In this article, on how to achieve your financial goals you will learn:
⦿ Why it takes more than stashing cash to build wealth.
⦿ What you need to motivate your wealth journey.
⦿ How to track your goals efficiently.
There is a difference between just stashing money to attract returns and actually having financial goals. Usually, the first investment step some would advise taking is to analyze the returns which would accrue to their investments — without any goals attached.
To be fair, that isn’t a bad way to start out but it is definitely not a sustainable way to keep the journey going. We would not be happy to have you start and fall along the way. What can be done to make your financial journey a sustainable one?
You must consider these 3 simple things on your journey to achieving your financial goals:
1. Define Your Financial Goals
If goals are not properly defined with targets you might find yourself getting bored and walking off the investment path in no time. With a target tied to it, the sail can be smoother. This is why we encourage everyone to name their plans and set targets. It’s easier to achieve your financial goals when they are defined.
2. Understand Your Timelines
With targets set, one must be able to determine how long it will take to achieve those goals based on presently available resources to make fairly stable projections. Apparently, this helps make the goals more realistic; a goal can be stressful given the absence of a reasonable timeline and contribution plan which results in frustration.
3. Separate and Track Goals
To buttress the beauty of the aforementioned stages, one should be able to track these goals separately without stress. Having all your savings and investments jumbled up into one plan can mess up your tracking plans, making you lose focus easily with poor rates of achievement as the endpoint.
Also, with a single savings plan, you stand the risk of tampering with funds meant for long-term goals in the short term since they are together. For instance, if you are saving for your rent funds for that goal should be locked up for a year.
Mixing such funds with your savings for quarterly maintenance of your car exposes them to your temptations every quarter. Cowrywise can help you create multiple plans with varying timelines using just one account.