If you want to make something into a reality you have to plan for it. As the old saying goes, a goal that is not written down is simply a dream.
When you make your financial goals list, not only are you planning for the goals you hope to achieve, you are also jotting down the reward that comes with crossing each milestone.
Simply stated, a financial goals list let’s you channel success through the power of visualization.
The Power Of A List
Something about making a list and then crossing off items off said list, really makes me happy.
It’s the visual reminders of my goals that keeps me working towards them. As you can probably also guess, I am a huge fan of vision boards.
Below is a visual representation of my financial goals and the rewards I plan to indulge in once I have reached them.
I love travel, so most of my goals have a travel reward attached to them. However, with Covid-19 this year, we have seen that travel is not always possible, thus I have come up with alternative celebrations that I can (hopefully) do locally.
Let’s dive in.
Goal 1: Pay Off Student Loans
This December will mark 4 years since I graduated with my masters degree. My goal is to finish paying back these loans before the end of 2020! When I do, an epic staycation is in the works.
Goal 2: Become Debt Free
I am going back and forth between home ownership. I have decided that I am not staying in America long term.
The pandemic has shown me that I can do my job effectively at home (I got a 105% on my Q3 review – the joys of Corporate Life).
My gift to myself once I am debt free (i.e. paid off loans and car), would be to take a trip to this beautiful resort in Sedona.
Goal 3: Hit 100k In My Retirement Account
The first million is always the hardest right? Reaching 100k in my retirement accounts will be a huge milestone for me. I look forward to my mini-retirement party.
Goal 4: Save Up Enough To Buy My Car In Cash
I am going to drive my Honda until I can no longer. The car that I would like after is a Subaru. I can’t decide between the Crosstrek and the Outback.
Goal 5: Save Up One Year Worth of Living Expenses
Getting to this number is more for psychological comfort. Currently, this number is about 25K.
Goal 6: Save up 25% of My Fire Number
I love so many amazing brands and I actually have (yet) another list of trips I want to go on.
I would probably take a trip with Whole Experience or with Black Travel Fest.
Goal 7: Save up 50% of My Fire Number
This will depend on which vacation I took previously. I will either take a trip with Global Black Jet.
Goal 8: save up 75% of my Fire Number
A trip to Paris (If I haven’t gone already) to The Four Seasons Paris + Disneyland. I am very much looking forward to this reward.
Goal 9: Reach my fire number
I will act a straight up fool. Especially if I reach this goal before 50. Just kidding (mostly). I will look forward to spending my time being more present in my community and with my family.
Now It’s Your Turn
What about you? What are some of the financial goals on your list and what rewards are awaiting you? The journey to FIRE is often called the “boring middle”, but it does not have to be so drab.
When you set incremental milestones along your journey, you stay motivated.
Share below what you are looking forward to!