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Top 10 Most Important Lessons to Learn in Personal Finance- #6

Monday, November 3, 2014
I try to as always incorporate new things that can spice up this financial blog such as including webinars of past posts through my Youtube channel. If you want to subscribe click here) and creating posts based on Filipino financial terms such as paluwagan and 5/6.
In addition to the above I decided to create a series posts and as a premier I will be posting the Top 10 Most Important Lessons to Learn in Personal Finance.

#6 Set Financial Goals

I have been a big fan of creating goals in different areas of my life. Goals are like motivational tools for me and keep me inspired in living my life to the fullest.

The beauty of setting goals is having a reason to commit and hold on to something. It gives you better outlook in your ambition and creates alignment to each and every  aspect of your life.

Goal-setting is much simpler nowadays because there are a lot of resources to learn how to do so. A lot of blogs and self-help books have testified how effective creating SMART Goals could be specially if you are on the edge of quitting.

A Quick Guide in Creating SMART Financial Goals.
SMART Goal Setting is not a new thing. S for Specific, M for Measurable, A for Attainable, R for Relevant and T for Time-bound. All should answer your financial worries today.

What do you mean by Specific?

Goals should be clear and filtered precisely. It should answer What do I want to accomplish? Who are key persons involved? Once all of these questions and answered you are sure that the goal you have selected are SMARTLY WRITTEN.

What do you mean by Measurable?

Measurable means your key indicators on how you will successfully achieved a goal. It includes the results that you expect and the measurements you plan to succeed. It answers the question, How?

What do you mean by Attainable?

Creating a goal must be challenging enough to motivate you in acting on your priorities in life but of course it should remain realistic. Don’t make a goal that is set to be doomed for it will just give you false hope and will even be part of your time-wasters.
For example, you don’t have any fund but your goal is to travel to Paris at the end of the month. Though there may be a chance that you will earn enough money for the trip but is it realistic enough? Why not set a goal to a Travel Fund first and give a specific amount on your target then from there you can shape you trip to Paris.

What do you mean by Relevant?

Relevance answers the question as to whether the goal you are creating will bring out the best for your life. Does this add to your worth or just makes you achieve less. This answers the question, Why?

What do you mean by Time-Bound?

You can’t create a goal without any specific time assigned. Of course spend enough time to achieve your main goals and not too much time on goals that can be easily achieved.

My Side of the Story

If you read through my 2014 Personal and Financial Goals, almost ALL have been an epic fail. My list just became and remained as a wish list for me for I didn't know how to create specific, measurable, attainable, relevant and time-bound goals. All became a should-have-done rather than must-dos.

Anyhow this year I pray that my goal list will be better. I really really need to step up my financial goals to the fullest. Again I'll post my 2015 Personal and Financial Goals as a separate entity to this blog in order to have you, my virtual friends as my companion.

Happy Monday!


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