Setting Financial Goals

The following article is from the book, Getting Personal: All You Have is Now: How Your Approach to the World Determines Your Destiny by author and speaker, John Patrick Hickey.  To read more from John Patrick Hickey or to get his books, training and book him to speak to your church, business or group, visit our website at www.johnpatrickhickey.com.  

When it comes to financial goals, many people make two very common mistakes. They aim too high and they are not specific. I knew a young man who was starting his own business. As we worked together on setting his goals he decided he wanted to make 10 million dollars in the first year. Now I believe in dreaming big (remember what I said about impossible goals) but when it comes to finances I believe in setting goals that are achievable. Unless you are starting with 5 million in the bank, I believe 10 million dollars is just not realistic.

I have also seen several people who talk of financial goals in very vague terms. They “want to be comfortable”. What is comfortable? For one it can be 50 million dollars and for another it is 500 dollars. Goals need to be as specific as possible. This is where planning comes in. Determine what is possible for you to earn in a year. Now double that and put down a number you can reach. If you hit that number in a month, then double it again and keep moving. It is always better to add on to a goal than it is to pull back. When we add a new goal because the old goal has been achieved we are encouraged and positive. When we have to pull a goal back because it was not realistic we become discouraged and loose needed energy.

Success-minded people understand that the creation of wealth is not just about putting a number on paper and hoping you’ll find a check in the mailbox. You need to have a plan to achieve wealth. It means becoming better at what you do so you can draw wealth to you. Jim Rohn said, “Income seldom exceeds personal development.” You have to be worth the money you wish to attract. Therefore, your personal, spiritual and vocational goals must be in harmony with your financial goals. Together they will move you forward. Can you see how they all work together and how important it is to think this process through?

Your financial goals can be things like:

• A target amount that you’d like to earn

• A target amount that you’d like to invest

• A target amount that you’d like to give away

• Get out of debt

• Earn a car or a vacation

Anything that involves finances will go in this area. Just keep it reasonable, challenging, and well thought out. As Andrew Carnegie said, “Wealth is created from deeper knowledge and better thinking.”

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© 2016 John Patrick Hickey. No part of this may be reprinted or published without permission of the author.