Welcome to Day 12 of the Financial Freedom Challenge! If you’re constant readers of FinanceShot you know that I monthly write a post about the progress of my Financial Goals. This year I decided to set up 6 Financial Goals and every beginning of the month I like to share with you my progress.
Today’s step talks exactly about that. Let’s start!
What’s today’s task?
Today’s task is not difficult but can have a huge impact on your future motivation.
Today you have to select 4/5 financial goals and write them down. I wrote them down both on paper and Excel. I assure you that writing them down is a very significant step to achieve them. I started to do this at the beginning of 2018 and last year I achieved almost all my Financial Goals. This year I’m on the right track to achieve them all.
How should a goal be formulated?
As you can see in my Financial Goals posts they need to be formulated in a particular way to be effective and motivating.
- Be clear and concise
- Contain numbers and be measurable
- Be realistic but not too easy to achieve
This is very important because if you write goals that do not satisfy these rules you will have ineffective and useless goals. Moreover, if you set goals following the rules you can track them much more easily.
Examples of effective Financial Goals:
- Earn 500 EUR of Passive Income per month
- Create 2 new Income sources
Examples of ineffective Financial Goals:
- Earn a decent monthly Passive Income
- Increase the number of Income sources
Another important advice is to track their progress at least once a month. By doing so you can monthly check how are your Financial Goals going and on which ones you need to work harder. Choose a day and track your goals on that day, every month.
A brief summary of today’s task of the Financial Freedom Challenge
- Think about 4 or 5 Financial Goals you want to achieve in the next months
- Write them down following the rules that are written above
- Track your Financial Goals at least once per month
This is the second year in a row that I write down my Goals. I have to confirm that since I did so I have noticed a greater focus in wanting to reach them. Last year I managed to get most of the goals and this year I’m on the right track. This is why I strongly suggest you do the same.
This was Day 12 of the Financial Freedom Challenge. Writing down our Financial Goals could have a huge impact on our future financial life. If you have any questions about this challenge, write a comment and I’ll be glad to answer you 🙂
Have you already written down your Financial Goals? If yes, are you tracking them? Share in the comments your experience about this step. 🙂
Come back tomorrow for Day 13. I’ll be here for you! Remember to follow us on Facebook and Instagram! Share this challenge on your social media: this will keep you motivated during the path, trust me 🙂 If you want direct contact with me (answers, discussions, doubts, advice…) and the other participants, join our Telegram groups (ENG Group, ITA Group).
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