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Keep Your Childhood Dreams Alive

When you were a child, fantasizing about the future was an exciting pastime. Yet goal-setting as an adult can seem like a daunting task.

With a little practice and a simple checklist, you can rediscover the enchantment of looking ahead with a sense of anticipation and a can-do feeling.
It all starts with setting financial goals. Financial goals are specific milestones we set for ourselves. We all have our dreams and wishes, but without specific attainable objectives, we are doomed to wander aimlessly without a definite course.
What exactly is a financial goal? A financial goal might be to accumulate a single lump sum of money you wish to have for a specific purpose sometime in the future. It might be to amass money toward a down payment on a home or to build a retirement nest egg from which you will draw your future income.
No matter what your goal is, the process is the same. Here are the five steps you need to take to make your grown-up dreams come true.
Step 1. State your goal in specific, positive language
If your first financial goal is to get out of debt, rather than saying, “I want to be debt-free,” you should rephrase that statement with something like, “I want to pay off my two highest-rate credit cards by the end of next year.” This latter statement gives you a clearer picture of where you are going by stating a specific, measurable goal.
You may wish to have enough money for a two-week Caribbean cruise, a down payment for a home, or just some cold, hard cash to buy a luxury car. Whatever your specific financial desires may be, jot them down. That’s the first step on your road to financial achievement.

Step 2. How much money will you need?
Once you have determined your specific goal, write down how much money you will need to achieve it. You need to be specific, so state it in dollars and cents. If your goal is to fund a vacation, for example, do your homework and formulate a figure. You can always adjust the amount.

Step 3. When do you want to accomplish your goal?
Set a specific date by which you want to achieve your goal. To help you do this, you may find it helpful to organize your goals into three categories: Short-term goals: those that you wish to reach in two years or less, and those you have two to five years to achieve.
Medium-term goals: those that you are planning to achieve in a period of five to ten years. Long-term goals: those that you wish to accomplish in ten or more years.
You don’t need to have goals in each of these categories. Perhaps you have a clear picture in your mind of what you wish to accomplish in the short term. Or you may have different goals that fall into one or more of these categories.

Step 4. How much money do you have already set aside toward your goal?
Now that you have established what you want to achieve and when you wish to achieve it, take a look at your savings (if any) and see how much of that money you can allocate to the attainment of that goal.
Step 5. How much do you need to put aside on a monthly basis to reach your goal?
The last step in goal-setting is determining how much money you need to stash away each month to reach it.
Golden rules for reaching your goals:
Commit to putting aside the money you need to reach your target and don’t allow yourself to veer off track. Your diligence will be rewarded by reaching your desired financial destination.
Set attainable short-term goals at the start. Once you see you are able to stick to a plan, you will be ready to tackle more ambitious projects.
Your goal needs to be meaningful to you, to make you strong enough to sacrifice frivolous spending in order to achieve it.
You may not be able to reach your childhood dreams of being a doctor, a fireman and a teacher all at the same time, but if you establish goals following these five steps, you will be able to make your adult dreams come true.

Listen to Julie Stav’s
radio program Monday through Friday on your local Univision radio station.
For more information visit
www.JulieStav.com.