FINANCIAL GOALS : ARE THEY IMPORTANT IN FINANCIAL ADVANCEMENT?

 Humans are goal seeking creatures. According to Brian Tracy only % of adults set clearly defined goals. Now this is a pathetic statistic. Why is setting goals important in our individual lives? It is because they give us clarity and direction. Without clear goals life is uninteresting. We tend to focus on unimportant issues that lead to a waste of our potential and resources. Countless men and women have began with nothing apart from a clear vision and ended up establishing world empires. This explains the importance of setting clear and meaningful goals. In fact the mere exercise of setting up goals changes the thought patterns of the person. Setting up goals is a wake up call for any one who has been running the race of life without direction.

Why is the process of goal setting very vital in financial advancement. It is because it forces us to think long term. Harv Eker in his book Secrets of A Millionaire Mind noted that rich and successful people think long term. Without clear goals we are likely to base our spending on impulses or emotions. Without clear goals we are likely to prioritize social interests rather than  personal priorities. This is especially true with the young generation which easily succumbs to peer pressure. With clear goals one can easily explain to their friends that the activity is not within their budget and it is okay. But many youths end up making financial mistakes simply because they fear upsetting their colleagues. Did we know that Warren Buffet one of the leading entrepreneurs in the world started learning about the stock market at a young age . Today he an expert in the stock market and has made a lot of money. Professor Muhammad Yunus started Grameen Bank as a project to cater for the underserved in Bangladesh. Today Grameen Bank is a pace setter in the Microfinance industry across the world. Peter Munga started Equity Bank as a small building society in Kenya and today it is a financial conglomerate in Africa. The point is that we should emphasize the importance of setting goals as an avenue for improving our economic status.

HOW TO SET MEANINGFUL FINANCIAL GOALS 

1. Set a clear financial vision

2.Start small 

3.Save as you earn

4.Seek financial mentorship

5.Read financial literature

6. Set up an emergency fund

7. Develop a budget

8.Develop personal mastery

Goals are key in shaping our lives. Lack of clear goals leads to underachievement and less enthusiasm in taking action to change our financial trajectory. If others from disadvantaged families have made it to the top what can stop us from also advancing financially with the right guidance and mentorship.

Phillip Kiryowa

Personal Finance Coach 

Advanced Empowerment Link

+256752615916

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