7 Steps to Financial Success

by | Oct 14, 2020 | Financial Planning

Creating success in life, both financial and personal, is no stroke of luck.  We constantly talk about the process behind successful financial planning, and it can really apply to any aspect of life.  Whether you’re saving for retirement, working through a financial plan, hitting a new career milestone, or accomplishing a personal goal – there are a handful of steps along the way to help you get there.

Let’s take a look at seven steps to take on the path to success.

Visualize Your Future Goals

Instead of setting an abstract goal like “retire in my 50’s”, it can really help to try and visualize what you want your life to be like when you retire.  How did you get to that retirement date? What does your family situation look like? Where are you living?

Having specifics in mind while you visualize your future will make it easier to work towards those visualizations.  It will help you gain more clarity and this goal-setting process works as your framework towards a better future – both financially and personally.

Work Backwards From Your Goal 

When it comes to financial planning, setting specific goals is the key to success.  After all, how can you work towards a goal if you don’t know what the goal is?  Once those goals are in place, you can begin to reverse-engineer your career and personal life to help get you there.

Try setting quarterly goals or 90-day goals and evaluate them accordingly, while constantly reviewing them as you move forward. This will help you make short-term progress while keeping your eyes on long-term goals. Clearly outlining goals will make them seem much more realistic. It’s a good idea to have a mix of goals such as financial, strategic, relationship and personal goals.

Be Accountable

Easier said than done, we know.  This is where working with a financial planner can be really valuable.  A good planner will help keep you accountable for your financial goals.  Working with a life coach, or even just sharing your goals with others can provide a real incentive to continue on your path and work hard to achieve the outcome you desire. Additionally, consider surrounding yourself with others who will lift you up and share with them what you hope to do. Having like-minded people nearby will only make your day to day easier.

Have a Deadline 

Having a clear end game in mind is crucial to accomplishing your goals.  Without a set deadline, it becomes easier to procrastinate and push things further into the future. When the goal is realistic, you will feel more properly and emotionally invested in the outcome. It should feel challenging yet also achievable.

Write it Down

Studies show that we become 42% more likely to achieve our goals and dreams, simply by writing them down on a regular basis. This is something we stress here when it comes to financial planning goals for folks.  There is more of a personal commitment when you put pen to paper and physically write your goals down. Also, if something is written down, then you can look back for motivation when you need it.

Baby Steps

It’s great to have huge career goals and big life milestones you want to achieve.  However, these massive goals can seem overwhelming in the day to day.  Breaking down your big goals into smaller, more manageable goals will help you make significant progress.

When we build financial plans for clients, we always start at the base or foundation.  We work our way up through the basics to the very top.  The same should be done with your goals.  Start with step 1 and slowly work your way towards the top of your “goal pyramid” so to speak.

Work Towards Your Goals Every Day

Goal setting is very important in every aspect of your life.  Having financial goals is just as important as having family goals, personal goals, and career goals. What is the motivation or desire for why you set your goals? Think about:

  • Why do I want this?
  • How am I going to get there?
  • How will this make my life better?

Once you know the answer to these questions, it will really help you to strive for a stronger future and understand what you need to change to achieve your dreams.

It’s easy to get caught up in the daily grind of everyday life and put your dreams and goals on the backburner.  Try your hardest to not let that happen to you.  By following these basic steps, you’ll increase your chances of accomplishing a lot of what you wanted to in your life.

For your financial goals, if you feel overwhelmed and think you can’t do it alone – we’re here to help you!  Click this button to schedule a meeting with one of our team members and we’d be happy to help you on your way towards crushing your financial dreams!