Five SMART Criteria To Consider Before Setting Financial Goals
Financial freedom is one of the major focus of every hold. We all want to live up expectations even in the face of hurdles. Everybody wants to live a life of fulfillment. Fulfillment is impossible without setting and accomplishing your dreams within a specific period.
In the words of David Oyedepo, “Give an individual a goal, he would be committed; when he is committed, would be productive. This is the summary of all one needs to reach the height of excellence.
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No matter how highly placed, you cannot set or achieve your goals without total commitment. Giving up must never is an option. John Wooden said, “Don’t give up on your dreams, or your dreams will give up on you.
Today is the perfect day to start fulfilling your dreams. Tony Robbins once said; setting a goal is the first step to making the invisible into visible.
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Your goals could be premised on daily task, weekly or monthly depending on your strength and what you want to achieve. Some of the factors to put into consideration before embarking on a financial goal are, but not limited to the following:
- Self-Evaluation: Self Evaluation is paramount in every step we take in life. Failure to properly examine ourselves or the action of the next person in our lives had drained a lot of people. Self-Evaluation is the ability to inspect, examine, investigate, interrogate or test yourself to find out how much progress you have made in certain areas of your endeavor
- Time-Frame: Time and tide they say waits for no one. The same way you don’t need all the money in the world to become rich is the way you don’t need all time. You must time conscious. Your goal must have a timeframe. Time-frame is usually a period of time during which something has taken or will take place. Just as a farmer knows the best time to plant and harvest his crops, you should know the best time to kick start your business as well how long it will take your business to grow.
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Adherence to S.M.A.R.T approach is recommended. S.M.A.R.T is an acronym which means: Specific, Measurable, Achievable, Realistic and Time-specific. You shall succeed when your goal is in line with this laid down principle.
- Budget Consideration: Cut your coat according to your material. We all dream wide. Your goal must be in conformity with the available resources. It is advisable to review your budget. This will reduce risk levels and confirm how realistic your goal is.
- Account Settlement: It is true that some businesses need loan for a back-up. Yes, loan will help dripped your tap root deep down the earth but it wrong to some extent to accumulate debts. Research has it that 75% of business established with loan without a back-up capital did not stand the taste of time.
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However, debt accumulation should be avoided. Paying debts with interests would drain your business at a critical period. You can set and achieve your goals without debts. You may take time to think well about this. It is not recommended to take a loan to start up a business. You can improve the existing business with a loan. If you have outstanding debt, settle it.
- Savings: You must endeavor to make savings from the little you earn. Your savings pattern could be daily, weekly or monthly depending on what comes in and what goes out. You should also endeavor to have an emergency savings account. Do not jump into executing projects while your business’ root is still shaky.