Anyone can achieve their financial goals with these 5 Steps
It’s surprising how many people avoid dealing with their finances; living paycheck to paycheck and only covering expenses as they come up. This approach doesn’t leave much room for growing ones wealth.
At MW Lomax, we have prepared a few simple steps on how to keep your financial goals, once and for all.
1. Be Honest
It’s important to know your finances. Every penny in and out. There are apps, excel spreadsheets, budgeting books and online budgeting planners that will lay out everything you need to consider when it comes to your money.
2. Be SMART
Be SMART when setting your financial goals – Specific, Measurable, Achievable, Realistic, and Timely. Have an idea of where you’d like to be in 1, 5, and 10 years’ time, write it down because here comes the hard part.
3. Take Action
The only way your goals will become reality is if you do something about it. Know what’s stopped you in the past; Will power? Habit? Motivation? Not knowing what you’re missing out on so it doesn’t matter?
What to do to keep that goal:
- Find your weaknesses and make a strategy to beat them. Not one strategy applies for all individuals, so you have to work out what will really work for you.
- Or, you can do it the easy way and get an advisor. Depending on the goals you’ve set, you’ll need to find the right advisor; some goals may require an accountant, others a super fund manager and sometime it’ll require both. MW Lomax offers seven areas of financial affairs so that you can have multiple advisors all working together towards individual client goals.
More often than not, people set higher goals or goals they didn’t even consider, after they saw an advisor. You may not have, but your MW Lomax advisor will, notice if you have spare money you could save to spend on a bigger purchase (e.g. your dream car, renovations or a big family holiday) or you may want to invest the money somewhere so that when you aren’t using it, it’s growing.
The next step is the part your goals turn into plans.
5. Manage it
Now that you’ve made a SMART plan and you have a clear vision of how to do it, it’s time to action it. Always keeping in mind, you’ll be seeing your results in 1, 5, or 10 years and not tomorrow. Those years will fly pass anyway, make the most of it. If you stay in control of your finances from now on, the reward will be there; you’ll be living that goal, which you turned into a plan, with your MW Lomax advisor in 2017.