5 Ultimate Financial Goals And A Positive Take From Our Community6 min read
This #TableTalkThursday event was held on the 16th of July, 2020
We had a discussion with our community about what our financial goals were and what we were doing to achieve it. Some members affirmed that they had financial goals, which mostly involved having financial freedom. People who set goals are 275% more likely to gain significant results than those who try to make it through.
Our Communities Financial Goals
Most of the members felt that they did not have to keep an earth-shattering aim and instead wanted a “comfortable” life where they could follow their passions. Some have felt the need to maintain a strict budget plan, whereas others are setting aside passive income streams, which later can turn into a significant source of income when they semi-retire.
Although a majority of financial goals can be a calculated plan such as early retirement or being free from debt, some goals can often be personal. These goals don’t have to be defined and can be something rather achievable or, at the least, believable. An ultimate goal can be leaving something for your kids. Apart from the retirement nest egg, keeping an additional sum of money as an inheritance for your future someone to rely on is something many caregivers want to do.
Instilling the same values of generosity that you have to your children is a great and thoughtful parenting skill. Inheriting these values as well can mean hard-working kids in the future to create financial security for their next generation.
Starting work in your early twenties and committing the same level of dedication for the next thirty years is a struggle that many don’t want to bear. Many feel trapped working at a job because they need an income to support a lifestyle for themselves.
A few lucky individuals decide to change paths if they see retiring from their career moves away from meaning waiting until old age or bad health. Helping decide that growing your money in itself is a financial goal can help bring together additional income streams.
“My ultimate financial goal is to become financially free to the point where I don’t need a full-time job to cover my expenses. I am really flexible on this though! I love marketing and business so I’ll probably always have some kind of work or side project I’m doing that brings in some income. And I might even take a mini-retirement in the next decade before I hit that ultimate goal. There are so many things I’m interested in; I just want to have as much flexibility as possible to explore those.”@moneylifementor
Ultimate financial goals can mean you build up enough wealth to be financially independent, but that doesn’t mean you have to quit your job either! Having a more substantial investment or emergency fund you can rely on when business isn’t at peak performance or your job isn’t great today helps give you tremendous peace of mind that you have something to fall back on.
Weathering through financial storms is a lot easier when you have the financial support accessible that you’ve worked towards building.
“My ultimate financial goal is to have a homestead/simple life near the water. I want financial security and peace! While I think it’s important to have wealth, I honestly think that just having the opportunity to be active near the water is enough for me. We are trying to save 25%+ of our income to achieve this goal! We are being super frugal, but also trying to find ways to have fun together on our small budget!”@funfrugalfree
Financial goals don’t necessarily mean an end of working for a living. If you love your job or are more mentally stable when you are working, lifetime goals can relate to having inner peace. This tranquility refers to possessing financial freedom to worry less about money, an ideal atmosphere for you to strive in, and enough elements to fulfill intermediary needs. Achieving this state of worrying about yourself and not about your money will require a strict budget plan and exercising it as well.
Few people can stay within this line, but those who manage to question everything they purchase and remain frugal at all times are more capable of saving. Keeping a percentage of your income for your retirement and yet appreciating little things from whatever you can afford indeed presents determination and perfect alignment.
“Great Question! My ultimate financial goal would be to have 3 cars (Daily Driver, Off-Roading Vehicle, and a vintage car before the 1930s). I would like to live in North Scottsdale, belong to a tennis academy, and work a job that brings value to people’s lives.
There are many material things I want such as a pool, hot tub, and a big enough house to have a family with.
The main thing I want is the freedom that comes from money. I don’t necessarily want to retire early, because I want to continuously add value through my skills at work. I want to set up a life where I can golf, mountain bike, or play tennis at the hour that pleases me (preferably mornings because Arizona is an oven during the day).
Setting up a life like this would bring me so much happiness, and every day I work on my business, coach others and invest in the markets which help me reach my ultimate vision.”
Many people think that having a lifetime financial aim needs to be pliable or spiritual. Goals are significant, even if it means believing in lifting yourself towards extraordinary living standards or an incredible change in your finances. You will only be aimed at a high lifestyle if you are committed to working until you get there.
A significant vision is not to retire early and downshift your work to something more at your will without money troubles. Only through putting in the hours, you will be able to learn new skills and excel in existing ones, which in itself can be a goal.
Working on areas will be something your friends and family will talk about at your funeral is a spiritual goal that can achieve after monetary freedom. You can look into investment options, courses to enhance your work skills, further developing your existing business for accelerating your savings for your future.
If you feel more confident about your financial goals after going through this discussion, feel free to attend our #TableTalkThursday every 9-10 am PST on Instagram for more conversations about managing finances. Receive ideas and points about handling your finances by joining the community!