Setting Investment Goals
to Stay motivated!
We all have certain wishes and desires with regard to money. Frequently, it’s simply the wish to have more of it that we focus on. When it comes to making those wishes become a reality, what matters most is to set concrete financial goals.
Goals provide you with purpose. They give you something tangible to work toward and set up the momentum you need in order to see your desires come to fruition.
Let’s take a look at why it’s important to set some investment goals to stay motivated, along with the benefits that come from this practice and how to stay motivated moving forward ...
Why is it important to set Financial Goals?
If you’re not setting financial goals, chances are the things you say you want will remain wishes. Instead, when you create concrete and specific investment goals, you now have a picture of what it is you truly want.
Once the goal is established, you can begin to develop steps to achieve it. It’s these steps that provide the road map you need to reach your financial destination.
With each step you complete, you gain more motivation to keep going. As your money grows, you’ll feel the incentive to keep investing.
In the end, you’re more likely to have the specific amount you set out to achieve in order to complete the goal you dreamed for yourself.
Benefits of Setting Investment Goals ...
Setting investment goals comes with a wide range of benefits:
It gives you focus and direction. You’ll know what to look for and to research in order to get to where you want to be. That might mean contacting a financial planner to advise you or even striking out on your own to discover the types of investments that are most likely to meet your needs. Without goals, it’s less likely you’ll take these steps.
Setting investment goals gives you a challenge. Be sure to set goals that are realistic so that you can then work to meet that challenge.
Setting goals also allows you to monitor your progress and make adjustments as needed.
Staying Motivated ...
There are lots of ways to stay motivated with your investment goals.
Here are my 2 best suggestions to encourage yourself to stay the course:
Track Your Progress
If you are a visual person, you may wish to keep track of your investments on a spreadsheet. You can also take advantage of your investment company’s app to check in on your growth.
Seeing positive changes can help you to get excited about making future contributions. Try not to get too focused on any setbacks, as the market is bound to have its downturns. Just take note of any setbacks and continue to monitor the situation. You can feel empowered to make changes or check with your financial advisor if need be. If you start to lose your motivation, try to envision what you will achieve when you reach your goal. That may be seeing yourself traveling in retirement or even enjoying the new car you’ve been saving for.
Reward Yourself
If you need more tangible forms of motivation, try allowing yourself a reward every time you’re able to invest a certain amount. Don’t forget to keep your “why” in mind. Your why is the reason you’re investing in the first place, and it can be a very powerful motivator.
