The company you work for is in charge of your time. They dictate your schedule, they tell you when you can leave early or have to stay late, and they tell you if you can take vacation time. Saving is smart. Skipping Starbucks and making coffee at home might save you 5 bucks, but did it earn you 5 bucks? If it did, I want your coffee maker! Invest your money in your business, instead! Be patient, let your business find its footing and and follow through on things that will help you grow. Featured photo credit: Nick Ares via flickr. Serial entrepreneur and working towards Early Retirement Read full profile.
Finances can push anyone to the point of extreme anxiety and worry. But did anyone tell you that it is actually not a tough task to meet your financial goals?
In this article, we will explore ways on how to set financial goals and then actually meet them with ease. Though setting financial goals might seem to be a daunting task but if one has the will and clarity of thought, it is rather easy. Try using these steps:. Any goal let alone financial without a clear objective is nothing more than a pipe dream.
It is often said that savings is nothing but deferred consumption. Therefore if you are saving today, then you should be crystal clear about what it is for. Once the objective is clear, put a monetary value to that objective and the time frame. The important point at this step of goal setting is to list all the objectives, however small they may be, that you foresee in the future and put a value to it. Similarly, while it might be a good thing to keep your financial goals a bit aggressive, going out of the line will definitely hurt your chances of achieving them.
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And this quote sums up the best what inflation could do your financial goals. Therefore account for inflation whenever you are putting a monetary value to a financial objective that is far away in the future. So always account for inflation. Just like every calorie is not the same, the approach towards achieving every financial goal will not be the same.
It is important to bifurcate goals in short term and long term. As a rule of thumb, any financial goal, which is due in next 3 years should be termed as short term goal. Any longer duration goals are to be classified as long term goals. This bifurcation of goals into short term vs long term will help in choosing the right investment instrument to achieve them.
More on this later when we talk about how to achieve financial goals.
The journey of setting financial goals is an individualistic affair i. A lot of times we get on the bandwagon of goal setting only to realize later on that it was not meant for us. It is important that your goals are actually your goals and not inspired by someone else.
You will need to save enough; and invest those savings wisely so that they grow over a period of time to help you achieve goals. The first and the foremost thing to be done is to track your monthly expenses. Use any of the expense tracking mobile apps to record your expenses. Once you start doing it diligently, you would be surprised to see how small expenses add up to a sizeable amount.
Also categorize those expenses into different bucket so that you know which bucket is eating the most of your pay check.
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This record keeping will pave the way for cutting down on un-wanted expenses and pump up your savings rate. Generally, savings come after all the expenses have been taken care of. This is a classical mistake which almost everyone of us do. We pay ourselves last! Ideally, this should be planned upside down. We should be paying ourselves first and then to the world i.
The best way to actually implement is to put the savings on automatic mode i. Budgeting is the best to get around the uncertainty that financial plans always pose.
2. You’re building someone else’s assets.
Decide in advance how spending has to be made. Nowadays, several money management apps and wallets can help you do this automatically. Make use of technology solutions you like. Explore options and alternatives that let you make use of the available wallet options and choose the one that suits you the most.
In time, you will get accustomed to making use of these solutions. You will find that they make it simpler for you to follow your plan, which would have been difficult otherwise. Instead, start again. Remember that flexible plans are the most realistic plans. So go forward and try to follow your financial goals as planned but if for some reason, the plan gets out of hand for you, do not give up on it just yet. This has a lot to do with your psychology rather than any material commitment.
All you have to do is to stay on the road and vow to stay on it, no matter how much you fall down. In the book Nudge , authors Richard Thaler and Cass Sunstein advocate that in order to achieve any goal, it should be broken down into habits since habits are more intuitive for people to adapt to. Make Savings a habit rather than a goal.
While it might seem to be counter intuitive to many but there are some deft ways of doing it. For example:. Always eat out if at all during weekdays rather than weekends. Usually weekends are expensive. Make it a habit and you would in turn be saving a great deal.
The term is also used to refer to a factor that is " out of scope " in a particular context. The character Ford Prefect says,. An SEP is something we can't see, or don't see, or our brain doesn't let us see, because we think that it's somebody else's problem. The brain just edits it out, it's like a blind spot. The Somebody Else's Problem field From Wikipedia, the free encyclopedia. Dismissive figure of speech. This article is about a popular phrase. For the sociopsychological phenomenon, see diffusion of responsibility. Buck passing Bystander effect Externality First they came Retrieved