Walking through life like a leaf in the wind is fine (once in a while).
Signing the song “Bare necessities” from The Jungle Book (doesn't hurt anyone).
Act like nothing matters to you and lead a life free of non-essentials (that's cool).
I'm of the idea that one should be balanced with his life. We shouldn't go from the extreme of “nothing matters” but neither should we live worried about what is going to happen tomorrow.
The meaning of life is found in the objectives that one sets and the goals that we are achieving.
The same happens in the world of money. Financial goals are essential for anyone who wants to grow.
Why should you have financial goals?
1- You realize how your progress levels are going
2- If you have clear goals, it'll be easier to make decisions
3- Having goals is synonymous with drive and motivation
4- You know where you want to go
5- A goal changes your mindset and improves you
6- You step out of your comfort zone
Financial goals to keep in mind
The golden rule: Don't set goals that you know you can't achieve. Your goal shouldn't cause you stress.
Short Term
What do you want to achieve (financially speaking) in a year at most?
Examples:
— Go to the bank to check that your bank accounts are free of debt.
— See the movements of your account statement
— Remove that card that I no longer use
— Buy that book you love so much
— Start investing in bonds ($5 USD a week).
— Travel to Oaxaca (Delimit how much you need to leave)
— Buy a new washing machine (or whatever you need right away).
— Buy brush and paints to paint your house.
— Make your will
Medium Term
These are goals that you plan to meet in the period of 1 to 5 years.
In the medium-term goals, you have the chance to collect money to focus on a specific objective.
— Buy a modest apartment, furnish it, and then rent it through Airbnb.
— Go to New York and buy clothes on Fifth Avenue
— Contract a Personal Retirement Plan
— Pay the down payment of a car (what model and how much will it cost)
— Take a master's degree (specify what)
— Finish paying your credit (how much money will you have to allocate to that debt).
Long Term
These are the goals you want to accomplish in five years or more.
Think about the life you want to live.
— Start a business (cafeteria, cowork, ice cream parlor or house of culture, etc.).
— Travel to the Great Wall of China
— Living in another country (specify which one and why you want to live there).
— Get more profits with the money from your investments (Bonds, Personal Retirement Plan, Airbnb income, etc.).
— Work in ______ (why and what for)
— Have an NGO (of what)
— Buy a new house or apartment
Determining your financial goals is not an easy thing, it's not something that you can put together in a couple of minutes. Take your time, think about what you want in the future, and do everything in your power to achieve it.
Your future self will always thank you for deciding to organize your financial goals.
