Setting goals has the power to change your life. Research has shown that people who write down their goals are 33% more successful in accomplishing them than those who do not. ¹ That data seems to verify what we instinctively know. Is there anything worse than working on a project that has no clear objective or outcome defined?

But here is the million-dollar question: Have you written down your financial goals?

It is one of those simple things that we tell ourselves we are going to do or that we will get around to later, but we tend to leave undone. And that results in our earning, saving, and spending money aimlessly, without purpose. No wonder most 40-somethings and almost a third of people in their 60s are woefully short of having enough for their retirements! ²

In case you still need convincing, here are three reasons why you should write down your financial goals the second you are done reading this article!

Financial goals bring clarity

Imagine trying to build a house without a blueprint. Where would you start? Would you know what supplies you would need? What color paint you would want? Would you end up with a basement? Who knows?

Your finances are the same way. Until you have a clear financial goal for your lifestyle and retirement, you will never truly know what to do with your money and how it can help you. Once you are locked in on a vision of your future, you can start exploring the actions necessary to make your dreams become realities.

Financial goals create intensity

Discovering the steps, you need to take to achieve your goals cuts away distractions. You are no longer as susceptible to distractions and temptations because of your laser-focused on creating an outcome. You can focus all your mental and financial energy on bringing your vision to life. Clarity leads to focus. Focus creates intensity. Intensity accomplishes goals.

Financial goals are rewarding

There are few better feelings than the one that comes after a day of hard, productive work. That is because your brain knows that you accomplished what you set out to do.

Your finances are no different.

Setting goals for your money gives you the opportunity to feel that deep sense of reward and accomplishment. It provides your life with a source of gratification that is not shallow and instantaneous.

So, what are you waiting for? Grab a piece of paper or pull up your note-taking app and write down a few financial goals! Be realistic and hyper-specific. Let us talk about what comes to your mind and what it would take to bring that vision of your life into reality!

REFERENCES

¹ “Goal-Setting Is Linked to Higher Achievement,” Marilyn Price-Mitchell Ph.D., Psychology Today, Mar 14, 2018, https://www.psychologytoday.com/us/blog/the-moment-youth/201803/goal-setting-is-linked-higher-achievement

² “Here’s how much Americans have saved for retirement at different ages,” Kathleen Elkins, CNBC Make It, Jan 23, 2020, https://www.cnbc.com/2020/01/23/heres-how-much-americans-have-saved-for-retirement-at-different-ages.html