short term and long term goals will enable you to measure your progress and achieve personal satisfaction once you have successfully met your goals. Charting your progress will also enable you to actually see the stages of completion leading to the actual realization of your goals. This eliminates the feeling of a long and pointless grind towards achieving your goal. Your self-confidence and level of competence will also improve as you will be more aware of your capabilities as you complete or achieve your goals.
The basics of goal settings will involve deciding what you really want to do with your personal life and what short term and long term goals you need to achieve it. Then you have to break down goals into the smaller and manageable targets that you must complete in your way to achieving your lifetime targets. Once you have your list waste no time in tackling your goals.
A good way to have a manageable list is to have a daily and weekly set of goals. By doing this you will be always in the position of going towards you life plan goals. Everyday will give you the opportunity to fulfill a certain goal giving you the feeling of accomplishment.
Here are some pointers that should be taken into consideration in setting goals and achieving them.
Attitude plays a very big role in setting and achieving your goals. You must ask yourself if any part of you or your mind holding you back towards completing your simplest goals? If there are any part of your behavior that is being a hindrance or puts your plans into disarray? If you do have problems in these areas then the immediate thing to do is to address this problem. Solutions may include a visit to a doctor or psychiatrist to control your emotions.
Careers are made by good time management practice. Failing in a career is often attributed to bad time management. Careers require a lot from an individual which often makes the career the life of the individual. Plan how far do you want to go into your career.
Education is key in achieving your goals. If your goals require you to have a certain kind of degree or require a certain specialization or demand a certain skill to be developed, make plans in getting the appropriate education.
Your family should never be left out of your plans. If you are just starting out then you have to decide if you want to be a parent or when you want to be a parent. You also have to know if you really would be a good parent and how well would you relate to extended family members
Personal financial situations also play a major role in achieving your goals. Have a realistic goal on how much you really want to earn. You also must be able to create plans or stages by which you will be able to reach your earning potential.
Physically gifted individuals may be able to achieve sports related goals like being in the National Basketball association or National Football League. Determining your physical capabilities should be one of your priorities. Physical limitations could however be conquered with proper planning.
As the saying goes -'All work and no play makes Jack a dull boy', or something to that effect, is by all means true down to the last the letter. Giving yourself a little pleasure: should be included into your plans.
To start achieving your lifetime goals, set a quarter of a century plan, then break it down to 5 year plans then break it down again to 1 year plans, then 6 month plans then monthly plans, then weekly, then daily.
Then create a things-to-do list for the day.
Always review your plans and prepare for contingencies.
The basics of goal settings should not be so difficult once you get to be familiar with them.
Setting Your Goals - Easier Said, Easily Done
Word Count:
727
Summary:
The basics of goal settings. Setting clearly defined short term and long term goals will enable you to measure your progress and achieve personal satisfaction once you have successfully met your goals.
Keywords:
Setting Your Goals, basics of goal settings, personal satisfaction, goals, plans
Article Body:
The basics of setting a goal is an open secret known by top-caliber athletes, successful businessmen and businesswomen and all types of achievers in all the different fields. The basics of setting goals give you short-term and long-term motivation and focus. They help you set focus on the acquisition of required knowledge and help you to plan and organize your resources and your time so that you can get the best out of your life.
Setting clearly defined short term and long term goals will enable you to measure your progress and achieve personal satisfaction once you have successfully met your goals. Charting your progress will also enable you to actually see the stages of completion leading to the actual realization of your goals. This eliminates the feeling of a long and pointless grind towards achieving your goal. Your self-confidence and level of competence will also improve as you will be more aware of your capabilities as you complete or achieve your goals.
The basics of goal settings will involve deciding what you really want to do with your personal life and what short term and long term goals you need to achieve it. Then you have to break down goals into the smaller and manageable targets that you must complete in your way to achieving your lifetime targets. Once you have your list waste no time in tackling your goals.
A good way to have a manageable list is to have a daily and weekly set of goals. By doing this you will be always in the position of going towards you life plan goals. Everyday will give you the opportunity to fulfill a certain goal giving you the feeling of accomplishment.
Here are some pointers that should be taken into consideration in setting goals and achieving them.
Attitude plays a very big role in setting and achieving your goals. You must ask yourself if any part of you or your mind holding you back towards completing your simplest goals? If there are any part of your behavior that is being a hindrance or puts your plans into disarray? If you do have problems in these areas then the immediate thing to do is to address this problem. Solutions may include a visit to a doctor or psychiatrist to control your emotions.
Careers are made by good time management practice. Failing in a career is often attributed to bad time management. Careers require a lot from an individual which often makes the career the life of the individual. Plan how far do you want to go into your career.
Education is key in achieving your goals. If your goals require you to have a certain kind of degree or require a certain specialization or demand a certain skill to be developed, make plans in getting the appropriate education.
Your family should never be left out of your plans. If you are just starting out then you have to decide if you want to be a parent or when you want to be a parent. You also have to know if you really would be a good parent and how well would you relate to extended family members
Personal financial situations also play a major role in achieving your goals. Have a realistic goal on how much you really want to earn. You also must be able to create plans or stages by which you will be able to reach your earning potential.
Physically gifted individuals may be able to achieve sports related goals like being in the National Basketball association or National Football League. Determining your physical capabilities should be one of your priorities. Physical limitations could however be conquered with proper planning.
As the saying goes -'All work and no play makes Jack a dull boy', or something to that effect, is by all means true down to the last the letter. Giving yourself a little pleasure: should be included into your plans.
To start achieving your lifetime goals, set a quarter of a century plan, then break it down to 5 year plans then break it down again to 1 year plans, then 6 month plans then monthly plans, then weekly, then daily.
Then create a things-to-do list for the day.
Always review your plans and prepare for contingencies.
The basics of goal settings should not be so difficult once you get to be familiar with them.
