We have always known how important setting goals and writing them down are to our success but earlier this year we were reminded of the wisdom spoken by Earl Nightingale.
People with goals succeed because they know where they’re going.” Earl Nightingale
Paying off our house was one of our major financial goals. That was our focus and vision; pay off our house debt and be 100% debt free! After paying off the house there was something that just didn’t seem right. It took us several weeks to figure it out. One day while driving in the car Tish said,
I know what it is, we don’t have a new goal to take the place of paying off the house!”
While we had goals for retirement and paying for college we didn’t have a goal to replace what we were doing with the money to pay off our house. Simply put, we didn’t have a purpose for that money to do great things. It was just going into savings, so it didn’t feel like we were succeeding. We immediately sat down and came up with new goals for that money and it completely changed how we felt about the progress we were making.
It is important to remember that a monthly budget will help you set and reach your financial goals. We teach our clients to always budget at least 1 month ahead. This way you are looking forward and setting a financial goal for how you WILL spend your money not looking backwards on how you DID spend your money.
Here are some areas to think about when setting goals:
- Where will every penny of my income go each month? i.e. set goals with your monthly budget
- What are my career aspirations?
- How much do I want my income level to increase?
- How quickly do I want to pay off my debt?
- How much money do I need for retirement?
- How will I pay for college or how much money do I want to save for college?
Remember to set goals for every aspect of your life to help you succeed. Always create new goals. You WILL succeed when you have a plan for where you are going.