Hi, this is Brittney Castro, Certified Financial Planner, of Financiallywisewomen.com. Welcome to the 9 STEPS to Becoming a Financially Wise Women Video series.Whether you’re just starting your career, getting married, buying a home, raising kids, starting a business, approaching retirement, or simply taking control of your finances for the first time, now is the time to get the financial education you need to become a Financially Wise woman.Today we will review Step 3 of Becoming a Financially Wise Woman- Know what you are trying to achieve financially.I think that in order to become financially successful, you need to create your financial plan centered on your personal values, principals and the vision you have for your life.A good question to start with is:
“Imagine you had all the time and money to do anything you wanted to in life, what you would do with your life?”Kind of a big question but once you have defined the vision for your life, create financial goals centered on that vision. This will ensure your financial goals have meaning.It is important to remember that when creating your goals, you’ll want to write down your goals and make them as specific as possible and write them down. Individuals who write down their goals are more likely to achieve them. Just by writing them down!A helpful acronym to make sure your goals are specific is SMART
SMART stands for, specific, measurable, attainable, relevant, timely.For example, if your goal is to buy a home your SMART might sound like this:
- S-Save for a home down payment
- M-I will save $500 per month into my home fund
- A-By saving $500 a month I can reach this goal in 5 years
- R- I want to buy a home because it is part of my overall life vision
- T-I would like to have the down payment saved within 5 years or July, 2016
The last piece of this is to taking an action step toward your goal within the next 90 days. This will ensure you stay committed to your plan and don’t procrastinate. Remember you are the driver of your life. Align your financial goals to what’s important to you.
A favorite quote of mine is by Ann Rand. She states “Money is only a tool. It will take you wherever you wish, but it will not replace you as the driver.”
This is Brittney Castro and thank you for watching the 9 Steps to Becoming a Financially Wise Woman video series. Tune in next time for Step 4. Remember to Like us on Facebook!