How to Achieve Important Long-Term Financial Goals

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Long-term financial goals are an basal portion of financial planning. They thief you specify your aspirations and create a roadmap for achieving them.

Long-term goals aren’t easy to achieve. But why?

Could it beryllium that information wanes complete time? Perhaps outer circumstances change. Maybe it has to do pinch nan feasibility of nan goals.

Many group person problem sticking to thing complete nan people of a azygous twelvemonth fto unsocial respective years aliases decades.

Perhaps that’s why semipermanent goals – for illustration astir financial goals – are truthful difficult to achieve.

How do we conflict against immoderate it is that holds america backmost from achieving these financial goals? Is it imaginable to win?

Yes. It is.

Today I’d for illustration to stock pinch you immoderate ways you tin execute your semipermanent financial goals. I won’t declare it will beryllium easy, but it will beryllium worthwhile.

So whether you request to pay disconnected debt, build an emergency fund, save for your kids’ assemblage education, aliases invest for retirement, present are immoderate ways you tin make it hap’n, cap’n.

Why Long-Term Financial Goals Are Important

Long-term financial goals supply guidance and information for your financial decisions. By defining your semipermanent goals, you will person a clear image of what you want to execute and what steps you request to return to get there. Setting semipermanent financial goals tin thief you:

  • Stay focused connected your priorities: Setting semipermanent financial goals will thief you prioritize your financial decisions and debar getting distracted by short-term financial needs aliases impulses.
  • Achieve Financial Stability: Long-term financial goals tin thief you create a information net, build wealth, and hole for unexpected events specified arsenic aesculapian emergencies aliases occupation loss.
  • Enjoy nan Benefits of Compound Interest: Investing successful semipermanent goals, specified arsenic status aliases education, tin thief you return advantage of nan power of compound interest and turn your wealthiness complete time.

1. Capture Your Long-Term Goals in Your To-Do List.

Long-term goals of nan financial benignant are usually much for illustration projects than individual tasks.

For example, if you want to salary disconnected your debt, chances are that you don’t conscionable person 1 credit paper to salary off – you mightiness person 3 in installments cards, a conveyance loan, and a student indebtedness to flooded (if not more).

“Pay disconnected debt” would beryllium nan project. “Pay disconnected Visa #1” would beryllium nan task.

The truth is that without penning down your projects and tasks wrong a task guidance strategy of immoderate type, you’re overmuch little apt to execute your semipermanent goals.

There’s conscionable thing astir seeing your semipermanent goals connected insubstantial (or connected a screen) that makes them real. The very enactment of penning them down is simply a type of commitment.

Give it a whirl. Write down your semipermanent financial goals and reappraisal them connected a regular basis.

2. Don’t Bury Your Long-Term Goals.

It’s not capable to constitute down your semipermanent financial goals. Additionally, you request to make them readily disposable to your eye.

One thought that I’ve recovered useful good is to constitute down your goals connected a whiteboard wherever you can’t thief but spot them. But that’s not for everybody.

The constituent is that you request to find a measurement to spot your long-term goals successful nan discourse of each your different goals (namely, your short-term goals).

If only your short-term, urgent goals are displayed for you to see, you’ll thin to attraction connected those alternatively of kicking butt connected your semipermanent goals.

Don’t hide your semipermanent goals. They’re important too!

3. Dedicate Certain Days of nan Week to Long-Term Goals.

One adjuvant extremity I derived from Strategic Coach was to dedicate definite days of nan week to definite goals. This has proved to beryllium very adjuvant successful my ain life, and I judge it will successful yours, too.

For example, you could dedicate a definite time of nan week to managing your finances and brainstorming ways to amended your financial future. Perhaps you person a time disconnected of activity that would activity champion for you.

Now, I tin perceive you saying, “Oh Jeff, if I only had a time for specified tasks – I’m measurement excessively engaged pinch different stuff!” That’s fair.

But here’s nan thing, you don’t conscionable person to make this time astir finances – you tin make it astir your different semipermanent goals too. Add successful health, family, and different areas of responsibility.

Consider this time (or these days) of nan week to beryllium each astir bettering yourself and your life. Can’t you make clip for that?

4. Prioritize Your Long-Term Goals Properly.

When it comes to semipermanent financial goals, you request to decently prioritize them. There are immoderate preliminary goals that should only return you little than a month, for illustration setting up a budget and cutting expenses, but we’ll time off that for different article.

What are immoderate communal semipermanent financial goals and successful which bid should you complete them? Generally, I urge you complete nan pursuing semipermanent financial goals successful nan bid they are displayed below:

Build Your Emergency Fund

Think of your emergency money arsenic nan instauration of your financial future. Without immoderate liquid money, you’re going to beryllium retired of luck erstwhile a financial disaster strikes. Believe me, they happen.

Your car motor mightiness explode. Your kneecap mightiness detonate (ouch). Your h2o heater mightiness explode. There are truthful galore things that tin detonate . . . and it’s not easy to conscionable locomotion distant from those explosions while keeping your cool. It’s stressful!

But you cognize what would make those situations a small little stressful? You guessed it: an emergency money baby!

Wipe Out Your Debt

Once you person your instauration successful place, it’s clip to sound retired that debt. This tin return respective years aliases a fewer months – it depends connected really overmuch indebtedness you person and really quickly you tin shovel money astatine it.

Write down each of your debts and onslaught them 1 by one. It’s easier that way.

Start Investing for Retirement

Now it’s clip to start investing for your second years. Why? It’s imaginable that your earning imaginable tin spell down erstwhile you’re physically incapable to work. Who knows, you mightiness person a self-sustaining business upon reaching retirement age, but don’t count connected it. Invest for nan future!

Helping group discontinue good is what I do.

Start Saving for Other Long-Term Goals

This mightiness see redeeming for your kids’ assemblage education, purchasing a caller vehicle, redeeming for a location renovation, changing careers, aliases another goal that will return immoderate time.

By prioritizing your semipermanent goals successful nan due way, you tin guarantee that should you acquisition a slump successful income, you aren’t wiped retired owed to a deficiency of financial planning.

5. Discover and Focus On Your Motivations.

I’m convinced that 1 of nan main reasons group don’t execute their semipermanent goals is because they really haven’t discovered their motivations.

For example, everyone knows it’s a bully thought to salary disconnected debt. It’s a financial extremity that’s been embedded successful our minds by countless financial advisors. But unless you observe your information for paying disconnected debt, chances are you’ll springiness up earlier you execute your goal.

In fact, if you’re paying disconnected indebtedness for nan liking of paying disconnected debt, you mightiness arsenic good springiness up now. You’re not going to beryllium motivated capable to get nan occupation done.

Instead, attraction connected immoderate communal motivations that tin go your motivations. Here are immoderate awesome reasons why group want to salary disconnected debt:

  • To Not Have to Pay Interest connected Their Purchases
  • To Free up Money for Vacations
  • To Free up Money for Investing successful Retirement
  • To Not Have to Worry About Those Bills
  • To Reduce nan Amount of Stress successful Their Lives
  • To Free up nan Time It Takes Managing Debt to Focus On Family

These are conscionable a fewer of nan motivations of others. What’s your motivation?

Assign a information for each semipermanent extremity you have. Otherwise, you’re conscionable trying to execute your semipermanent goals for nan liking of accomplishing them – that’s not a existent motivating facet if you inquire me!

Long-Term Goal Examples (Using SMART framework)

Long-term financial goals tin return galore forms, depending connected your values, aspirations, and clip horizon. Here are immoderate examples of semipermanent financial goals successful nan SMART framework:

Example 1: Save for Retirement

Specific: Save $1 cardinal by property 65 for retirement.

Measurable: Save $500 per period successful a status account.

Achievable: Based connected existent income and expenses, it is feasible to prevention $500 per period for retirement.

Relevant: Retirement is simply a semipermanent financial extremity that aligns pinch individual values and aspirations.

Time-bound: Achieve this extremity by property 65.

Example 2: Pay disconnected Debt

Specific: Pay disconnected $30,000 successful in installments paper debt.

Measurable: Pay $500 per period towards in installments paper debt.

Achievable: Based connected existent income and expenses, it is feasible to salary $500 per period towards in installments paper debt.

Relevant: Paying disconnected indebtedness is simply a semipermanent financial extremity that aligns pinch individual values and aspirations.

Time-bound: Achieve this extremity wrong 5 years.

Example 3: Invest successful Education

Specific: Save $50,000 for a child’s assemblage education.

Measurable: Save $200 per period successful a 529 assemblage savings plan.

Achievable: Based connected existent income and expenses, it is feasible to prevention $200 per period for a assemblage education.

Relevant: Investing successful acquisition is simply a semipermanent financial extremity that aligns pinch individual values and aspirations.

Time-bound: Achieve this extremity successful 18 years.

Example 4: Buy a House

Specific: Save $100,000 for a down costs connected a house.

Measurable: Save $1,000 per period successful a high-yield savings account.

Achievable: Based connected existent income and expenses, it is feasible to prevention $1,000 per period for a down payment.

Relevant: Buying a house is simply a semipermanent financial extremity that aligns pinch individual values and aspirations.

Time-bound: Achieve this extremity successful 5 years.

Example 5: Start a Business

Specific: Launch a profitable business successful nan adjacent 5 years.

Measurable: Develop a business scheme and unafraid backing wrong nan adjacent 12 months.

Achievable: Based connected existent skills and experience, it is feasible to create a business scheme and unafraid backing wrong nan adjacent 12 months.

Relevant: Starting a business is simply a semipermanent financial extremity that aligns pinch individual values and aspirations.

Time-bound: Launch nan business wrong nan adjacent 5 years.

LONG-TERM GOALSPECIFICMEASURABLEACHIEVABLERELEVANTTIME-BOUND
Save for RetirementSave $1 Million by Age 65 for Retirement.Save $500 per Month successful a Retirement Account.Based connected Current Income and Expenses, It Is Feasible to Save $500 per Month for Retirement.Retirement Is a Long-Term Financial Goal That Aligns With Personal Values and Aspirations.Achieve This Goal by Age 65.
Pay disconnected DebtPay Off $30,000 successful Credit Card Debt.Pay $500 per Month Towards Credit Card Debt.Based connected Current Income and Expenses, It Is Feasible to Pay $500 per Month Towards Credit Card Debt.Paying Off Debt Is a Long-Term Financial Goal That Aligns With Personal Values and Aspirations.Achieve This Goal Within 5 Years.
Invest successful EducationSave $50,000 for a Child’s College Education.Save $200 per Month successful a 529 College Savings Plan.Based connected Current Income and Expenses, It Is Feasible to Save $200 per Month for College Education.Investing successful Education Is a Long-Term Financial Goal That Aligns With Personal Values and Aspirations.Achieve This Goal successful 18 Years.
Buy a HouseSave $100,000 for a Down Payment connected a House.Save $1,000 per Month successful a High-Yield Savings Account.Based connected Current Income and Expenses, It Is Feasible to Save $1,000 per Month for a Down Payment.Buying a House Is a Long-Term Financial Goal That Aligns With Personal Values and Aspirations.Achieve This Goal successful 5 Years.
Start a BusinessLaunch a Profitable Business successful nan Next 5 Years.Develop a Business Plan and Secure Funding Within nan Next 12 Months.Based connected Current Skills and Experience, It Is Feasible to Develop a Business Plan and Secure Funding Within nan Next 12 Months.Starting a Business Is a Long-Term Financial Goal That Aligns With Personal Values and Aspirations.Launch nan Business Within nan Next 5 Years.

Need More Long-Term Goal Examples?

Knowing I’m not nan only goal-setting freak that exists successful this world, I asked fans from nan Good Financial Cents Facebook page what their semipermanent goals are (big outcry to nan Fincon organization for contributing, too!).

Fincon Community Long-Term Goals

long word extremity examples GFC facebook page

Here’s a awesome database of examples of semipermanent goals:

Bob Lotich astatine SeedTime.com says:

[I want] to supply a comfortable life for my family, to person capable rate to support a elastic lifestyle, and to usage everything other to financially support charities and organizations that are making a immense effect connected nan world.

Ryan Guina astatine TheMilitaryWallet.com says:

[I want] to go financially independent. What this intends to me: to person nary user aliases mortgage debt and person capable resources successful savings and investments to screen my mundane surviving expenses without relying upon income from my job. This will supply much state successful pursuing activities based connected fulfillment vs. nan request to make revenue.

Larry Ludwig astatine InvestorJunkie.com says:

[I want] to beryllium financially free. I specify it specifically arsenic to accumulate $10,000,000 successful finance assets that tin make astatine minimum 4% per twelvemonth of income.

Teresa Mears astatine LivingOnTheCheap.com says:

[I want] to support myself, some now and successful retirement, and bask life. What other is there?

Steve Chou astatine MyWifeQuitHerJob.com says:

[I want] to make capable income truthful that I tin walk much clip pinch my family and beryllium location for nan kids. Growing up, my parents worked their butts disconnected truthful I could spell to a bully schoolhouse but I didn’t spot them very often during nan week. With my kids, I’m going to nonstop them to a bully assemblage and ever beryllium present.

Grayson Bell astatine DebtRoundup.com says:

[I want to] build a business and a financial stockpile to let my family and I to recreation erstwhile and wherever we want to. I don’t want to beryllium stuck owed to a occupation aliases financial situation. This will require scaling my business and looking for much opportunities to grow my passive income streams.

Robert Farrington astatine TheCollegeInvestor.com says:

[I want] to make capable passive income to switch my existent income. This will require a semipermanent strategy of earning much money (through my net and broadside hustles) and investing nan excess. The goal, of course, is to discontinue early while still being capable to supply nan value of life I want.

My Lifetime Goals

Long-term goals tin beryllium difficult to articulate but merit to beryllium written down.  I antecedently shared my life goals connected this post.  Looking them complete I admit I would make a fewer tweaks, but; for nan astir part, they still align pinch what I want to execute successful life.  Here’s a look:

1.  Spiritual Leader of My Household:   I want my kids to spot maine first arsenic a God-loving begetter who puts his religion first earlier success.  I want to continually emotion and support my woman and do truthful successful a Godly manner.

2. Live a Long and Filling Life With My Wife and Family: Raise my kids pinch nan philosophies of moving hard, but not sacrificing “work” for what you love; emotion first; and treating group pinch respect (Golden Rule)

3. Have Several Multiple-System Driven Businesses That Produce >$100,000 a Month of Passive Income.

4. Live successful Multiple Countries (5+) For an Extended Period of Time (Minimum 3 Weeks) With Entire Family

5.  Inspire Over 1,000,000 People to Invest successful Themselves:  This tin beryllium done accepted investing (Roth IRA, 401(k), obtaining a higher grade aliases certification, aliases investing successful a mini business.

6. Be a Successful Entrepreneur and Best-Selling Author of Numerous Works: I want to beryllium recognized arsenic a difficult worker who puts his family and religion first.

The Bottom Line – Long-Term Financial Goals

Setting semipermanent financial goals is an important measurement towards achieving financial stableness and building wealth. By defining your values, aspirations, and clip horizon, you tin create a roadmap that aligns pinch your priorities and guides your financial decisions.

Remember to show your progress, enactment motivated, and activity master proposal erstwhile needed. With subject and perseverance, you tin execute your semipermanent financial goals and unafraid your financial future.

Here’s Your Homework

I want you to instrumentality astatine slightest 1 of these strategies for reaching your semipermanent goals complete nan adjacent year. When nan twelvemonth is over, constitute me. Tell maine really good nan strategy worked retired for you. I want you to put your bosom and psyche into 1 aliases much of these strategies.

Why? I want you to spot success.

Make it hap’n, cap’n!

FAQs – Long-Term Financial Goals

How do I equilibrium redeeming for semipermanent goals pinch short-term needs?

It’s important to onslaught a equilibrium betwixt redeeming for your semipermanent financial goals and gathering your short-term needs. You tin execute this by creating a fund that allocates immoderate of your income towards some short-term and semipermanent goals.

This way, you tin reside your contiguous financial needs while besides making advancement towards your semipermanent goals.

How tin I enactment motivated to execute my semipermanent financial goals?

Staying motivated to execute your semipermanent financial goals tin beryllium challenging, particularly if your goals are respective years away.

One measurement to enactment motivated is to break your semipermanent goals into smaller, manageable milestones. Celebrate each milestone arsenic you scope it, and usage nan advancement you’ve made arsenic information to support going.

How do I cognize if I’m connected way to execute my semipermanent financial goals?

Regularly monitoring your advancement towards your semipermanent financial goals is basal to staying connected track.

You tin usage financial readying devices and package to way your advancement and set your scheme arsenic needed. You tin besides activity pinch a financial advisor aliases planner to measure your advancement and make immoderate basal adjustments to your plan.

Can I set my semipermanent financial goals arsenic my business changes?

Yes, it’s important to beryllium elastic and set your semipermanent financial goals arsenic your business changes. Life is unpredictable, and unexpected events tin effect your financial situation. Review your financial scheme regularly and set it arsenic needed to guarantee that it aligns pinch your existent business and goals.

Need immoderate much semipermanent goals? Check retired The Top 10 Good Financial Goals That Everyone Should Have. If you’re a babe boomer, cheque retired 5 Financial Goals for Baby Boomers.