Do you ever feel like you’re trying so hard, but you’re just not making progress with your money? Or like you’ve been working your butt off, but when you look around, you never have much to show for it?
Here’s the thing: If you don’t set goals for your money, you’ll probably keep feeling like all you’re doing is spinning those wheels. If you want to finally get moving, it’s time to make some financial goals.
What Are Financial Goals?
A financial goal is any plan you have for your money. You can have short-term and long-term goals. For example, saving up $1,000 is a short-term goal, while investing for retirement is a long-term financial goal. Your goals should give you focus and keep you accountable, no matter how long they take to make happen!
Why Are Setting Financial Goals Important?
Having a goal will change how you look at your money. You’ll start to see how every decision you make matters to your greater financial health.
For example, if you don’t have financial goals, it’s no big deal to buy Starbucks every day. But let’s look at just how much those lattes are really costing you. You’ll typically spend $25 for just one workweek of lattes—that’s $100 a month! What else could you do with that money?
If you put $100 in an investment account every month for five years, your latte fund could grow into more than $8,000 thanks to the power of compound interest. That’s a whole semester of your kids’ college you’re drinking!
Imagine if you looked even more long-term and invested $100 a month for 15 years. Your latte savings could grow to over $45,000. That’s my dream car—a brand-new Tesla. (I mean, it’s the entry-level model, but still . . . it’s a Tesla.)
And if you invest your savings for 30 years? Your coffee money could grow to over $280,000. A latte a day or a quarter-million dollars? You guys, I like Starbucks, but not that much.
If you want to set yourself up to be financially secure, find small (or large) sacrifices you can make right now. The way you interact with your money today will impact your future.
ASIN : B0BQY93JMS
Publisher : Independently published
Publication date : 21 Dec. 2022
Language : English
Print length : 100 pages
Item weight : 318 g
Dimensions : 21.59 x 0.61 x 27.94 cm
£15.31
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