Setting Career and Personal Financial Goals
Your career path and personal financial goals work together to help you achieve the top dreams and goals for your life. In fact, the career path you choose sets up the possibilities for financial success you’ll experience throughout your life. You need to better understand the connection and the reasons why you should think of the two. As, issues you need to work on together, ensuring you achieve the success you desire for both. Also, you need to learn how to plan personal financial goals such as meeting your bills that include food, shelter, education and medical. You should always be aware of your exact commitments so you don’t fall short when it’s time to pay up. Doing what you have to do to meet financial obligations is a big part of your career planning. You’ll first need to meet the small task of paying bills – the rest is for you and your financial future. Invest it wisely and you’ll meet those goals.
The Two Reasons You Pursue Success
Personal fulfillment is an important part of planning for career and financial success. You also have to think about survival in a world that can sometimes be financially harsh and difficult and how you want to live – in luxury or barely getting by? When you’re living the life you were created for in your career path, you’re achieving personal fulfillment in a way that should make you happy. But, if that life doesn’t provide you with means to survive with enough left over to live your dreams, then that career might be flawed in your eyes and bring regrets. Many people become lackadaisical in just getting by and pursuing more can seem like a mountain – impossible to climb. Others become obsessed with achieving a career that will bring happiness – and create a life they’ve always dreamed of. That could mean providing an education for your children, traveling as much as you want, living in a nice home with all the features you enjoy - or simply having the leisure time to work in your garden.
Success isn’t the same for everyone. Your perception of success and how you go about achieving it might be totally opposite from a friend or family member. That’s because you each have different potential to work toward your goals and be happy with those accomplishments.
The potential you carry within has to be set free to pursue the goals you have for the future – and that can be difficult if you live in fear, doubt or negative self-talk that keeps you down. You can do anything you want to do bad enough with that inner potential. You may need to shift your mindset from holding back to jumping in and taking the steps necessary to achieve financial success and overall fulfillment. Begin to program yourself to believe that anything you want to accomplish is possible. That may mean you may have to change your personal story from failures to any accomplishments you’ve had along the way. The best way to begin your pursuit of success is to take action. If you truly want success in a career that brings financial stability, you will take the steps necessary to achieve it. And don’t forget to pursue happiness along the way.
Minimum Personal Financial Goals
Being acutely aware of your minimum financial requirements is the first step in becoming financially independent. Pay bills on time and know where your money is going. That sets up the scenario for further financial successes. It’s imperative that you set up a budget and track where you’re spending money. When you’re aware of the exact amount you need to meet bills and other necessities, it’s unlikely that you’ll ever fall short. If you’re married and share the expenses, make sure your spouse is well aware of what your bills are and how you’re going to meet those obligations. Many couples have run into major trouble by being clueless of financial needs and goals. You’ll need determination and a good way to track your spending habits if you want to meet the minimum financial obligations. It’s important to be realistic about your budget if you ever want to get ahead and have money left over to devote to your business and personal goals. There are various online sites that offer budget strategies and methods to track your spending. Research and choose one that’s best for you. By all means, base the budget on the reality of your income and expenses.
Ways to customize your plan also exist on the Internet. You may need to experiment to find which is best for you and which you’d actually use on a day to day basis. One budgeting strategy is called the 50/30/20 rule.
This method divides your spending into three category percentages. For example, necessary expenses such as food and shelter account for 50% of your budget. Unnecessary expenses such as cable and cell phone bills account for 30% while saving for the future, paying down debt and savings for emergencies make up the last 20%. Don’t forget to include amounts in your budget for emergencies or for payments that only happen two or three times per year. Accuracy about all of your financial obligations is important to make sure there are no surprises. Another budget strategy you can find more about online is the fixed and variable budget, which divides your expenses into two categories – fixed and variable. Fixed expenses may include mortgage or car payment and variable would include entertainment and dining out. The Bare Bones Budget may be best for you if you are self-employed or work on commission only basis. The main part of the budget is the realistic part - which includes survival necessities such as food and shelter. The other is money you have left over to spend as you wish on things like entertainment, holiday gift giving, and more. Monitor your situation and change the budget plan to fit as your life progresses.
Ultimate Personal Financial Goals
No matter what stage of life you happen to be in at the moment, you’ll want to set some personal financial goals which reflect your situation, goals, and dreams. Do you want to have money to purchase a home, send your kids to college or travel? Everyone is different, and you have to figure out what you want out of life – and how to get it. If you don’t dream big, you won’t achieve big, so really think about what you want – for your family, charities – and yourself. Then, create a financial calendar for setting goals. You may want to be able to pay for a child’s college tuition in 10 years. How much per year will you need to save? Plan it out and you’ll have small goals to look forward to. A big way to ultimately achieve personal financial goals is to get rid of the consumer debt bills that are now weighing you down. If you have several credit card bills, find the one with the highest interest rate and pay it off first.
Allocate a percentage of your income to priorities such as retirement or emergency savings.
You’ll be surprised at how fast your debt will go down and your savings up when you take as much as 20% of your income and spend it on financial priorities.
To stay motivated and on track financially, you may want to start a vision board devoted to your financial goals. You can easily track your progress with a quick glance and be reminded of what you’re working so hard for. Be very specific about your financial goals. Use specific numbers or dollar amounts to identify debts you want to pay off or savings you want to procure. Also, set specific dates. That will identify exactly how much you’ll need – and when. Set smaller financial goals just as you set small goals before you reach the ultimate end result of what you want to accomplish. Think positively about the goals rather than telling yourself you’ll never reach them. They may seem monumental, but if you’re constantly working on those goals, you’ll reach them eventually. Keep focused and be happy with what you have now rather than longing for the future. You’ll get there soon enough.
Setting Personal Goals and Achieving Them
Money management is important to setting and achieving your personal goals. It’s difficult to think about expanding your business or learning new techniques to advance you at work if you’re constantly worrying about money problems. When you set goals for financial spending, it helps keep you from wasteful spending. The desire to meet goals will override your innate impulse to purchase something that will only bring you happiness for a short while. It’s extremely important that you write down your goals – perhaps keep them on cards arranged from immediate to long term - so that you’ll know at a glance how many more small goals you have to reach to get to the big one. It could be a new house or a three-month emergency savings plan – or even a trip you’ve always wanted to take. Working toward it will mean much more to you if you can see your progress from time to time.
Writing down your short, mid-term and long-term goals helps you keep track of your progress and also keeps you motivated to stick to a budget.
If you feel that your budget may be leaking money and don’t understand where it’s going, take awhile to write down everything you spend – every penny.
You may find that purchasing that latte every morning before work is costing you much more than you thought – or that money doled out to the kids is much more than you figured. Whatever the reason, finding the money leak is the first step to solving the problem. Some people succeed best in money management by going on the all-cash method for awhile. Allocate some cash money periodically for each category such as lunches, tips, dry-cleaning and manicures or pedicures. When that money is gone for each category - the spending stops until it’s time for you to allocate more cash. You’ll be able to rapidly find out where your spending habits need to change. That’s an important part of being financially secure. You’ll also find ways to be less wasteful with money and budget more carefully. Sometimes, you have to think long and hard about what matters most to you and spend accordingly. You may enjoy eating out once a week, but if you save that money for awhile, you could have a great down payment on the car of your dreams. Which means more to you? Try to think in terms of the future rather than the here and now. Also, anticipate what might occur in the future. What if you went into work tomorrow and your boss gave you a pink slip? Would you have an emergency fund that could see you through until you started earning again? Make sure you include health and life insurance in your financial plans. No one knows what may happen tomorrow and one big health emergency could wipe out everything you’ve saved for years.
Setting Career Financial Goals and Achieving Them
When you’re an entrepreneur, the chart you course is your own rather than depending on raises and bonuses. Of course, you don’t want to quit a job until you know you can afford to, but it’s perfectly fine to work on your entrepreneurial goals while working at your job. There are services you can provide that pay faster than other online avenues. Ghostwriting, for example, is a service you can provide while working on your own project or product. You’ll learn as you go and soon will have picked up enough speed to meet your financial necessities. Recruiting affiliates can help a great deal with maximizing your time wisely if you have a product launch coming up.
When you spend time learning sales copy conversion - with affiliates, you’ll earn more money immediately than if you quietly launched your own without more people onboard to promote you.
As you gain more confidence as an entrepreneur, you’ll feel more comfortable asking for support and help. There’s an abundance of online help you can turn to for learning purposes – and to teach you how to use affiliates to promote your own product. Even though it’s difficult at first to figure out how much money you’ll make from a launch, time will give you the experience you need and you’ll soon be giving advice to others. Have a plan, set goals and meet smaller goals to ultimately meet your goal of financial independence. Determination to enjoy a better lifestyle, provide for loved ones or simply for the satisfaction of succeeding at your own business can see you through and help you meet and exceed all of your expectations. Feeling overwhelmed? Click here to visit our homepage where you can sign up for our Step By Step Guide: Grow Your Business by Hiring Your Dream Team.
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Jeanette Ortega, the founder and CEO of Ultimate Virtual Solutions, helps business owners tame the chaos of running a business in today’s world. Jeanette has more than 20 years of experience providing coaches, authors, speakers, entrepreneurs, and digital marketers with the technical support needed to run a sustainable and successful online business. She has a special passion for helping women succeed in business. Her strategic expertise in the Simplero platform, plus a B.A. in Applied Management and extensive virtual assistant experience, means Jeanette can help lead your business to success.