Your financial goals should take as S-M-A-R-T approach, in that they are: S— specific, so you know exactly what your goals are so you can create a plan designed to achieve those objectives. M— measurable with a specific amount. For example, “Accumulate $5,000 in an investment fund within three years” is more measurable than “Put money into an investment fund.” A— action-oriented, providing the basis for the personal financial activities you will undertake. For example, “Reduce credit card debt” will usually mean actions to pay off amounts owed. R— realistic, involving goals based on your income and life situation. For example, it is probably not realistic to expect to buy a new car each year if you are a full-time student. T— time-based, indicating a time frame for achieving the goal, such as three years. This allows you to measure your progress toward your financial goals.
Posted on: Thu, 16 Jan 2014 18:30:10 +0000
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