Where are you going? How are you going to know how to get there?
You won’t know where you are going financially unless you have considered your goals. When you are done listening to this episode, I want you to feel confident about your financial goals.
If you are new to the Money Mile podcast, welcome! This is the number one financial podcast designed for triathletes and runners. I’m here to help you increase your understanding of personal finance while improving your fitness.
Press play to enjoy while you are out on your long, steady run.
You will want to hear this episode if you are interested in…
- How we have come this far into personal finance without discussing goals [1:52]
- Smart goals [3:33]
- An example of my SMART goal [6:50]
- Evolution of my goals [9:28]
- Take action [11:33]
Why haven’t we discussed goals before?
You may be wondering how have we gotten this far into financial planning without talking about goals. That is because there are certain financial areas you need to take care of regardless of your goals. Before exploring goals, we first covered estate planning, risk management, income tax planning, investments, and cash flow.
Everyone’s goals are different and they should be based on their feasibility. You’ll need to consider your resources as you set your financial goals.
Setting SMART goals
While it’s understandable that you probably want to improve your financial position, that isn’t the best goal to strive for.
Rather than trying to do better financially, consider setting a SMART goal.
- Specific – Your goal needs to be more specific. Saying that you want to be rich is like saying that you want to be fast. What does rich look like to you?
- Measurable – In order to make progress toward a goal, you need to be able to measure progress toward that goal. Luckily, it is easy to put numbers to financial goals.
- Actionable – Think about how you can take action to achieve your goal. Is there a certain amount of money that you can start saving?
- Realistic – If your goal is to have $10 million next year and you only have one million this year, can you really save $9 million in twelve months? Consider how much it would take to achieve your goal and compare it to your current situation.
- Time-bound – Time bound simply means giving your goal a timeline. Use the measurable part to come up with a realistic timeline that works for your situation.
“We are kept from our goals not by obstacles, but by a clearer path to lesser goals.” – Robert Brault
Your goals will evolve as you do
Only you can set your goals–nobody else can do this for you. Pick a goal that is meaningful for you and something that will make you proud when you accomplish it. When we embrace our goals, we also identify some of our current limitations, and our goals get better.
Just like us, our goals change over time. Your goals should evolve as you do to become a better reflection of who you want to be and the life you want to live. Listen in to hear how my fitness goals have evolved over time to reflect the future that I hope to attain.
Are you ready to take action? What you do is more important than what you know which is why it is time to come up with your own financial SMART goal.
Write it down and post it in a place where you will see it regularly. For bonus points post it on social media and tag #MoneyMile.
Connect With Justin Waller
Subscribe to MONEY MILE
Audio Production and Show Notes by – PODCAST FAST TRACK