building wealth will be very hard if you don’t know how to save or you save only when you can; which doesn’t happen often. to achieve financial security, you should learn how to save regularly. don’t stop until you have accomplish all your objectives.
learn about your present financial condition. being aware of your current situation will allow you to develop a better plan of action to accomplish your goals.
there are things you need to know to determine your present financial position:
- your assets
- savings and investments
- your liabilities
- your net worth
NET WORTH = TOTAL ASSETS-TOTAL LIABILITIES
- write it down
- slice into smaller pieces
- classify and prioritize
- visualize your dreams
- seek support and motivation
- monitor your progress and make revision if necessary
- believe you can
- action and determination
- SPECIFIC GOALS
when you dream about something, you imagine how exactly it’s going to look or how it’s going to happen. you are more likely to pursue goals that you can easily imagine or picture in your mind compared to those that are vague of fuzzy. so create goals that are specific, clear, and detailed because it will allow you to imagine it easily. if you have a clear idea of what you really want, you will be more inspired to do everything necessary to accomplish it.
instead of simply saying “i want to have a big dream” describe in detail what kind of house you want. you should say for instance, “i will build on a 500 square meter lot a 2-storey house with 5 bedrooms, a spacious living room with high ceiling and a dining area with a nice view of the garden.”
2. MEASURABLE GOALS
goals should be measurable so that it will be easier for you to determine if you have hit your target. measurable goals also allow you to break it down into smaller tasks and help you monitor your progress so you can take the necessary steps to get back on track, if needed.
3.ACHIEVABLE / ACTION-ORIENTED GOALS
don’t set up yourself to fail by creating goals that are extremely hard, na kahit ano pa ang gawin mo ay mahihihirapan ang abutin ito. you don’t want to spend all your life chasing something that you will probably never reach. but don’t make very simple goals either; goals that can get done with little effort. aim for something hard to do but possible to accomplish as long as you put some effort into it; a goal that keeps you excited, interested and motivated.
4. REALISTIC GOALS
a realistic goals means that it is “doable” although not necessarily easy. find out if you have the skills, commitment, discipline and time to accomplish your goal. being realistic doesn’t mean you stop dreaming of greater things. the most difficult tasks can be accomplish if you put your mind and heart into it.
5. TIME-BOUND GOALS
a goal is time-bound when you set a time limit or deadline as to when it has to achieve your objectives.