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What do you want out of life?

Set-Goals

 

 

 

What do you want out of life?

 

 

 

 

 

Early this year, I set a new personal best (PB) free dive to 27.5 meters at Lake Eacham on the Atherton Tablelands.

 

This was done under the supervision of Erez Beatus an international free diving champion.

 

Many others on the course that I attended dived to the course goal of 30 meters. I was not the deepest diver on the course but 27.5 metres was 83% deeper than I had gone prior to setting my goal to dive to 30 meters.

 

Things might not have gone exactly as planned as I did not reach 30 metres. Some might view this as a failure. Not me. I am ecstatic to be setting a PB at age 40.

 

 

So what does my free diving experience have to do with personal finance? Everything!

 

The journey to financial success is not a sprint — you are not going to get rich quickly.

 

 

It doesn’t matter how swiftly you pay off your debt or save for retirement the important thing is to the goal and make the effort.

 

 

Goals are critical for financial success.

 

 

Financial Goals can be divided into three broad areas:

 

  • Short term (0-2 yrs.), e.g.  a new car, or your next holiday;
  • Medium term (2-5 yrs.), e.g. an extended overseas trip or a mortgage deposit;
  • Long term (5 plus years), e.g. major home renovations or retirement.

 

It helps to write down what you want to achieve over each of these periods.

 

Defining your goals will give you a clearer direction and help you make savings and investment decisions with confidence.

 

You can actively grow your wealth – even with modest investments – by setting goals, sticking to a budget and applying debt reduction strategies.

 

It’s important to set specific deadlines for each goal.

 

This focuses your mind as well as your saving strategy. Once your goals are clear, the next step is to work out how much you need to save to reach them.

 

This requires developing a budget!

 

Be sure to read next month’s newsletter for some great budgeting tips.

 

 

 

This great article was written by Andrew Cox from Financial Wisdom.

 

His office is located at 1/6 Aplin Street, Townsville City

And he can be contacted on 07 4724 5458

 

If you are after the most excellent financial advice, Andrew is your go to  man!

 

Stay tuned for next months budgeting tips!

 

 

 

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