If you want to accumulate wealth in your lifetime, you have to start planning now. Think about John Goddard, the man who set over 100 almost impossible goals at age 15. He accomplished them all in his lifetime, including high mountain climbing and medical school. You can achieve almost anything if you make up your mind to do so. Start with the big things you want in life.
Set long-term and lifetime goals
Write out half a dozen major goals you’d like to reach through the years.
Which big purchases do you plan to make in the next five years?
What annual salary do you want to earn in 10 years?
How much do you wish to be worth financially in 15 years?
Which items on your bucket list would you like to have checked off in 20 years.
What monthly income do you expect to live on after you retire from work?
What is your biggest lifetime goal? What will it take to achieve it?
After setting about six or so long-term goals, keep your list in a place where you can revisit and review it often. Store your goals on your computer or jot them in a journal or diary; then, break them down into smaller goals.
Add annual, monthly, weekly goals
Set annual, monthly and weekly goals that will get you closer to the big ones, your lifetime goals. You’ll enjoy this assignment; and, you’ll be surprised how far it will take you in accomplishing major lifetime fetes. Revise your wish list every year; but, first set long- and short-term goas like these:
Long-term Goal: How much do you want to be worth in 15 years? $10,000, $45,000, $100,000?
Annual goals: List all your expenses, along with the price of your dreams each year. Write down all you want to do or to acquire over the next 12 months and what it will cost. Make sure the total of everything on your list is less than your annual salary. You should have money left over to save and invest for later.
Monthly goals: Estimate amounts you can save and invest monthly after paying bills and achieving goals.
Weekly goals: To meet expenses, afford to reach your goals and be able to invest a little monthly, focus each week on ways to save money. Set goals for cutting costs of food, transportation, entertainment, etc.
If you’re serious about achieving lifetime goals, a financial planner can help you do the math. For help to realize all of your lifetime goals, make an appointment at Advanced Asset Management, 616-531-5220.
Manage Your Money . . financial tips from: AAM Fee-Only Financial Planning & Investment Advisory LLC
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Ronald Van Surksum, CFP
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