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Financial Goals: 5 Steps to Achieve Financial Freedom | Brian Tracy

Align Goals With Your Values

Hold the idea of wealth and success in your mind long enough and hard enough, until you draw into your life the resources you need to accomplish it.

Your main focus is to keep your mind fixed on improving your personal finances and achieving financial independence.

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Financial Goals: 5 Steps to Achieve Financial Freedom | Brian Tracy

Financial Goals: 5 Steps to Achieve Financial Freedom | Brian Tracy

https://www.briantracy.com/blog/financial-success/financial-goals/

briantracy.com

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Key Ideas

Start With Your Core Values

All improvement in your life, including financial improvement, begins with you clarifying your true values, committing yourself to living consistently with them, and then aligning everything you do with them.

When you align your work and personal life to support your financial goals, you’ll find it much easier to reach them or any goal you set.

Align Goals With Your Values

Hold the idea of wealth and success in your mind long enough and hard enough, until you draw into your life the resources you need to accomplish it.

Your main focus is to keep your mind fixed on improving your personal finances and achieving financial independence.

Think BIG But Start Small

Keep your vision in mind, but start wherever you are.

Work back from the future to the present. Make a list of the logical steps, in order, that you need to take to get from where you are to where you want to be. Then figure out what big or small action you can take today.

Plan it Out

Give yourself time to plan it out and accept that your financial goals are long-term strategies. Don't put your trust in luck.

Those with financial freedom are patient, persistent, and farsighted. They discipline themselves to save and accumulate money over many years.

Expect the Best

Don't expect failure and don't get discouraged by it.

The wonderful truth about your expectations is that they are completely under your control. You decide for yourself if you want to become rich and how you are going to get there.

SIMILAR ARTICLES & IDEAS:

Financial planning

 ...is the process which provides you a framework for achieving your life goals in a systematic and planned way by avoiding shocks and surprises.

Try making a budget
  • Create a full inventory of expenses in front of you: Categorize them into fixed and variable; urgent and non-urgent; necessities and luxury; avoidable and unavoidable.
  • You can create a hierarchy of needs and decide which one’s to address first. It’s all about prioritizing. 
  • Accept that you have limited resources and unlimited wants. But you have to manage your resources. The sooner you accept this fact, the better you can control your impulses towards avoidable expenditures.
Maintain a personal balance sheet

It’s a statement wherein you can jot down your assets and liabilities.

  • Pull together your bank statements and other proofs of the liabilities
  • List down your assets like the bank balance, all investments, home value, and value of other assets.
  • Take a sum of all the assets to arrive at the total value of your assets.
  • List down your liabilities the (car loan, home loan, credit card balances etc.)
  • The sum of all the liabilities will show the value of the money you owe.
  • When you subtract the value of liabilities from assets, you get your Net Worth.

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Start a financial independence journey
Start a financial independence journey

One of the most challenging aspects to change your finances is getting started.

  • You may have an idea.
  • You may want to read more.
Set alerts to work on your finances

From the day you start saving, put a reminder on your calendar once a week to work for one hour on your finances in some way. It could include reading, balancing the accounts, optimizing cash flow, researching funds, etc.

There is no right number of times to check on your account. If you feel the urge to make decisions based on the news or market changes, limit how many times you look at your accounts. With experience, you will gain more control.

Dealing with demoralization when saving money

Once you understand where your money is going and what is left for savings, you may feel demoralised. Even though the amount is small in the first few months, you may be surprised by how much your balance grows in six months or a year.

The power of compound interest is what helps accounts grow exponentially and reach your savings goals quicker.

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Stop following routines

Routines don’t work for most people. People with young kids, pets, people who travel a lot or work remotely, find it extremely difficult to follow the same routine every day. If you keep trying, yo...

Focus on the process

It is better to focus on the process rather than the outcome. When you focus on the outcome, you slow your growth.

Commit to consistent practice. Focus on the process of getting better every single day. 

Small progress

Most people lack success because they cannot follow a routine to achieve an important goal.

Instead of fighting a losing battle, learn to move around these tasks to start making progress when you can. 

Create a Spending Plan
The wealthy see money as a resource and a tool to help them build wealth over time.

Know your income, your expenses, how much is earmarked for additional expenses and how much for other f...

Spend Wisely

Learn how to spend on the things that matter to you. 

Consider your values and priorities when you draw up your spending plan. If going on vacation or giving to a charity is important to you, include those items in your spending plan.

Pay Off High-Interest Debt

Pay down your high-interest debt as quickly as possible. 

While some types of low-interest or tax-deductible debt can help you along the way, high-interest debt rarely has a good purpose.

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Many life transitions happen in your 30's

From moving up in your career to buying a home. Making smart moves with your money during your 30's can help you achieve future financial success.

Focus on percentage of income saved, not the dollar amount

Over the long term, it's not as much about the dollar amount you save, but the percentage of your income that you dedicate to saving and investing. By focusing on percentages, you can ensure you're always saving more as you earn more. 

Spend time tracking your money

Most people react to their finances. The problem with that is that you rely on chance to have enough money in the bank when you actually need it. Be intentional about your money and spend time reviewing and evaluating it. If you don't, you'll never know if you're moving in the right direction or not.

one more idea

Saving on Transport

Cycle or walk to work to save money and get fitter. If you’re on the lazy side, invest in an electric bike to help you up those hills in the morning.

Also, if you normally drive to wor...

Saving On Electricity

Turn your lights off when leaving the room. If you live with forgetful people, place little stickers by the switch to give people helpful reminders.

You can also replace bulbs with energy-saving ones.

Saving On Self-Care

Simplify your beauty regime and ditch expensive creams. All your skin needs is a good diet, plenty of water and hydration.

Also, brush your teeth twice a day and don’t forget to floss. Having teeth issues leads to expensive dental bills.

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Why Set Personal Goals
  • You are in charge. Personal goals force you to take responsibility for the actual efforts and progress.
  • You see the small steps leading to a big picture: big goals c...
“Which? Why? What? How?” Technique

... for choosing personal goals. Ask yourself these questions:

  1. Ask yourself which aspect of your life you would like to change most.
  2. Think about why you want to change this.
  3. How will that change make you feel? Determine what exactly will make you feel this way.
  4. Ask yourself how you can make this happen and then make it your personal goal.
The Life Balance Chart Technique
  • Draw a chart. Write down each of the various areas of your life (family, health, self-development, career, relationships) in a new column or line.
  • Assess your current happiness level in each of these categories by giving it a score from 1 to 10.
  • Think what will make you be fully satisfied with these areas. Write down your ideas – you will be able to transform them into personal plans.

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The 50/15/5 rule for multiple financial goals
The 50/15/5 rule for multiple financial goals
  • 50% of your income goes toward essential expenses: rent, bills, minimum debt payments.
  • 15% percent goes to retirement savings. They also suggest you increase this by ...
Why Personal Core Values Are Important
Why Personal Core Values Are Important

Values are a part of us. They highlight what we stand for. Values guide our behavior, providing us with a personal code of conduct.

When we honor our personal core values consistently,...

Personal Values and Behavior

Knowing your personal values changes your behavior.

For instance: When you value health, you don’t have to wrestle with managing impulse control as much. If you know a particular food or activity isn’t good for your body, you don’t want it.

Create meaningful core values
  1. Start with a beginner’s mind, someone with no preconceived notions of what is.
  2. Create your list of personal values. 
  3. Chunk your personal values into related groups. 
  4. Highlight the central theme of each value group. 
  5. Determine your top Personal Core Values. Whittle your list down to 5 - 10 core values and rank them in order of importance.
  6. Give your personal values richer context. Highlight values into memorable phrases or sentences.
  7. Test the ecology of each value. Review your list a day later: Are they personal to you? Do you see any values that feel inconsistent?

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