I have been told multiple times in my life that the most successful people in the world are constantly setting, and meeting, their goals. I’m sure that this applies to every aspect of life, whether it’s creating a list of daily goals, or long-time goals. These things could be something as little as doing 10 push-ups to financial goals to talking to your crush. Whatever your goal is, when you complete it you can’t deny that unmistakable feeling of accomplishment. It’s like a drug. The more success you experience in life, the more you want to achieve. You don’t see people like Bill Gates just settling with their initial success, but instead continuing this for years. It’s not because of greed (I don’t think at least), but rather because they are addicted to that success and want that same feeling constantly.
Anyways, I have read in multiple articles that it is important to create financial goals in order to stay on track, so here goes nothing:
Short Term Goals:
- By the summer of 2017 (June 3rd), have a net worth of $5,000+
- By the fall of 2017 (when I will be leaving for college), increase net worth to $8,000+
- Create multiple passive income streams (at least 4)
- Read 3+ investing books by summer of 2017
- Increase emergency fund to $500+
Long Term Goals:
- Graduate from college debt free
- By age 25, increase net worth to $50,000
- Have a $100,000+ paying job by age 27
- Increase number of passive income streams to 8+ by age 25
- Become a millionaire by age 30
- Become financially free by age 40
Now I know that I may have set the bar a little high on some of these goals, but no one ever got rich by having small goals am I right?
Well for this article I would really appreciate some comments on how you feel about my goals. Is the bar too low? Is the bar too high? Did I forget a goal that would be essential for me achieving early financial freedom?
I would really appreciate to hear from you guys on this!
Good to hear u aim to become financially free by 40. Now its more important to do goal based financial planning.
Do an inflation adjusted cost analysis.. Like for ex: if ur aim is to buy house in 2026 .. Calculate what amount is it required to buy house and to reach that amount how much u have to invest monthly from now.
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Do you have any good videos/articles on how to do an inflation adjusted cost analysis?
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Some online tools are available. Like if u put in current cost and time horizon u will get cost
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Alright thanks for the advice!
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I like that you have set goals for yourself. You won’t get anywhere without having goals. That’s awesome.
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Thank you!
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You have good goals man
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Thanks man! Gotta dream big to do big things!
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I love this. I wish I had your clarity at your age.
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Thank you very much!
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Couple of thoughts. Define financial freedom more specifically. The rest of your goals are specific and measurable. Quantify financial freedom, although of you’re a millionaire by 30 and no student loans, if you don’t have consumer debt (read car and credit card payments) you will most likely be financially free. These goals are great, but successful people also learn from goals they don’t achieve. That’s what really separates them from others. You will do great things if you set out to accomplish these goals.
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Good to know, thank you for the advice!
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Also knowing what you know at your age is going to propel you farther. Keep at it and you will definitely be a millionaire. If you want to message me sometime just search Little Brother Life Coach for my Facebook page. I can give you the “millionaire formula.”
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Will do!
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I love the ambition and that you put numbers around your goals. Good luck and may we be an encouragement and resource for you.
You will fail, you will be discouraged. Get back up. Always get back up!
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Thank you for the inspiration! I will try my best.
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If you haven’t already, you might want to check out http://mrmoneymustache.com. The guy has accomplished what you’re setting out to do. And, in relation to your goals, you might enjoy reading his post “The Shockingly Simple Math Behind Early Retirement.” Good luck, you are on the right path.
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Thanks for the advice, I will be sure to check it out!
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It’s great that you have specified your goals at such a young age! You know what you want and where you’re going. The only regret that I had was not being able to do so and start investing earlier in my life. With that mindset of yours, I know you’ll achieve those goals early on. How I wish that every young souls will have that kind of mindset like yours especially here in our country. I think that it’s just fine to set the bar too high. If you have a dream, you gotta dream big. I believe that if you believe in yourself that you will achieve it, you’ll definitely will. I also set the bar high for myself. Others are telling me that I’m too ambitious and not realistic but I just shrug it off. I told myself that if I set it lower, I will not challenge myself and just settle for mediocrity and I don’t want that. I aim to reach for the stars but if I will not be able to, at least I can land on the moon. Just don’t forget to cover your risks through insurance. You’ll go far brother!
By the way, thank you for liking My Prudent Story on my blog. 🙂
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Thanks for the advice, I really appreciate it! If you are looking for new content, all my new posts from now on will be on http://www.grittyambition.com ! Go check it out and email subscribe for updates on new posts!
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Nice! You already upgraded your site.
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