Set realistic financial goals from "summary" of The Automatic Millionaire Workbook by David Bach
When it comes to achieving financial success, setting realistic goals is crucial. It’s important to have a clear understanding of where you want to be financially and what steps you need to take to get there. Setting goals that are too ambitious or unrealistic can lead to frustration and ultimately sabotage your efforts. By setting realistic financial goals, you are creating a roadmap for your financial future. These goals should be specific, measurable, achievable, relevant, and time-bound. For example, instead of saying “I want to be a millionaire,” a more realistic goal would be “I want to save $500 per month for retirement.” This goal is specific, measurable, achievable, relevant to your financial success, and has a timeframe attached to it. It’s also important to consider your current financial situation when setting goals. If you are living paycheck to paycheck, setting a goal to save $1,000 per month may not be realistic. Start by setting smaller, achievable goals that will help you build momentum and confidence in your ability to achieve financial success. Another key aspect of setting realistic financial goals is to track your progress regularly. This will allow you to see how you are progressing towards your goals and make any necessary adjustments along the way. By regularly reviewing your goals, you can stay motivated and focused on achieving financial success.- Setting realistic financial goals is essential for achieving financial success. By setting specific, measurable, achievable, relevant, and time-bound goals, you are creating a clear roadmap for your financial future. Remember to consider your current financial situation, set smaller achievable goals to build momentum, and track your progress regularly to stay motivated and focused.
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