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Start Setting Goals to Build Wealth

Setting financial goals and determining your financial personality can help you when it comes to setting a budget and saving for your future.

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Getting Started

In this lesson, you'll learn the difference between short- and long-term goals and the strategies needed to be successful when setting your goals.

Most people who have wealth didn't build it overnight. They got wealthy by setting goals and pushing themselves to reach those goals.

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When it comes to reaching your financial goals, are you doing or wishing? The difference is doers put action to their goals. And doers are much more likely to reach their goals and achieve their dreams.

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Short-term goals are goals you will reach within 5 years. A long-term goal usually takes more than 5 years to achieve.

When setting goals:

  • Be realistic.
  • Establish time frames.
  • Devise a plan.
  • Be flexible; goals can change.
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So that he is more likely to reach them, Bob writes down his short-term goals.

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So that he is more likely to reach them, Bob writes down his short-term goals.

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So that he is more likely to reach them, Bob writes down his short-term goals.

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So that he is more likely to reach them, Bob writes down his short-term goals.

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Bob also sets long-term goals based on where he wants to be more than 5 years from now.

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Bob also sets long-term goals based on where he wants to be more than 5 years from now.

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Bob also sets long-term goals based on where he wants to be more than 5 years from now.

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What are your financial goals for the next 1 — 5 years?

  • Your Short-Term Goals
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What are your long-term goals for 5 years and beyond?

  • Your Long-Term Goals
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Remember doers put action to their goals. And doers are much more likely to reach their goals and achieve their dreams.

If you are a doer, you are more likely to:

  • Track spending.
  • Live within your means.
  • Stick to a budget.
  • Pay off credit cards in a timely way.
  • Deposit money into savings each month.
  • Make regular contributions to retirement savings.
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To maximize your wealth-creating ability, you want to be a doer, like Betty. She's a single parent with one child.

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To maximize your wealth-creating ability, you want to be a doer, like Betty. She's a single parent with one child.

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To maximize your wealth-creating ability, you want to be a doer, like Betty. She's a single parent with one child.

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To maximize your wealth-creating ability, you want to be a doer, like Betty. She's a single parent with one child.

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To maximize your wealth-creating ability, you want to be a doer, like Betty. She's a single parent with one child.

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Lynne, on the other hand, is not a doer. She is impulsive. She makes good money, but her bank statement tells a different story.

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Lynne, on the other hand, is not a doer. She is impulsive. She makes good money, but her bank statement tells a different story.

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Lynne, on the other hand, is not a doer. She is impulsive. She makes good money, but her bank statement tells a different story.

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Lynne, on the other hand, is not a doer. She is impulsive. She makes good money, but her bank statement tells a different story.

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Lynne, on the other hand, is not a doer. She is impulsive. She makes good money, but her bank statement tells a different story.

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Lesson Summary

If you make a good income and spend it all, you may be enjoying a nice lifestyle but you are not building wealth. This is where budgeting to save helps.

Remember when setting goals to:

  • Be realistic.
  • Establish time frames.
  • Devise a plan.
  • Be flexible; goals can change.
  • Be a doer, like Betty, to maximize your wealth-creating ability.