Taking Control of Your Money by Setting a Financial Goal

Taking Control of Your Money by Setting a Financial Goal


Congratulation if you knew your current financial status. So let’s move on to set some goals and start taking control of your money. Below are some of the tips that I would like to show you on how to make a financial goal.

1. Decide what you want. First you must decide what you want to achieve. Now you know your financial status and understand your financial problem. You should know what kind of financial problem and weakness that you want to cover. Just ask yourself what you want to improve and what kind of end results you want to achieve in next week, next month or end of the years. So you can spend some time and then choose 1 that you want to achieve.

2. Which Problem to solve first. I suggest that your first target should be those problems and weakness that you have found from the self assessment test. If you found that you are paying too much of debts, then getting out of debt should be your first choice. If you are having a negative balance at the end of each month, then you have to control your expenses and make it back to positive. Or if you found that you are suffering from the high mortgage payment or car loans repayment, then you should consider whether you change your car and house or look for second options to drop down the payments.

3. Make a plan. You need a plan to succeed in anything. Now you know what you want and select the financial levels you are targeting at. Then you also know your current problems and etc. So with this 2 important information, you can start compiling a plan to solve your financial problems and move forwards to your goal. For example, I want to achieve financial freedom for my life. Then before achieving it, I have to pass 2 levels – financial security and comfortable. Of course, if you are in debt, then you have to make your balance break even first before those 2 financial levels. In financial security, we are looking for “security protection” on our finance. So in this level, we must prepare our savings, emergency funds and last but not least, good money management system that will prevent us from the financial disaster. After that, we will look for business and investment opportunities to build up our financial comfortable level. In financial comfortable, we are living comfortably with excessive cash from business, investment and our job. So with this money we can start building our asset empire and achieve financial freedom. This is just an overlook on my plan to achieve financial freedom.

4. Take 1 action at a time. Please make your plan simple and take 1 action at a time. People always fail because they always try to take a big step at a time. In most cases, this will make you feel overwhelmed and stop taking action. I have this experience before too. In order to solve this problem, I found that making a plan is a good solution. In my plan, I always list down what I want, what is my current strength and weakness and finally write and list down the small steps 1 by 1 in my plan. After that I just follow my plan and I will achieve what I want. The power of a plan with some small steps is it can let you feel easy. Once you feel it easy, your mind will be clear and you will take action easily.


Last But Not Least …..
Please set a financial goal that you strongly believe that you can achieve. You will be lack of motivation if you set a financial goal that is too high for you. For example, if you set a goal to be a millionaire in next year. If you believe it then this is a good goal for you. But if you are not, it will block you instead of motivating you and move forward. So please set a financial goal according to your ability which you believe you can make it.