Setting Financial Goals That Are Realistic

 

Edward Marsi

Edward Marsi

For more than five years, Edward Marsi has been working in the finance industry as an advisor. A senior financial consultant at TD Ameritrade, he assists clients as they work toward financial goals. With Edward Marsi’s help, individuals become more capable of looking at their retirement and financial plans to determine whether they are realistic.

When you set financial goals, your intention is to always meet them, however some unrealistic goals are destined to end in failure no matter what you try. To make sure your goals are realistic, take some time to determine how much control you have over each one. For example, setting the goal of getting a raise isn’t only dependent on what you do, it’s also dependent on your boss. Having goals that aren’t entirely in your control are risky and may not pan out.

On top of that, you want to set financial goals that you can comfortably meet given your current financial situation. Be honest about how much money you expect to make in the upcoming year, then figure out what goals you want to set. If you want to save, choose an amount that is realistic for your income.

You won’t make the goal of saving $30,000 if you only make $35,000 that year. Depending on your income, you may need to divide large goals into several short-term goals or simply delay the end date of your goal.

Finally, think about how motivated you are to accomplish the goal you set. Don’t set goals just because you know you should. Instead, set goals that you’re motivated to meet. This makes it easier for you to continue working toward your goal over time and allows you to set a specific date by which you want to meet your goal.

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