Find Out More Info About Financial Planning Services in this Blog Publication October 15, 2009
Posted by janey in : goal setting , comments closedOur life presents in a constant stage of change which means that we should never give up when we face any life obstacle and we should also be prepared to deal with them. I am sure that financial obstacles will be much easier for you to overcome if you have well prepared financial plan.
However, developing proper financial plan also takes some time and efforts to do and it can be also challenging, but the benefits you will get from having it are really precious. And it will also help you to prioritize some financial goals for your future. Because every life stage has it own priorities that have to be accomplished in order to succeed in your initials.
So what goals are the most essential? How should you actually establish your own priorities? How can you know what has to be done first and what has to be left for some later accomplishment? And the most important question is: “What is the purpose of your every goal?” So while developing your own financial plan you have to pose these questions for yourself and be able to find answers for all of them!
The good news is that if you establish these priorities for your goals you can easily achieve them and avoid some complications that may arise on your way. Also you should understand that such message as: “You can have at all and right now” won’t work in this particular situation, because it is a mistaken expectation. And if you really want to succeed in your financial goals you will have to do some work for it and be prepared that it may even take some long time to fulfill it all properly and fully.
Also I wan to give you in this articles some little guide that you can follow to help you prioritize your financial goals:
First of all define the goals of the highest priority. For example, it can be such goals as buying a house, or paying for the college education.
The net thing you should consider is the time you will need to spend for accomplishing some particular goal. Outlining time frames is a very important part, because if you are clear about your time frames you will be able to accomplish your foal in that time you require and on the other hand if you won’t define a clear time for accomplishing your goal you have a great chance of not attaining your goal at all, you will simply postponing it again and again and won’t be able to accomplish it at all. That is why always have a clear expectation of how much time you need to accomplish each of your financial goals.
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Successful Goal Setting And Achievement Must Haves October 1, 2009
Posted by janey in : goal setting , comments closedGoal setting helps us determine our priorities, get organized, make big decisions, and realize our dreams. The act of merely setting your personal goal brings about positive change for many people. When you set a goal you are creating an exciting challenge for yourself. Almost all motivational experts incorporate goal setting as an important part of their programs. The effectiveness of Goal Setting can be seen in the incredible accomplishments of people such as: Henry Ford who wanted to make cars affordable for everyone, Bill Gates whose goal was to have a computer in every household, and John F. Kennedy who set out to put a man on the moon within a decade. There is a famous story about Jim Carrey who, while struggling as an actor in 1987, drove his car up on Mulholland Drive in the Hollywood hills to think about the future. While sitting there overlooking the city of Los Angeles he wrote a check made out to himself for “acting services rendered” for the amount of $10 million. He dated the check for Thanksgiving of 1995. Jim’s Goal turned out to be conservative because by the time 1995 rolled around he was making $20 million a movie.
A typical goal achievement process entails the following requirements:
Well formed Goal Statements
Breaking goals down into manageable Steps
Motivation and Commitment
Reminders and Keeping on track
Frequent Review and Re-assessment
1. Well formed Goal Statements
The Goal Statement forms the basis for the entire process so careful attention should be placed on formulating a clear and accurate goal statement. A good way to remember how a goal statement should be defined is the old S.M.A.R.T. acronym used by many experts in goal setting. SMART stands for:
Specific
Measurable
Action-Oriented
Realistic
Tangible
The Goal should be specific enough so that we know exactly what we are striving for, measurable so we know exactly what is to be accomplished and when it has been reached, action-oriented declaring positive activity that will produce results, realistic in that it is practical and can be achieved given the limited availability of resources, and tangible meaning concrete and not vague. The goal statement “Increase sales 25% by the end of the fiscal year without increasing advertising spending” is an example that follows these rules.
2. Breaking down Goals into manageable Steps
Once we have a well-formed Goal Statement we need some direction to follow to achieve this Goal. While the goal “Increase sales 25% by the end of the fiscal year without increasing advertising spending” is a great goal statement, this is a monumental task without being broken down into smaller detailed steps. The creation of Goal Steps gives us an “Action Plan” that when completed will lead to Goal Achievement. Steps also allow for tracking of progress towards the goal. Goal Steps should be positive and not used to list obstacles that must be overcome which focuses on the negative. Negativity can kill motivation but there is power in positive thinking.
3. Motivation and Commitment
Motivation and commitment are what make us strive to achieve goal. They give us the push, desire, and resolve to complete all of the other steps in the Goal process. This motivation can be obtained by developing a personal statement that creates a high level of emotion and energy that guarantees achievement. One self help expert said that as a child he was kicked out of his local country club pool because he was not a member, in response he later made a goal that he would one day have a pool that is one foot bigger than that country club’s pool. The motivation of being asked to leave the pool provided the necessary fuel for him to achieve this goal. Commitment creates more accountability and is what sets us on direct course to reach our goals. It may create costly negative consequences upon failure to attain a goal. Making a commitment might be something like having invested your savings in your new business which you will lose if it fails. Motivation and commitment are specific to your situation and life and only you can form statements that will ensure you reach your goal the quickest. The more personal you make your motivation and commitment statements for each goal, the more motivated you will be to accomplish your goal.
4. Reminders and Keeping on Track
Reaching our goals requires persistence and regular attention. We need some sort of system to keep us reminded and accountable. Sharing goals with others who can give you help and support is a highly effective way to increase your chances for success. If some accountability system is not used then we are likely to lose sight and fail.
5. Frequent Review and Re-assessment
When we first sit down and start to define goals it can seem like a difficult and daunting task but over time it begins to get much easier. Patience is required. Goal Setting is definitely an ongoing process that is accomplished over time. Any goals program that defines goals and then ignores them will fail. All goals due in the next year should be reviewed at least once a week and daily if possible. The great thing about frequent review is that this forces us to make big decisions and determine priorities in our life. We should keep watch for goals that are not being achieved on time or for goals on which we keep extending the deadline.
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