Jeff Rose does a great job of identifying key money goals that everyone should have. If you go deeper into them, you will discover that his entire message is about financial responsibility. I love the article.
If you haven’t realized this yet, I’m kind of a goal setting freak.
Some people do New Year’s resolutions.
That’s great, but I think you need to revisit your goals on a more consistent basis.
For me, that’s every 90 days.
Other people don’t bother to set goals.
They choose – unconsciously at least – to rely on luck.
Let’s establish upfront that goals are something more substantial than dreams or wishes.
They can start with dreams or wishes, but they have an action plan behind them – something that spells out how we convert a desire into something real.
That’s especially important when it comes to financial goals.
Since they require regular investments of money and effort over a long period of time, you need to have workable plan to bring them to reality.
Start by setting some financial goals. If you’ve never thought much about this, here are 10 good financial goals that everyone should have.
The great thing about this goal is that anyone can do it, regardless of income or wealth level. And if you want to get the most out of your finances, it’s virtually a requirement that you get out of debt.
For the moment, let’s ignore the good-debt-versus-bad-debt debate. At some point in your life, all debt is bad debt and needs to be paid off. That includes the mortgage on your home. Although the purpose of that debt may be noble at the beginning, it’s no less a drag on your income than any other debt as time goes on.
There are more reasons to get out of debt than I can list here, but here are just a few of them:
Getting out of debt means that you’ll have full control over your income – and that’s an incredible feeling.
It will leave you with more money for savings and investing – and even more for spending.
It will remove the asterisk from your finances – I make $X,000 per month, but $X00 has to go to pay my debts.
It will make it easier to quit a job you don’t like.
It will free your mind of the worry and stress that come with debt.