Financial planning maybe easy or difficult, it depends on your willingness to know it. I know you know the reasons why do you need to set financial goals. Every successful men and women became successful because they have goals. Successful businesses and largest corporations became successful because they have goals. If you want to become financially successful, you need to set financial goals. Agree or disagree? If you disagree, leave this page and do something important.
Ask yourself, how is my financial status, what do I want to achieve for the future and how can I accomplish it. Those top 3 questions can be the best things to ask when setting financial goals. This is just a basic financial planning. If you want to create a great financial plans, ask adviser or a certified financial planner.
Further Reading: Should I Hire Certified Financial Planner?
Top 3 Questions to Ask When Setting Financial Goals
The first question when setting financial goal is about your financial situation. Are you in short of money? Are you in a huge debt? Are you struggling financially? Think about it. In a simple question, ask yourself, are you poor or are you rich?
The second question is “what is my net worth”? The second question is related to the first question. In personal finance, you will only determine your wealth and financial status by simply creating net worth statement. Maybe you asked, why do I need a net worth statement? Your net worth statement gives you an idea of your financial situation. In your net worth statement, the things of value you own and owe are listed.
Further Reading: Create Your Net Worth Statement in Easy Steps
Increase Net Worth: Setting Financial Goals
The third question when setting financial goals is “what should be my target net worth”. Having a target net worth is the beginning of getting rich. If you believe that a net worth is the basis of your true wealth, then start making a net worth goal. If your net worth statement today tells you that you have a large debt, then start paying off your debt and slowly investing money. That way, your net worth will increase significantly.
Related: Tips to Set Financial Goals for Retirement
As you have noticed, it all began with knowing what you’re worth. It is because, the reasons why you are saving and investing money is for you to become truly rich. And the good thing about getting rich is that it is easy to identify anyone who’s rich and who’s not by simply knowing their net worth.
Setting Financial Goals for the First Time?
If this is your first time in setting financial goals, don’t hesitate to leave a comment. Ask the certified financial planner in your area and ask important things especially when you plan to invest money. The 3 questions you must answer when setting financial goals are “am I rich or am I struggling financially?”, “what is my net worth?”, and “what is my target net worth”. This Return On Investment blog (InvestmentTotal.com) will tackle another set of personal finance topics soon. Stay tuned to this blog. Share this with your friends and leave a meaningful comment below! Thank you!