Post by Trade Coach on Jun 5, 2018 15:15:17 GMT 1
I'm going to talk about the rule - setting yearly financial goals. Let me start by asking you, at the beginning of this year, January 1, did you set any financial goals you want achieved by December 31 2018? If you did, how many have you achieved? If you didn't, from now on, make sure you do this very important exercise either in the last week of the outgoing year on the very first day of the New Year.
Without financial goals, you will be reactive to circumstances and you have to realise that setting yearly financial goals is completely different from making New Year resolutions. What I'm talking about is a rule of money, not a ritual and It's got nothing to do with some new year resolutions which many thousands of people hastily make in type dying minutes of December 31. Like any goals, once you set your financial goals at the beginning of each year, you have to commit yourself to them and you wouldn't need anyone to motivate you to take action because you own the goals yourself. As a matter of fact, you can plot a graph of your financial status over a period of months or years to see how you are doing financially.
As I've said in the past, both poverty as well as riches are predictable. In fact, you can often smell both a thousand miles away. People who make themselves poor or have got themselves into a mess often don't realise that they didn't become poor by accident. Not surprisingly, the rich know that they got to their current status as a result of programming and positioning themselves for it. So, whatever your financial status in life, you can juxtapose them against the rules of money. In other words, the rules of money are a mirror that helps you see and interpret where you are and where you are going financially. The rules are your roadmap for financial success. If you're broke and struggling, take a look at the rules and it will soon be obvious that you must be violating some or all the rules. In fact, violating any of the rules can wreck anyone's destiny, muchless when more than one of the rules is being violated. However, if you choose to obey and practice all the rules of money, your wealth and riches will be as predictable as tomorrow. Talk to both the rich and the poor or examine the underlining principles of their lives and you'll discover everyone's financial status is a function of their obedience or violation of the rules of money.
What that means is that no matter how poor or broke you are, you are not helpless. The rules of money are all you need to practice in order to transform your financial status and lift yourself out of poverty. And no matter how ambitious you are financially, you can achieve those goals and make your dreams come true if you will continuously put the rules of money to work for you.
Now that you know the rules, how many financial goals can you set each year? It depends entirely on you. It could be as few as one (maybe to lay the foundation of your house or buy a landed property) or as many as twenty. The call is entirely yours to make. However, I'll suggest you limit your financial goals for 2018 to twenty because we are almost midway into the year. So, whether you're an importer/exporter, a university professor or unemployed graduate, set your financial goals now. I mean do it today, not tomorrow.
As an undergraduate, your financial goals for the remaining six months of this year may be to have N40,000 in your savings account by type end of 2018 or it could be that you want to be saving just a N2000 or €20 per month from the end of June. Whatever goals you set, you will then need to take corresponding actions in order to take or make your goals happen. You may have to swallow your pride and be a part-time washer man or do private teaching for some tutorial centres or be a security guard at special events. Whatever actions are necessary, you take them in order for you to achieve your financial goals. If you are a university professor or lecturer, one of your financial goals for the year may be to have a second stream of income like export/import business so that you don't have to rely on just your lecturer salary alone.
Can you imagine publicly quoted company not having goals for any year? Will the board of that company know where they are going? That is what happens if you have no yearly financial goals. It is like attempting to go on a journey you have not planned and prepared for. That must be wishful thinking and a frustrating experience. Those who refuse to obey this rule of money are always waiting for miracles and do not bother to get their bum off the chair or get out of bed to look for opportunities. They expect opportunities to come and seek them out in their bedroom where they are still sleeping at 9am. You may have been doing round in circles in terms of your personal finance for some years, let me tell you, nothing will change if you don't set yearly financial goals and commit yourself to achieving them. Whether you want to put this article aside now or read it till the end, whatever you decide, make sure you set your own financial goals may be, you will have to have them documented and pasted where you can see them on a regular basis.
After setting them, know that no financial goals are the same, because you and that friend may have different financial destinies in mind. While one of your financial goals for this year may be to get out of debts, and perhaps double your income, for some, it could include to save €20 or N2000 per month. For others, it could be to invest some of their savings on paper portfolio. Whatever your financial goals may be, don't let the size or scale of it or those of others intimidate you. Just make sure you put yours on paper today.
The next step is to break them down to quarterly and when monthly goals. Whether your goals include not using your overdraft to fund your lavish lifestyle or save €5 a week, make sure you keep your commitments through thick and thin. Whatever your financial goals are for this year, commit yourself yo making them real by taking corresponding actions.
Finally, don't let what others are doing distract you, because you don't know what their goals are. Your neighbour or friends may be changing their cars or going on exotic holidays, be sure not to follow the Joneses. They may have paid their dues or living a lie life. The car may be on hire purchase or rented. That friend you are envying may have no savings. Even if they are living their dreams like P-square (who once bought a private jet), remember it wasn't always like that for the Okoye twins (Paul and Peter) or anyone. Let your own financial goals be the roadmap that you take to your financial destiny.
Without financial goals, you will be reactive to circumstances and you have to realise that setting yearly financial goals is completely different from making New Year resolutions. What I'm talking about is a rule of money, not a ritual and It's got nothing to do with some new year resolutions which many thousands of people hastily make in type dying minutes of December 31. Like any goals, once you set your financial goals at the beginning of each year, you have to commit yourself to them and you wouldn't need anyone to motivate you to take action because you own the goals yourself. As a matter of fact, you can plot a graph of your financial status over a period of months or years to see how you are doing financially.
As I've said in the past, both poverty as well as riches are predictable. In fact, you can often smell both a thousand miles away. People who make themselves poor or have got themselves into a mess often don't realise that they didn't become poor by accident. Not surprisingly, the rich know that they got to their current status as a result of programming and positioning themselves for it. So, whatever your financial status in life, you can juxtapose them against the rules of money. In other words, the rules of money are a mirror that helps you see and interpret where you are and where you are going financially. The rules are your roadmap for financial success. If you're broke and struggling, take a look at the rules and it will soon be obvious that you must be violating some or all the rules. In fact, violating any of the rules can wreck anyone's destiny, muchless when more than one of the rules is being violated. However, if you choose to obey and practice all the rules of money, your wealth and riches will be as predictable as tomorrow. Talk to both the rich and the poor or examine the underlining principles of their lives and you'll discover everyone's financial status is a function of their obedience or violation of the rules of money.
What that means is that no matter how poor or broke you are, you are not helpless. The rules of money are all you need to practice in order to transform your financial status and lift yourself out of poverty. And no matter how ambitious you are financially, you can achieve those goals and make your dreams come true if you will continuously put the rules of money to work for you.
Now that you know the rules, how many financial goals can you set each year? It depends entirely on you. It could be as few as one (maybe to lay the foundation of your house or buy a landed property) or as many as twenty. The call is entirely yours to make. However, I'll suggest you limit your financial goals for 2018 to twenty because we are almost midway into the year. So, whether you're an importer/exporter, a university professor or unemployed graduate, set your financial goals now. I mean do it today, not tomorrow.
As an undergraduate, your financial goals for the remaining six months of this year may be to have N40,000 in your savings account by type end of 2018 or it could be that you want to be saving just a N2000 or €20 per month from the end of June. Whatever goals you set, you will then need to take corresponding actions in order to take or make your goals happen. You may have to swallow your pride and be a part-time washer man or do private teaching for some tutorial centres or be a security guard at special events. Whatever actions are necessary, you take them in order for you to achieve your financial goals. If you are a university professor or lecturer, one of your financial goals for the year may be to have a second stream of income like export/import business so that you don't have to rely on just your lecturer salary alone.
Can you imagine publicly quoted company not having goals for any year? Will the board of that company know where they are going? That is what happens if you have no yearly financial goals. It is like attempting to go on a journey you have not planned and prepared for. That must be wishful thinking and a frustrating experience. Those who refuse to obey this rule of money are always waiting for miracles and do not bother to get their bum off the chair or get out of bed to look for opportunities. They expect opportunities to come and seek them out in their bedroom where they are still sleeping at 9am. You may have been doing round in circles in terms of your personal finance for some years, let me tell you, nothing will change if you don't set yearly financial goals and commit yourself to achieving them. Whether you want to put this article aside now or read it till the end, whatever you decide, make sure you set your own financial goals may be, you will have to have them documented and pasted where you can see them on a regular basis.
After setting them, know that no financial goals are the same, because you and that friend may have different financial destinies in mind. While one of your financial goals for this year may be to get out of debts, and perhaps double your income, for some, it could include to save €20 or N2000 per month. For others, it could be to invest some of their savings on paper portfolio. Whatever your financial goals may be, don't let the size or scale of it or those of others intimidate you. Just make sure you put yours on paper today.
The next step is to break them down to quarterly and when monthly goals. Whether your goals include not using your overdraft to fund your lavish lifestyle or save €5 a week, make sure you keep your commitments through thick and thin. Whatever your financial goals are for this year, commit yourself yo making them real by taking corresponding actions.
Finally, don't let what others are doing distract you, because you don't know what their goals are. Your neighbour or friends may be changing their cars or going on exotic holidays, be sure not to follow the Joneses. They may have paid their dues or living a lie life. The car may be on hire purchase or rented. That friend you are envying may have no savings. Even if they are living their dreams like P-square (who once bought a private jet), remember it wasn't always like that for the Okoye twins (Paul and Peter) or anyone. Let your own financial goals be the roadmap that you take to your financial destiny.