Achieving long-term goals in this fast-paced world means being systematic and tactful. One may be able to buy his/her dream home, start a business, and save enough for a comfortable retirement through if one have a good planning. Financial planning is like setting a distant goal, an essential goal for anyone who wants to realize a dream and achieve success in life.
Defining your long-term goals
If they are long-term goals, you can easily get lost on the way to achieving your dreams, and therefore you should focus on what you want to achieve by achieving the respective goals. Vision and the desire to succeed are two traits that goal chaser and goal-setters have in common. But achieving goals will likely be what sets them apart.
However, I can set goals that I don't pursue, just as I can pursue goals that cause me to give up somewhere in the middle without completing them, and that is exactly what is happening right now in the world, everyone is filled with quickly gratification, so anyone who want to achieve a goal, need to be patient and imagine and also set goals that are realistic. All goals (both short and long term) should involve visualization and proper planning as this will helps to give meaning and direction to our life.
Do you need to assess your current financial situation???
My mother always tells me, "Don't look at your current financial situation before planning and set a goal." Don't let doubt enter the picture because for some people it is a must to make realistic plans as it can be useful to calculate their expenses and income before deciding which direction to look in, but I think does not necessary.
Financial planning in this process begins with setting SMART goals that will make our dreams come true. Our goals must first be specific. Instead of using the phrase "I want to save money", be specific about how much and why you would do so. For example: "I want to build a Hive Dapp within the next eight months." So my goals must be quantifiable. I must monitor the growth process and determine when the set goals must be reached. The following month, I will be able to make my own estimate by seeing how progressive I am in relation to the set objective for the period.
It is also important that your goals are achievable if you set realistic and achievable goals. These unrealistic goals create frustration and disappointment for individuals and keep them from achieving their dream. The goals you set must be in line with your values and long-term visions.
I believe setting SMART goals will help individual clearly define what needs to be achieved, track achievements, stay motivated and make necessary adjustments along the way. A clear and actionable step-by-step plan makes financial planning more efficient and specific. So one must be prepared to make their dream come into a reality because it means planning diligently and setting goals that are realistic and achievable with some time involved in the overall process.
Impact of reviewing
But there is another thing that help more achieve and turning out dream into reality and this is reviewing. Setting financial goals is just the first step but, reviewing and changing your plans will help you stay focused and adapt as things change. The is that there is no stability in life because your financial goals can change over time, but monitoring of your financial plan allows you to reassess your goals or needs and set additional goals, adjust existing ones and adapt your resources to the latest demands.