Based on a sound understanding of your financial situation, you may be able to identify your short-, medium- and long-term financial goals. This will help you review your budget, determine your investment time frame and work out a strategy for deciding on the appropriate investments. With measurable and clearly defined goals, it will be easier to monitor the progress of your financial growth.
When setting financial goals, consider the following;
1.Know what you are planning for. Don't just wake up without definition of the picture you want.
2. Make a list of all your needs and apportion goals appropriately.
3. Set your day-to-day needs. This is the monomer of the overall financial goal polymer.
4.Set Realistic Goals and prioritise.
For instance, Payment of high interest rate debtor loan should come first, before payment of other money you borrowed without interest.
5. Markout the cost of each goal and how much time it will take you to save or invest to get it.
For instance, If my goal is to buy a FordCaravan worth 1.4m NGN and I can save 50k thousand monthly for it, it will take me 28months (2years 4months) to achieve that goal. That Time space is Called Investment Time Horizon
6. Be Realistic.
Then review this goals and assess your risk tolerance level, you may find it necessary or worthwhile adjusting your goals...
I will love to addhere, as part of your goals, start saving earlier enough... You'll thank God later
