Start the Year Right: Setting Financial Goals for Success
Setting financial goals is an essential part of achieving financial success.[0] Establishing objectives that are specific, measurable, achievable, relevant, and time-bound (SMART) is key to keeping track of progress and staying motivated. Goals should be both short- and long-term, such as saving $500 for an emergency fund or investing $100,000 for retirement within the next 10 years.[1] Keeping goals achievable and realistic is important to ensure that progress is not too slow or too easy.
Once you have established your goals, begin putting your money to work and contributing as much as you can to achieve these objectives.[2] It is also important to make sure that your portfolio is diversified across stocks and bonds, different investing styles, and different sectors.[3] How much should be allocated to each depends on your time horizon and risk tolerance.[3]
The beginning of the year is a great time to take on new financial goals and make positive changes.[4] Setting financial goals is a powerful tool that can help you stay focused and measure progress towards achieving your objectives. By putting in a bit of effort and dedication, you can make sure that your money works for you and that you can reach your objectives.[5]
0. “How Setting Goals Eases Your Path to Financial Success” Siliconindia.com, 8 Mar. 2023, https://www.siliconindia.com/news/general/how-setting-goals-eases-your-path-to-financial-success-nid-221609-cid-1.html
1. “How to set and achieve your financial goals” Cointelegraph, 2 Mar. 2023, https://cointelegraph.com/news/how-to-set-and-achieve-your-financial-goals
2. “7 Steps to Help You Take Control of Your Finances This Year” Business Insider, 6 Mar. 2023, https://www.businessinsider.com/sc/seven-steps-to-help-you-take-control-of-your-finances-this-year
3. “Quick, simple things you can do this year to improve your financial future” WTHITV.com, 6 Mar. 2023, https://www.wthitv.com/quick-simple-things-you-can-do-this-year-to-improve-your-financial-future/article_bc7740d0-fa54-5615-a52a-a4794cfd5072.html
4. “4 tips for starting your new financial year – Q City Metro” Qcity metro, 8 Mar. 2023, https://qcitymetro.com/2023/03/08/4-tips-for-starting-your-new-financial-year/
5. “5 Essential Financial Planning Tips for 2023 That Can Help You Reach Your Goals” Best Stocks, 7 Mar. 2023, https://beststocks.com/5-essential-financial-planning-tips-for-2023/
