••• Blend Images – JGI / Jamie Grill / Getty Images Wouldn’t it be nice if there were a magic formula or simple trick that allowed you never to have to worry about money or manage your finances again? While that may not be realistic, there are some simple […]
5 Keys to Successfully Managing Your Personal Finances
Detail Your Financial Goals
This is great advise. The question is, how do you detail your financial goals?
Here is my take on how to detail your financial goals:
- Figure out what you want to achieve in life
What is that want that is burning inside of you? What achievement do you think would bring the greatest sense of satisfaction? Every one of us has that one burning desire to acquire that one thing. What is the thing for you? You got to find out. Les Brown, the great American motivational speaker, had an ambition eating from inside, to become a speaker. Once you figure out your utmost desire, all the goals and plans you set will be leading towards the achievement of that thing.
Thus, setting financial goals with a clear desire in mind is easy because you know the direction to take. If your utmost desire is to own a successful ecommerce platform like Amazon, then you set goals that help that happen.
- Visualize the end product
What does it look like when is completed? If you are able to visualize, you will set goals easily. This is because you can see it. And creating a route (goals) to wards it become fun. You are not able to set goals for something that doesn’t excite your soul. You set goals for something your heart desires without limitation.
- Organize your goals in a projected time frame
There are goals that are set to be achieved now. Other goals are supposed to be achieved in the short-term. And other goals should be set for the long-term. A time frame strategy make goal achievement measurable and easy to workout. Easy to achieve goals come first. Hard to achieve goals come last. A step by step process of set goals achievement is a good strategy to follow.
- Create an easy to manage budget
A realistic budget is one that is easy to manage. A realistic budget doesn’t put you in debt. You need a budget that helps save money not to misuse your finances. A budget that helps you evaluate your money spend clearly is an asset.
- Increase income yearly is the best goal to set first
Your capacity to earn more year after year is the best strategy to manage your money. To manage your money doesn’t mean leading a miserable life. The best money management is to live way ahead of your monthly bills. You must create a surplus every month for your budgeting to be successful. Income that doesn’t increase is unmanageable.
With the above in mind you can now detail your financial goals. And that is my take on “5 Keys to Successfully Managing Your Personal Finances.” How do you detail your financial goals TERMINATES here. Over to The Balance.
By Geoffrey Smith Investing.com — The final presidential debate ended without a clear winner; Europe’s economy lurches towards a double dip; Intel (NASDAQ: INTC ) stock slumps after a badly-received earnings report and Vladimir Putin puts a floor under oil prices. Here’s what you need to know in financial […]