Make Your Long Term Financial Goals SMART

Throughout your life, you will set long term goals for yourself and your family. Having long term goals is important. It defines your path to success and helps give meaning to your life.

Long Term Goals Are The Keys To Success

“What do I want to be when you grow up?” As a child, from time-to-time, all of us pondered that question. You may have dreamed up an answer to that question by picturing yourself in an important line of work; as a scientist conducting laboratory research, as a police officer protecting the lives of citizens, or as a professional athlete scoring the game winning point for your team.

At some juncture during your formative years, your dream became a career decision. Having made that career decision, your next step would be to map out a plan that would allow you to journey down a path toward the start of your career. Perhaps that plan included college or an apprenticeship or networking with contacts to help you work your way into your field of choice. When you made that plan, that may have very well been your first long term goal.

What other long term goals do you have?  Are you considering…

  • Owning a home?
  • Having a family?
  • Sending your children to college?
  • Starting your own business?
  • Retiring at a specific age?

Learn more about how to achieve these dreams by reading: 4 Major Long Term Financial Goals: Keys To Success           

As you go through life you will create plans and objectives that will help you attain all of your long term goals.

As an adult, an important question you should be asking yourself now is, “What are my long term financial goals?” Consider this; all of the aforementioned goals will impact, or be impacted by, your finances.  College, children, home or business ownership, and retirement plans all require a long term financial commitment and that commitment requires Long Term Financial Goals.

Make Your Financial Goals SMART

As you plan your long term financial goals make sure your goals are SMART.

SMART: Specific, Measurable, Attainable, Realistic and Timely.

Consider your long term goals and make them Specific. It is not enough to say, “I am going to save for retirement.” You actually need to do some calculations to understand how much you will have to save to achieve that goal

Make the goal Measurable so that you can periodically assess your current financial position relative to your goal.

Be sure the goal is Attainable and Realistic. Don’t set your sights on goals that would be virtually impossible to reach.

Finally, make it Timely. You need to set a time frame for reaching your goal. Many of us would prefer not to have to deal with “deadlines” in our lives, but the fact of the matter is that a deadline, or rather a timeline, allows us to shoot for a target which makes us better planners.