Goal-setting is one of the most essential
steps in creating a financial management plan that will succeed. Goals
provide incentives for good management. One reason many people fail
financially is because they have no long-term goals for which to strive.
Some goals are attainable immediately; some are attainable in the near
future, while others can be achieved after a long period of time. Make
your goals definite and attainable. Clearly-defined goals not only
encourage the wise use of your resources, but also stimulate you to achieve
them. Goal-setting is a continual process, and new goals should be
formulated as situations change.
Let's use the following exercise to differentiate
between long-term goals and short term goals. Click here.