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How To Determine A Financial Goal?
A financial goal is an objective that you work for by deciding what to do with your money.
As mentioned in the last unit, these financial goals can be short-term (like a vacation) or long-term (like buying a house).
How to do it?
Fix your goals: First, figure out what you want to achieve in life, like buying a house, saving for your child's education, going on a dream vacation, or building a retirement fund.
Set a timeline: Next, decide when you want to achieve each goal. Make sure your deadlines are realistic, practical and specific.
Estimate Costs and Budget: Think about how much money you'll need for each goal. Consider factors like inflation that might increase the cost over time and your income.
Prioritize practically: Decide which goals are most important to you. Consider your personal, family, and work-related priorities.
Why should you set a financial goal?
Setting an objective before starting the work will boost your confidence and put you on the right track to achieving it.
And once you have that clarity, you will know exactly how to achieve that goal of financial management.
