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They know all the right money hacks and methods to stay on track.
And one of their secret weapons forfinancial planning?
Setting Specific, Measurable, Achievable, Relevant and Time-bound goals helps provide clarity and accountability.
Klesinger believes achieving a series of SMART goals like this leads to progress over time.
Read below how it’s possible for you to use this smart technique in your financial planning.
Review and revise these goals regularly based on your progress and any changes in priorities, he said.
SMART goals, when used properly, are a simple but highly effective tool for achieving financial success.
SMART in goal-setting stands for Specific, Measurable, Achievable, Relevant and Time Bound.
You may feel as if you dont have enough money to begin investing, Klesinger explained.
Maybe you have significantcredit card debtthat you are having difficulty paying down.
Save for a new car?
Save for an early retirement?
Identify the goal and then niche down on the specificity of it, he advised.
A goal that is SMART is quantifiable, easily measured and thus able to be celebrated when reached.
Setting a goal to save $20,000 by the end of 2024 is more achievable.
Additionally, breaking your goal into smaller chunks will allow you to celebrate a win when you reach it.
Just because you missone month, week or day, does not mean you oughta throw in the towel.
Good habits stick and it is the ongoing achievement of small wins that lead to larger ones.
They paid off the debt in just over a year and bought their dream home.
Additionally, for his firm, he said SMART goals drive their key growth initiatives.
We hold free seminars on retirement planning and Social Security strategies.
This goal is specific, measurable, achievable with work, relevant to growing the firm and time-bound.
Were on track to exceedour new client goalby 30% this year.
Blain noted that the power of SMART goals lies in creating a roadmap where the destination is clear.
Start with your vision, break it into concrete short-term goals, review progress regularly and revise as needed.
While simple, SMART goals provide theaccountability and motivationto accomplish important life milestones when used properly.
Achieving one goal builds momentum for the next, creating a cycle of progress and success.
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