How to Set Financial Goals

Money is the energy force that allows you to drive the car you want to drive, live in the house or apartment you want to live in, and buy the other kinds of things that can meet the needs and wants of you and your family.

Understanding Money
Many times people misunderstand the concept of money. They think they “make money”. According to Napoleon Hill, the author of the book, “Think and Grow Rich”, the only person who really makes money, works in a mint. The rest of us have to "earn" our money. His point is, money is what we earn when we exchange our services or products to those who want and need them. By being very clear on this concept, we understand that there is nothing mystical about money. It just isn’t something that magically appears when we wish for it, but rather, it is something that we attract into our life by working for it.


Think Bigger
Brian Tracy, a self development speaker and author recommends that when we set our financial goals, we set them 50% higher than what we earned during our best year ever. For example, in the present year, you are earning the most you have ever earned,$50,000. For next year, you would set a goal of earning $75,000. So what would it take for you to earn that much money? Would it require you to get some additional training? Would it require you work for a different company in a different capacity? Many times changing jobs and moving to a different part of the country can create enormous opportunity, for which there is none in the present place you now live and work.

Acquire the Right Knowledge
They key point here, is that you must acquire the necessary skills and knowledge and work for the proper company to command more money than you are now earning. It always amazes me when I talk to individuals who refuse to learn additional technical or people skills that would qualify them for a better position within their own company or another company. They wonder why they are stuck at their present income level. They do not realize they have take action and do what it takes to “earn” the money they want.

Think Long Term
As you look at the process of setting your financial goals, consider creating a three year plan, identify how much you want to earn and what you will do to earn it. Then start taking steps to put that plan into action. Like the saying goes, “if you don’t have a target to aim for you will always miss the mark”.

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Tom Borg is president of Tom Borg Consulting, LLC. He is a business consultant, speaker, coach and author. He helps companies and organization become more profitable by increasing their value and lowering their costs through the professional development of their managers and employees.