Setting A Financial Goal

Based on our previous discussion (please click here for those who have not read it), we all belong to a financial stage and all the steps that we should be doing should take into consideration where we currently belong.
Again, the goal is financial freedom so I guess we all agree that, that is all our "end-state".

Now let's start with setting a Financial Goal.


I know most of you will complain and say - "not again, why don't you just teach us the techniques to plan our financial life, where to invest, how to do business, etc".
That is a very common reaction among us (specifically Pinoys) when it comes to financial planning, yet in my financial-life-experience, until I made a goal and set specific dates for my financial freedom, I never achieved anything specific and tangible.

Let me explain in a story.

Once a upon a time in a city in Australia (Melbourne to be exact), there was a Filipino (His name was Juan of course) who hungered for financial freedom and a better life for his family that he left behind in the Philippines. He tried saving 500 Australian dollars every month yet whenever he was able to save-up about 2000 Australian dollars, a relative would call asking for help for an emergency and not being able to take the guilt of not helping the relative, he ended up giving his savings instead. Again and again he started to save, but the more he saved the more emergencies kept on popping up and he realized he was going nowhere.

But one day...

He meet a great and handsome guy (I know what you're thinking, but sorry the guy was not me) by the name of Bo Sanchez. This guy talked about how to improve a person's finances, how to increase one's income, how to share your money to the poor, and his basic step was to set a Financial Goal.

His specific words were, "knowing where you are going, makes you choose the easiest route to get there the fastest".

Now he followed that person's advice and made a financial goal of XX,XXX dollars by December 2009.
And lo and behold - Juan now has that XX,XXX number of dollars in his account. Not only that but he has also acquired real estate properties which he is renting-out, a recruitment agency, and other small businesses earning him enough to be called a MILLIONAIRE.

Now to apply that to our topic.....

I believe and have seen through experience, that achieving anything in life does not only involve hard work but also the mindset on what kind of results we want. Just like an archer envisioning his target. He sets the target in his mind first and imagine hitting a perfect bulls-eye and then actually hitting the target with perfect timing and precision. This is how our financial planning guide process should also be started.

If you want your financial life to be in order SET THAT FINANCIAL GOAL NOW.

Now here are the steps to "Set Your Financial Goal".

Step 1 - Compute your Net Worth

Step 2 - Take a Personal Retreat

Step 3 - Claim and Commit to your Financial Goal

Step 4 - Present your Financial Goal to God

Step 5 - Apply the Financial Lessons to your Life

Step 6 - Apply, Fail, Learn. Repeat until Goal is Reach

Now that's a lot of steps, but don't worry we'll discuss each step in detail in my next coming post.
If you have any questions just leave your comments below.

To our financial freedom.......


Cheers!

Setting A Financial Goal