My Path to Success: Setting Goals

   

     In the pursuit of achieving financial freedom I have decided to set some goals for myself and to create a game plan. With clear goals in place I can break down my game plan into smaller steps in order to take strides towards my overall goal. I feel like setting goals also gives me a sense of direction and purpose. 

    My overall goal is to be rich. To me being rich consists of generational wealth and  financial stability. I know everyone has different definitions of what financial stability and generational wealth look like. My definition of what those two words mean are going to be my long term goals.

   

   - Long-Term Goal 1: Have $5,000 in a College Fund for my son by the time he turns 18.

   - Long-Term Goal 2: Pay off my debt and have at least a 700 credit score.

   - Long-Term Goal 3: Have three or more streams of income.

   - Long-Term Goal 4: Have a significant amount of money in my Roth IRA

   - Long-Term Goal 5: Have a significant amount of money in an emergency fund

   - Long-Term Goal 6: Have $1,000 in investments

   Now that I have defined my long term goals I’m going to break each one down into smaller steps that will keep me on track to achieve my long term goals. I don’t plan on working on all of these at once. So I am going to  create a list and will work on 2-4 at a time.

   - Short-Term Goal 1: Put $34.72 from each paycheck into my sons college fund.

   - Short-Term Goal 2: Increase my monthly income,

   - Short-Term Goal 3: create a debt payment plan.

   - Short-Term Goal 4: put money into savings and invest accounts monthly 

   - Short-Term Goal 5: create a budget and stick to it 

   - Short-Term Goal 6: learn more about personal finance and investing 

   - Short Term Goal 7: have a better understand of monthly income and expenses

    

    Setting specific timeframes for short-term and long-term goals is an important way to hold yourself accountable. I will set a timeframe for each of my goals in a later post. I will also include more details about each goal and how I plan on tracking my progress in a later post. I anticipate myself adding more short term goals and maybe even long term goals. When and if I do I will update this post.