It is very important to have goals in your life – whether familial, work related or personal. They give you direction and purpose. Also, they usually need to be aligned, one goal to another.
Many of your goals are going to be related to the making and spending of money, or depend on financing to accomplish them. For instance, you may have a goal to be debt free by a certain age, or perhaps you want to have a certain amount in your RRSP’s or retirement fund by a certain age, or maybe you want to make a 2 month trip to Thailand or Africa, or your children are going to need university at some point in the future. You will need to do good financial planning to make each or any of those goals a reality.
Have you ever experienced money slipping through your fingers faster than you can make it? Perhaps it is only because you do not have a specific budget set up by which to control your spending in the direction of your goals.
Therefore, it is important to work out and write down as specifically as you can what you are going to need to achieve each of your goals and work out a spending pattern (budget) that you CAN and WILL stick to because you can see how you are going to reach your goals thereby. You can get excited about economizing on unnecessary things that do not help you reach your target.
You can also work out ways to make your income go up as well. If you are a healthcare provider, you can learn better ways of scheduling for more and higher quality service, you can learn better marketing systems, do training on better treatment plan presentations (sales) so patient accept the ideal care they deserve to have.
Our clients usually increase by $100,000 – $200,000 in the year of consulting and training we do with them. They then learn how to budget this increase into becoming debt free and put some of the increase into accomplishing their other goals.
What are your financial goals?