If you decided to make 2015 the year that you finally start putting your financial house in order, start setting financial priorities and get to work making financial goals, we have 5 things you need to know listed below. Enjoy.
#1: Narrow down your objectives
One of the first things you need to do is be honest with yourself; it’s probably not possible to achieve all of the financial goals you have. With that in mind, you need to identify clearly what your goals are and then decide which of them are the most important to you. If you can do that, the chance of achieving the financial objectives that matter most to you will be much higher.
#2: Put the goals that are most important front and center
If you want to increase the chance of achieving any financial goal, take the one that’s most important to you and put it first. Once it’s achieved, go to the next and keep going, taking care of the most important goals one at a time.
#3: Prepare yourself for financial conflicts of interest
Sometimes even the most worthy of goals that you have will conflict and, when they do, you’ll have to decide which is the most important. Being able to do that, even though it’s not easy, is vitally important.
#4: Remember that time is your friend, until it becomes your enemy
When you’re younger and the majority of your life is in front of you, it’s imperative that you take advantage of that time, and compound interest, to grow your money in things like stocks, bonds, 401(k) and IRA retirement accounts. The older you get, and the less time that you have, the less effect that compound interest will have on your hard-earned money.
#5: Include everyone in the family in your financial goal setting process
It’s amazing how, when you involve other people in your financial planning and goal setting, those plans and goals are much more likely to come to fruition.
Bonus: Start today
Every journey has a beginning and your journey to financial freedom should start as soon as possible. If you set aside one or two hours you can start today and, by the end of 2015, be well on your way.