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Set financial goals for yourself from "summary" of The Financial Diet by Chelsea Fagan,Lauren Ver Hage
Setting financial goals for yourself is a crucial step in taking control of your financial future. It involves identifying what you want to achieve financially and creating a plan to make it happen. Without clear goals in place, it's easy to drift aimlessly, never making progress towards your desired outcomes. To set effective financial goals, it's important to be specific about what you want to achieve. Vague goals like "save more money" or "pay off debt" are not helpful because they lack detail and direction. Instead, you should set goals that are specific, measurable, achievable, relevant, and time-bound (SMART). For example, instead of saying "save more money," you could set a goal to save $5,000 for a down payment on a house within the next year. Another key aspect of setting financial goals is prioritizing them based on importance and urgency. Not all goals are created equal, and some may be more pressing than others. By determining which goals are most important to you, you can focus your efforts and resources on achieving them first. This may require making sacrifices in other areas, but it's necessary to make meaningful progress towards your goals. It's also important to regularly review and adjust your financial goals as needed. Life circumstances can change, and what was once a priority may no longer be relevant. By regularly reassessing your goals, you can ensure that they remain meaningful and achievable. This may involve revising timelines, adjusting targets, or even adding new goals to reflect changes in your financial situation.- Setting financial goals for yourself is a powerful tool for taking control of your financial future. By being specific, prioritizing, and regularly reviewing your goals, you can make meaningful progress towards achieving the financial outcomes you desire. So take the time to identify what you want to achieve financially and create a plan to make it happen. Your future self will thank you for it.
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