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Have you ever noticed that every successful individual is a goal-oriented person? I have not,  I am going to tell you that goal-oriented character is one of the most important ingredients in the success recipe. Nonetheless, to become a goal-oriented person we have to know to set the goal first in this article,  I am going to teach you how to set a SMART goal. To be specific,  we mainly focus on a financial goal.

The first step for building your first SMART goal is to set a goal and select appropriate accounts to meet that goal. Everyone’s financial goals are different, but common goals might be pursuing a comfortable retirement or paying for higher education, a home, a car, or a vacation. No matter what your goal is, goal-planning should be more than an inspiration board of things you want, it should encompass the steps you need to take to achieve that goal. Having a well-defined goal meaning you already won 5%. Staying laser-focused on your goals can make it easier to stick to your plan and increase your chances for success. This maybe because saving sometimes requires some short-term sacrifices now to benefit in the future. If you know what you’re making your sacrifices for, it can make it easier to hang in there. Even after saving, you will still need to stick to your plan for the long term, and your goal can keep you motivated to stay invested as you weather market ups and downs. SMART Goals Your financial goals will likely be multifaceted.

To help you consider the different parts of a financial goal, you can use SMART criteria. A SMART goal is any goal that has well-defined 5 characteristics: Specific, Measurable, Attainable, Relevant, and Time-Based. A specific goal has a concrete monetary value attached to it. Understand the price tag of your goa. A measurable goal will help you understand if you’re on track to achieving your goal—how do you know if you’re making progress? An attainable goal can realistically be achieved. For example, your goal should not rely on an artificially high rate of return on your investments. Just because your portfolio had a 5% return one year doesn’t mean next year will be as good. A relevant goal is worthwhile. You may have many financial goals that you’d like to achieve, like owning a vacation home or retiring early. But what’s most important to you, and why?

How to set financial SMART Goals? A time-based goal has a deadline or a series of deadlines. Why you should have a sense of when you want to achieve your financial goal, you should also set small milestones along the way. These types of goalposts will help you get a better sense of whether your goal is realistic and if it isn’t, adjust it.