Setting Financial Goals is the first rule in the Mills Way to Financial Freedom rules that we covered with the boys. The importance of goals is to help us make our dreams happen. You need to write them down to be able to make them happen. Difference between a Dream, Idea, Vision and a Goal is nothing more than writing it down.
After we write our goals down on paper, we don’t hide it and forget it. We post it, shout about them and we review them monthly. “We” is a must if you are married, it is hard to hit Financial Freedom goals if both of you don’t agree on them and the action plan to attain them.
Have a Meeting
When setting the goals to your monthly review meetings schedule it with your spouse or partner if you aren’t single. If you are single maybe ask your best friend to come to your monthly goal review meetings. Having it schedule a month in advance helps make sure the meetings happen.
Some people hear the word “Meetings” and they run. Some people feel meetings are a waste of time at their jobs when they could be getting their work done and getting out of work earlier. Financial Freedom Goal meetings aren’t a waste of time. They are important tool in your achieving your Financial Freedom that you want.
Make it a Party
Why not make the goal review meeting fun? Maybe get some snacky food or order pizza to be delivered. Make it a party and have fun celebrating what progress you made towards your goals. When you are having fun, you are able to think outside the box easier to be able to come up with ideas on how to achieve more the next month.
These goal meetings we will be covering our budgets and actuals from the last month. We like to schedule our goal review meeting on the 2nd of each month so we have last months numbers to review. We will talk about budgets and tracking numbers in other posts.
We have personal goals and financial goals that were based off what our family priorities are. So, you would need to decide what your own priorities are. Goals and Priorities, you both need to agree on them if you aren’t in a committed relationship. Here are some example steps to do for your goal setting;
- List your Top 5 Priorities.
- Set Long Term goals for each Priority. Make them attainable.
- Set Short Term goals for each priority. Make them attainable.
- Set Action Steps for each long-term goal and short-term goals.
- List 3 habits you want to do in the mornings and 3 habits you want to do at night to obtain your goals.
- List any things that you are doing that is distracting you from your goals and make adjustments. For instance, let’s say you are watching TV every night from 6pm to 10pm. Why not adjust it and watch from 6pm to 8pm if you wanted to and spend the other two hours working on your goals. That is just an example. I am not a fan of watching much TV.
- Set daily goals and Weekly goals and then list the progress down you did each day. Each night you could reflect on it before going to bed and making the plan for tomorrow.
You may have a different way to attain your goals and if it is working for you that is great. If things are working for you like you want then keep doing it but if not maybe try something new to help you focus more on your goals.
Some people may have priorities or goals like some of the following items. Of course, once a goal is finished it can be taken off the list and move on to the next one. Like for example being Debt Free was on your list then after you are Debt Free that is done and replace that with a new goal. Here are some examples;
- Get Debt Free.
- Track Expenses and Income.
- Increase Income and Passive Income.
- Creating an Emergency Fund.
- Saving for Retirement.
- Saving for kids College fund.
- Saving for a house down payment.
- Continuing your education to increase your income.
- Building up your credit score.
- Paying off credit cards or student loans.
The list can go on and on. Your list could be totally different. For us we are debt free, we have emergency fund, we aren’t paying for the kids’ college, we have bought the kids cars to use in college and now we are working on building up more passive income streams and building up our retirement savings. Even after those are accomplished, we will have more goals. Goals and action steps help my mind keep going. I enjoy it, helping others reach their financial freedom goals and working with numbers.
You need to take action to achieve your goals. You can write them down, post them, tell people about them but if you don’t do the action steps daily towards your goals, they will be the same goals next month. It is a lot more fun at your goal review meetings to show some progress. Even if you only got 25% of the things done for the month you are better off than not doing anything.
Here are two positive quotes I like; “There is no way to happiness; happiness is the Path.” By Buddha
“Change Your Thoughts – Change Your Life” by Wayne W. Dyer
Let me know your thoughts about this blog and let me know of others you would like me to do in the future. I feel we can all learn from each other. That is why I am in the helping people retire early, enjoy life more and be more successful. Also, please see my Disclaimer page on MillsWay.com.
Don’t give up on your dreams; don’t let others talk you out of your dreams. Make your dreams happen. Make it happen today.
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