Financial Goal Setting for Women
Your financial goals are comparable to being in a boat, sailing toward your future. In that boat, you're the captain of your life and destiny. To get to your destination safely, you must have a plan, a compass, and all other details in place.
Sadly, many sailors go out to the sea without a clear sense of direction or where their journey will end. They don't put a plan in place, and often, they find themselves lost at sea, with inadequate provisions, and in the wrong boat.
In the same way, financial goal setting for women is an investment journey that calls for realistic planning. Think of the boat as your finance structure. It is the means to get you to your destination, financial success, and living the life of your dreams.
However, just like a sailor without a plan or clear direction, it can be hard to arrive at your destination.
You need to decide on your goals and have a clear picture of how you want to get there. Once you're sure about the destination, you need to have the right strategies to help you get there.
Have you thought of the bad weather at sea, and have you planned for multiple contingencies? Can your plan survive the storm at sea?
Bad weather, in this case, represents financial challenges. They could range from debt, death of a spouse, divorce, job loss illness, or disability.
To what degree can the plans you have in place withstand the obstacles along the way?
An Example
Consider stock market volatility. Yes, the stock market is unpredictable.
The key to successful investments is to have a good navigator, a trusted advisor who regularly takes coordinates and makes the necessary adjustments.
If circumstances change, a good advisor will encourage you to draw up another plan or change your course.
The bad weather at sea represents an unpredictable market atmosphere and life events.
It can suddenly get stormy and strong waves of volatility, strong currents, and tide shifts can threaten to throw you off balance.
A trusted advisor is like a seasoned sailor, they will work with the conditions to bring you safely to the shore.
Tips for Setting Goals
In mapping out your financial goals;
Be Specific
What is it that financial achievement you have your eyes on? For example, if you plan to save $40,000 by the end of the year, create a clear plan for achieving it.
For example, start putting away 20% of your income in a savings plan.
Analyze your goal; look at what it entails and why you want to achieve it for easier planning.
Let Your Goals be Measurable
If you have a debt of $30,000 to pay off by the end of the year, plan to pay a specific figure each month. You could break down your goal into a weekly or monthly goal.
Break every goal into bite-sized chunks. Strive to handle one goal at a time.
Time-Sensitive Goals
You need a finish line for all your financial goals. This is why you must have a time plan. Give yourself a timeline for every goal you set aside.
For example, "I'll set aside $2,000 every month for five years towards the purchase of a new home.
Ultimately, you’re the sailor of your boat. You need a plan, a good navigator, and a compass to arrive at your destination safely.
As a woman, stay in charge of your money.
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