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SET YOURSELF UP FOR FINANCIAL SUCCESS THIS YEAR
January 27, 2016
Are you one who makes New Year’s Resolutions every year to make more money, save more, get out of debt, or simply to tidy up your financial situation? If you answered yes, chances are that you make the same resolution year in and year out without actually achieving your plans.
Why is this?
Why do so many people resolve at the beginning of the year to do better with their finances only to quit after a few weeks or a few months into the year? The simple reason is that very few actually plan for their financial success.
Remember the saying that “If you fail to plan, you plan to fail?” This saying rings very true when it comes to achieving financial success as well. Without a financial plan, you are almost certain to fail.
This year, there are steps that you can take to ensure that actually achieve the financial success that you set out.
The first step to financial success is taking stock of your current financial situation. This is important because if you don’t know where you’re coming from, it’s going to be difficult to get to your intended destination. For example, if you want to get to Miami, the route that you choose would depend on where you would be coming from. If your desire is to get to Miami from London, then you would take a different route and approach than someone in New York. Similarly, with your finances you need to take stock of all your current assets and liabilities in order to be able to select the most appropriate plan of action to get to your desired financial situation. You need to actually write down the estimated dollar values for each category of assets and liabilities. This exercise will help you to determine how much work is required for you to reach your financial goals for the year.
The next step is actually establishing financial goals for yourself. These may be broken down by categories such as income, savings, debt repayment, leisure, personal assets etc. Once you decide on the categories, you need to assign dollar values to each category. Eg. You may estimate that you want to pay off your credit cards and save $7000 for the year and so on. Ensure that your goals are specific, measurable, achievable, realistic and time-bound (have a deadline).
The most important step in achieving financial success is coming up with a plan of action and implementing it. This plan should state exactly how you will go about achieving each goal. Be as detailed as possible with this process. Then you must put that plan into action and follow through. This is the only way that you will achieve financial success.