Investment Guide

How to specify a professional goal in personal finance

If you travel, you know a little in advance the attractions you are going to visit. Obviously, you need to know the route to reach these sights. Well, much like your travels, your duty is to specify a professional goal for your personal finances.

In terms of money, to succeed in transforming your financial life, objectives and above all, an action plan must be present.

Initially, you must have different time goals:

  • short term;
  • middle term;
  • long term.

Specify your professional goal in personal finance

Your professional objective can obviously take various forms.

You will first have short-term goals that will be achieved within a few days or weeks.

Also, you will have your long-term goals evolving over several months and over a few years.

The important thing in setting your professional goals in personal finance is to have a good mix of these 2 types of time goals.

Ask yourself the right questions

To help you clarify your different professional goals, I encourage you to find the answers to these 3 questions:

  1. What is your real career goal?
  2. Is there really a place where you would like to see yourself in 5 or 10 years?
  3. What do you think your ideal job is?

What will be interesting with these answers is that all of your short and long term goals will point towards your ultimate goal.

The simple act of developing your goals in time variants will push you to visualize your ideal future situation.

Indeed, you can easily build your plan step by step to specify this famous professional goal in personal finance.

Establishing your action plan

Goal setting isn’t the only part of the job you need to do.

There is another equally important step  .

The second half of your job in specifying a professional personal finance goal is to develop your action plan.

To achieve your objectives, there is an implementation component and an in-service control component.

Let’s see these steps in detail together.

Your action plan

To achieve your goals, an action plan must be executed.

You need to put down on paper how you think you will achieve your goal. What will be the steps of your plan?

It is in your action plan that you will answer 3 important questions:

  • How much money do you need to set aside to make it happen?
  • How much time do you need to achieve your professional goal?
  • What output do you need to achieve your goal?

These are all questions that financial mathematics will be able to answer easily.

Once these 3 questions are settled, you will run!

Executing your action plan

In fact, you have to find the way in which you are going to achieve your goals.

If your objective is based on the need to have a return of 10%/year for 20 years, you will go to professional tools that will allow you to achieve it.

This last step will precisely look at the reality and accuracy of your scenario.

Control of your action plan

A final step that is often overlooked in setting professional goals is control.

For those with a spouse, you know what the word “control” means, right?

I’m kidding  . I love you my dear!

Obviously, it is important to question your plan and even your goals if you realize that it is becoming unrealistic.

Correction and control must take place.

This is also where you will make sure that everything is going well. You do a kind of follow-up in the background.

You agree with me that everything evolves in life and that it is possible that changes must take place depending on your priorities at the time.

One thing is certain:

  • To achieve your goals, take action!!!

I know that reading this article seems more theoretical than practical. Yet, without an action plan, the likelihood of achieving your goals is low.

The concept can be exported to other areas of your life as well.

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