Adulting 101: Set Financial Goals

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2 years ago
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Goal setting is probably one of the most annoying thing that I encountered in adulting. I hate thinking about the future since there are a lot of factors that is out of my control.

However, I have to admit that having a general goal in mind has helped me out in my life more time than I care to count. So for today's article, I want to talk about setting financial goals an what are the things you might want to consider.

Just a reminder that none of the things I write on this series should be taken as a financial advice. I am not a professional financial advisor. All the things I share are from my own research and my own understanding. I highly suggest you do your own research as well before making any decisions.

With that disclaimer out of the way, let us start.

Why should you set financial goals?

I want you to think of where you are right now. Maybe you are not in a place where you want to be that is why you are working nonstop to have more money. You see people who earn more than you, probably twice your annual income, do you think they are satisfied with their money or are they also aiming for more?

The answer is most probably they are still aiming for more. In this world, someone else will always have more than you and if you do not know what you truly want, then you will always want more and more as you climb to the top.

Just look at the top 1% of the 1%, even though they already accumulated more money and assets than normal people could ever imagine, they still crave for more. They still look for more avenues in which they can grow their wealth.

If you do not have a clear end goal in mind, then you will be stuck in the endless cycle of wsnting more and more until one day you will be in you deathbed wondering what have you done all your life.

So before you start accumulating a huge amount of money, ask yourself first- what am I saving for?

Are you saving for a future house? For your education or your children's education? Do you want to retire with a life of luxury? Or retire with a place to call your own and never have to worry about leaving debts to youe children?

You have to be honest with yourself as you answer this question because it will be your guide in your financial decisions. You don't have to aim for what other people are aiming for because at the end of the day, it is your life and no one else's.

Things to consider when setting financial goals

There are a lot of factors to consider when setting financial goals but I want to share 5 personal questions that I asked myself when I set my financial goals.

  • Will it be a long-term or short-term goal?

    This is my first question before I set any goals I want to work toward to. Will it be a goal that will take a long time or short time? This makes it easier to give myself a room for adjustment and it gives me opportunities to break down how my system will work with these goals.

  • What are your priorities?

    Do you have financial obligations that take the front seat for your life? Then you have to consider that before making a financial goal. Do not set a goal that will put your priorities at risk. Not just eith financial priorities but also in general. Do you prioritize spending time with loved ones or doing your passion? Make sure to remember your priorities so that you will not lose sight of why you are trying to learn financial literacy.

    What use would having a mountain of gold will do if you have not given any attention to your priorities? So make sure to give time to your priorities instead of setting them aside in the future because by then it might be too late.

  • When will it be enough?

    This is connected to the last question since this makes you think about when will you be satisfied. If you do not set this while starting out, you might find yourself stuck in a never ending loop of wanting more and more things. So ask yourself, what will make me satisfied? The things outside of the endless trends nowadays, the things that will keep you relatively happy and free of the thoughts of comparing your life to others. Think about that long and hard.

    Remember that this along with you list of priorities will keep you focused on what you truly want instead of getting swept up by external things. This will make your life more authentic and probably much more satisfying too than just chasing the best nee thing time after time.

Closing words

Financial goal setting is an important step to take before diving into the big world of financial literacy. Think of it as a map to an unknown world, it will keep you from straying too far from your path. The most important thing is to get to where you want to be without sacrificing the things that you love and value.


This is a part of the Adulting 101 series that I am writing. You can read the earlier articles of this series here:

  1. Adulting 101: Realizations

  2. Adulting 101: Children does not count as investment


I know that today is Wednesday so this is supposedly Manju's time to publish but she could not think of a topic today so she asked me to step in. I was planning to publish this tomorrow but change of plans now.

Anyway, I just wanted to share that in case some of you might wonder about it.



Thank you for reading this article!

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Comments

Everyone should have financial goal in their life. It will help us to save our money and it will motivate us to earn more money.

$ 0.00
2 years ago

For me, my financial goal is to be sustainable. just that I knew when money begone I knew something will come gets, well yeah investment makes money go but I liked the idea of when it will gonna be enough?, rich people cannot even answer that haha,

$ 0.00
2 years ago

good management will determine maximum results, it is true that thinking about the future makes life feel like a heavy pressure because every day will be a burden on the mind but the priority when holding finances is planning ahead if we don't make a mature financial plan, where will our money go? it might be exhausted by not using it for any useful purpose

$ 0.00
2 years ago

This is what I'm trying to master right now, the art of setting financial goals. Before I feel like even if I am regularly receiving a salary, I still feel like it was not enough. The question, when will it be enough? gave me thoughts on saving and stop splurging on things I don't necessarily need. It is really important to set goals so that you will see what your hard work deserves.

$ 0.00
2 years ago

I love financial goals! They make it a lot easier to put money aside and it is a nice thing to work towards!

$ 0.01
2 years ago

📖 5 consejos para aprender a invertir en bolsa

  1. Aprender a invertir de los mejores
  2. Leer información de calidad y capacitarse
  3. Tener paciencia
  4. Aplicar la teoría
  5. Ser constante
$ 0.00
2 years ago

Truly, setting goals help one manage their money and not spending on things they don't need. As an adult, we must have a financial plan we follow

$ 0.01
2 years ago

I love the question, "when will it be enough". This is why having a clear and achievable goal is important so you'll be able to answer that question well. Otherwise, you'll end up either frustrated for not achieving something, or you'll end up too greedy and exhausted for wanting more than you can handle. :)

$ 0.01
2 years ago

I'm a financial student but I don't know how to save co'z my mindset isn't that eager to do so

$ 0.01
2 years ago

Hopefully, you will be able to take baby steps towards saving if that is one of your goals.

$ 0.00
2 years ago

Get 1$ tomorrow you will want 5$. That is the unending cycle if craving for more money. Unless you actually know what you want.

$ 0.01
2 years ago

This is definitely true. It is the reason why we must know when enough is enough.

$ 0.00
2 years ago

Once again, I was reminded to look at my goals from time to time. Very timely as I need to decide for something important tonight.

$ 0.01
2 years ago

But I love setting goals because I am a futuristic kind of girl and my priority while setting goals is to accumulate more BCH as much as I can

$ 0.01
2 years ago

That is a good goal! Good luck on achieving it

$ 0.00
2 years ago