I have been thinking a lot about financial goals lately. Mostly, because I realized that i have a lot of work to do in that area.
Back in early 2020, when I decided to leave my husband, I was not in the best financial shape. Then I acquired a lot of debt with the divorce that followed. Followed quickly by a sizeable pay cut when I decided to quit my job, pack up everything and move to Florida.
I have been in Florida now for two years, and while my finances have improved, it has been a very slow process (damn finance charges!!). Now that I feel as though I am coming out of survival mode and breaking into thriving mode, I think it is time to set some financial goals that are both safe and challenging.
Safe because I am 48 and don’t want to gamble too much with my retirement. Challenging because I want to figure out how to get the biggest bang for my buck (literally).
When thinking about financial goals that you could set for yourself, consider these five examples:
Save for an emergency fund: Start by saving a safety net of $1,000 so you are able to stop using credit cards for emergencies. Aim to save three to six months' worth of living expenses in a separate, easily accessible account. This fund can provide a safety net in case of unexpected events like job loss or medical emergencies.
Pay off debt: Focus on eliminating high-interest debt first, such as credit card balances. Set a timeline and specific amount to pay off each month to gradually reduce your debt burden. Use the snowball method to help pay off debt faster.
Invest for retirement: Contribute regularly to a retirement account, such as a 401(k) or IRA. Take advantage of employer matching contributions if available and consider consulting a financial advisor to determine the best investment strategy for your goals.
Save for a major purchase: Whether it's a down payment on a house, a new car, or a dream vacation, setting aside a specific amount each month can help you reach your goal without resorting to credit.
Build a diversified investment portfolio: Research different types of investments, such as stocks, bonds, mutual funds, and real estate. Diversifying your investments can help spread risk and increase the potential for returns over time.
Setting clear, achievable financial goals can pave the way to a secure and prosperous future. Remember to review and adjust your goals regularly to reflect changes in your life circumstances and financial situation.
Do you have any financial goals that you want to share?
I am currently reading Tara Schuster’s “Buy Yourself the F**king Lilies”. Tara’s insight and relatability have rocked my world. The biggest takeaway for me so far, is the simple note that “what i want to be true of myself in the future is my responsibility to make true now”
In the fast-paced world we live in, it's easy to get caught up in the hustle and bustle of daily life, often overlooking the importance of long-term goals and aspirations. However, envisioning what we want to be true of ourselves in the future is not just an idle daydream; it is a powerful motivator that can shape our present actions. The concept of "what I want to be true of myself in the future is my responsibility to make true now" serves as a guiding principle, reminding us that our future selves are shaped by the choices we make today.
Setting clear and attainable goals is crucial. Without a well-defined vision of where we want to be, it is challenging to take meaningful steps toward that destination. Imagine your future self, five or ten years down the line. What do you see? Whether it's a successful career, a healthy lifestyle, or strong relationships, having a vivid picture of your desired future can provide the clarity needed to prioritize your actions. It is your responsibility to break down these goals into actionable steps and integrate them into your daily routine.
Another significant aspect is the importance of self-discipline and consistency. Achieving long-term goals requires sustained effort and perseverance. It's easy to get discouraged by setbacks or to procrastinate, but maintaining a disciplined approach is key to progress. This might mean setting aside time each day for personal development, whether it’s learning a new skill, exercising, or dedicating time to a passion project. By consistently making small, positive choices, you create a ripple effect that propels you closer to your envisioned future.
Cultivating a growth mindset is essential. Embracing the belief that you can grow and improve through effort and learning can transform your approach to challenges. Instead of viewing obstacles as insurmountable barriers, see them as opportunities for growth and learning. This mindset shift empowers you to take ownership of your journey, understanding that every experience, whether positive or negative, contributes to your development. Your future self will thank you for adopting a perspective that encourages resilience and adaptability.
Surrounding yourself with a supportive community can make a significant difference. Engaging with like-minded individuals who share your aspirations can provide motivation, encouragement, and valuable insights. Seek out mentors, join groups or communities that align with your goals, and build relationships that foster mutual growth. The journey to becoming your future self is not one you have to undertake alone; the collective wisdom and support of others can be a powerful catalyst for your personal transformation.
Envisioning what you want to be true of yourself in the future and taking responsibility to make it happen now is a profound and empowering approach to life. It requires setting clear goals, maintaining self-discipline, adopting a growth mindset, and surrounding yourself with a supportive community. By taking these steps today, you pave the way for a future that reflects your deepest aspirations and values. Remember, the power to shape your future lies in the choices you make in the present.
