Strategies for Attaining Significant Financial Goals Over the Long Term

It’s not easy to achieve long-term goals. Why?

Motivation could wane over time. Perhaps external circumstances change. It could be that the goals themselves are no longer feasible.

Most people find it difficult to stick with something for even a year, let alone years or decades.

Maybe that’s why most long-term financial goals, as well as long-term goals, are difficult to achieve.

91% of people fail to achieve their goals (Here’s why)91% of People Fail To Reach Their Goals. Here’s Why

How can we combat whatever is holding us back from reaching our financial goals? Can you win?

Yes. Yes.

I would like to share some tips with you today on how you can reach your financial goals. It won’t be easy but it will definitely be worth it.

Here are some tips to help you make your goals happen, cap’n.

Why long-term financial goals are important

Your long-term financial goals will provide you with direction and motivation to make the right financial decisions. You will be able to see what you are trying to accomplish and the steps needed to reach it by defining long-term financial goals. Setting long-term financial goals can help you:

  • Focus on your goals: Set long-term financial objectives to help you make the right financial decisions. Avoid being distracted by impulses or short-term needs.
  • Financial stability is important: Setting long-term financial goals will help you build wealth and prepare for unexpected situations such as job loss or medical emergencies.
  • Compound interest can be a powerful tool to grow your wealth.

1. List your long-term objectives in your task list.

Financial long-term goals are more often like projects than single tasks.

If you are trying to repay your debts, you may have more than one credit card. You might also have a student loan, a car loan and/or a vehicle.

The project would be “Pay off Debt”. The project would be to “Pay off Visa 1”.

You’re less likely to achieve your long-term goal if you don’t write down your tasks and projects in a task management software.

It’s amazing how seeing your goals written down (or displayed on a computer screen) makes them seem more real. Writing them down is an act of commitment.Try it out. You should write down your financial goals for the long term and revisit them regularly.

2. Don’t bury your long-term goals.

You need to make sure you can see them. You should also make sure that they are easily visible to you.

A good idea I have found is to write your goals down on a large whiteboard so that you cannot help but notice them. This is not for everyone.

You need to be able to put your long-term goal in context with all of your other goals, namely your short-term ones. You’ll be more likely to focus on short-term and urgent goals if you only see them.

Don’t bury your long-term goals. These are important, too!

3. Set aside certain days each week for long-term goals.

A tip that I learned from Strategy Coach is to set aside certain days in the week for certain goals. It has been very useful in my life and I think it will be in yours as well.

You could, for example, dedicate a day in the week to managing finances and brainstorming ideas to improve your financial situation. You may have a day that is free.You may be saying “Oh Jeff, I wish I had more time to do such things – but I am too busy doing other things!”. That’s fair.

You don’t have to limit this day to finances. It can also be about other long-term objectives. Include your health, your family and other responsibilities. This day or these days of the week should be dedicated to improving yourself and your life. You can’t make the time?

4. Prioritize long-term goals correctly.

Prioritizing your long-term goals is important. Some preliminary goals should take less than one month to accomplish, such as setting up a monthly budget or cutting down on expenses. But we’ll save that discussion for another article.

What are common long-term goals, and how should they be completed? In general, I recommend that you achieve the long-term goals below in the order shown.

Build Your Emergency Fund

Consider your emergency fund the foundation for your financial future. You’ll be in trouble if you don’t have some liquid cash when financial catastrophe strikes. They do happen.

Your car engine might explode. Your kneecap might explode (ouch). Your water heater might explode. Many things can explode. . . It’s hard to keep your cool and walk away from these explosions. It’s stressful!

What would make these situations a bit less stressful? You guessed: a baby emergency fund!

Pay Off Your Debt

After you’ve laid the foundation, it’s now time to pay off your debt. It can take a couple of months or several years depending on the amount of debt and how fast you can pay it off.

It’s easier to attack your debts one at a time. This is easier.

Start Investing for Retirement

It’s time to invest for your later years. Why? Your earning potential may decrease if you are physically unable work. You might be able to run a business that is self-sustaining when you retire, but do not count on it. Invest in the future!

My job is to help people retire well.

Start saving for other long-term goals

You could save for your children’s college education, a new car, a home improvement, or any other goal that takes time.Prioritizing your goals will help you avoid being wiped out by a sudden drop in income.

5. Find out what motivates you and work on them.

I am convinced that people who don’t achieve their long-term goal is because they haven’t really discovered their motivations.

Everyone knows that paying off debt is a good thing. Numerous financial advisors have drilled this financial goal into our heads. If you don’t find your motivation to pay off your debt, you may give up before you reach your goal.

If you are paying off your debt just to pay off your debt, it’s better that you give up. You won’t be motivated to finish the task.

Focus on common motivations instead. These can be your motivations. Here are some reasons people pay off their debts:

  • No interest charges on purchases
  • Spend less on vacations
  • Free up funds for retirement investments
  • You don’t have to worry about the bills
  • Reduce the stress level in your life
  • Spend less time managing debt and more time with your family.

Here are just some of the reasons others have for doing something. What is your motivation?

Assign motivations to each long-term objective. You’ll just be trying to achieve your long-term goal for the sake that you want to. That’s not motivating, if you ask my opinion!

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