Striving for something fun also reinforces the diligence and self-discipline required to reach all those other goals. It’s good to have one that feels like a reward, like buying a boat or 80-inch TV or a cruise. Let’s face it, most goals aren’t fun to talk about. » Learn More: Steps to a Successful Business 10. Starting a business is meant to make money, not hemorrhage your own. Who doesn’t want to be the boss? You will need to create a business plan, find seed money, and stick to a monthly budget. Starting a business is a tough, but ultimately fulfilling endeavor. In the meantime, refinancing or student loan consolidation are money-saving options on certain loans. The Biden Administration attempted to forgive much of that, but it’s unclear whether student debt relief will be approved by the courts. The average federal student loan debt was $37,358 in 2022. A good credit score can save you thousands of dollars on a major purchase. Whether it’s buying a house, a car or anything that requires a loan, the better your credit score, the less you’ll have to pay in interest. » Learn More: Pay Off Debt or Save for a House? 7. Down payment requirements vary, but 20% of the total cost is a good goal and will spare you having to pay mortgage insurance. The real estate market fluctuates, but owning a home is almost always a good long-term investment. » Learn More: How to Save Money for College Tuition. A counselor can help you understand how to afford college. College graduates typically earn 66% more than people with only high-school diplomas. That’s pricey, but it’s often worth it if you get a meaningful degree. Going to college costs an average of $35,551 a year in 2020. It’s not as exciting as buying a new car now, but it’s better than eating a can of cold beans when you’re 85. That means you need to figure out how much you’ll need and set aside cash every month to grow an investment portfolio. You want to live out your golden years in comfort, not poverty. You need enough money in an emergency fund to cover three months of your regular living expenses, like housing, food and transportation. Start an emergency fundįinancial disasters like losing your job or a medical crisis always lurk. » Learn More: How Much is Too Much Credit Card Debt? 3. A counselor can explain how such a plan works and help you decide if it’s right for you. A debt consolidation plan often provides a way out of the credit card debt muck. The interest rates can cost hundreds or thousands of dollars a year. Pay off credit card debtĬredit cards are to financial health what icebergs were to the Titanic. A credit counselor can show you how to create a budget and come up with a reasonable plan to achieve your goals. Listing your expenses and income gives you a clear grasp of what you have to work with. You can set the greatest goals possible, but it’s pointless if it’s not grounded in reality. They are things like paying off a mortgage or student loans and funding a retirement plan.Ĭonsider sticking to these 10 goals to help relieve yourself from financial difficulties. These take much longer than five years to reach. Examples would be paying off credit cards or loans and saving for down payment on a house. These can be done short-term but often take up to five years. These can be reached within a year and are for relatively smaller things, like buying a computer or TV or paying for a vacation or setting up an emergency fund. Setting a specific goal largely depends on when you need to reap its benefits. They have short-term goals, like making enough money to buy a pair of Air Jordan sneakers or a used car.Ī person with a growing family would have more long-term goals, like buying a house or saving money for their kids’ college education. For instance, high school students aren’t too worried about having enough retirement income. The stage of life you’re in usually determines what type of goal you wish to achieve. They are savings, investment or spending targets you hope to achieve in a set amount of time. Remember the saying, “I’m just waiting for my ship to come in,”? Financial goals are like little ships. Whichever you choose, you need a SMART (Specific, Measurable, Achievable, Relevant and Timely) strategy. You can do that on your own or get help from a certified counselor. Reaching your financial goals takes planning. “If you don’t know where you are going, you will probably end up somewhere else,” famed economist Lawrence J. Count on luck or a guardian financial angel to get you through. Everest or retire to a yacht, there’s one sure way to not get there. If you want to buy a new car or climb Mt.
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