What’s going on everybody? My name is Tom. I’m a Certified Financial Planner and welcome to MoneyQuack.com. This blog help people achieve financial freedom through accelerated wealth-building strategies. And today we’re talking about setting goals and, yes, I am a certified goal getter.
I am all about setting goals, reviewing those goals, and most importantly,
achieving those goals, but I wasn’t always like this.
Now, there was a time where I would do my New Year’s Resolutions. I might do annual goals
and review those next year. I wasn’t all about reviewing my goals like every single day.
It just wasn’t something that I felt was necessary, but it wasn’t until I joined a business coaching program where they really emphasized the importance of setting these goals and reviewing these goals
more than once a year.
Now, it’s no surprise that most rich people are reviewing their goals and making goals.
In fact, author Thomas Corley, who wrote the book Rich Habits, he studied millionaires from all across the world and a commonality that he found was 62% of all rich people, not just set goals, but they
review them every single day.
They have their goals right in front of them, so they know exactly what they need to focus on.
When’s the last time you reviewed your goals?
If it wasn’t today or yesterday, then, chances are, you’re not on that path to achieving financial freedom and building wealth. And I understand how overwhelming it can be to believe that you can
truly achieve wealth, that you can become rich.
We have been programed by society and our friends and family members that we are a product of our environment. We are stuck where we are right now and I wanna challenge you that you aren’t.
You aren’t stuck. You don’t have to be poor the rest of your life. You can achieve wealth.
You can achieve financial freedom, but it all starts with setting goals and working towards achieving them.
Now, for those that need that kick-off checklist to get started, what I wanna share today are what are the top 10 financial goals that you can start working on today? So we’re gonna find out what those are right now.
1. Having plenty of cash on-hand
Now, we’re not talking tens of thousands of cash, like, we just want to work towards $1,000. But sadly, it’s reported that only 39% of all Americans have $1,000 in their emergency fund or can only can up with $1,000, only 39%!
The rest would either have to borrow it from family or friends or use their credit card. They didn’t have enough to cover that cash, but you want to build cash savings.
Why? Because cash is king.
Cash will help you out with emergencies. Cash will give you the freedom if you lose your job. If you want to change jobs. If something happens that you need cash, you want to have cash.
I wanna give you two quick solutions: One, sell your crap. What do you have in your house, what do you have in your apartment that you do not need? What do you have that you can sell on eBay, at a yard sale, on a Facebook page to generate that cash that you need. The second thing is you wanna cut out the crap.
What are you paying for that you do not need?
- Is it your cell phone bill?
- Is it Netflix?
- Is it your internet bill?
- Is it your cell phone?
You just really don’t need the premium package. When you can go out and get a prepaid cell phone. Whatever that is, cut out the crap to get to that point, where you can boost your savings to $1,000.
Now, if you check out the book Total Money Makeover by Dave Ramsey, that is one of his baby steps, it is achieving that $1,000 emergency fund and he challenged people with that because most people
don’t have that $1,000. That gives you a number to shoot for and it is an achievable number.
It can happen, if you listen to some of the advice of selling some of your crap and cutting out the crap.
2. Have a debt reality check and a debt payoff plan
The second wealth-building goal is having a debt reality check and also having a debt payoff plan. Now, I know that becoming debt-free seems like an alternate universe for many of you.
You’re probably thinking
- “I will never pay off my mortgage”.
- “I will never pay off my student loans”.
- “I can never pay off all”
- “my credit card debt”
If you believe that, then that is true. You won’t achieve that, you won’t become debt-free because you’ve already told yourself, but let’s get realistic.
What is a reasonable payoff strategy that you can get rid of all your debts?
So you need to have a debt reality check to find out exactly how much debt do you have?
What is the interest rate that you’re paying on that debt?
What can you pay off in the next three months, Six months, 12 months?
And be real with yourself, what can you really accomplish?
But before you begin that debt payoff plan, you got to go back to that spending. You have to keep your spending in check. If you can’t pay cash with whatever you want to buy, you can’t afford it.
That is the only way that you’re gonna become debt-free.
3. Planning an early retirement
Yes, you want to plan an early exit strategy from your career that allows you to live your life the way that you want it in a much sooner fashion. Now, this is funny to me because earlier in my career, I remember telling myself I want to be able to retire at the age of 50. It was this goal that, I don’t even know what inspired me to want that goal, but I just told myself, I want to retire at 50.
So, then I just reverse-engineered what would that look like? What would I need to start saving today to achieve that goal of retiring at 50 and that’s how all goals work.
So, planning an early retirement. So first you got to figure out when do you want to retire?
And then, being in your 20s and 30s, you have the beauty of compound interest to take advantage of investing for yourself right now to have that money grow for you.
So, to achieve this early retirement, some things you have to do is
- You have to start investing into your 401k.
- You have to start investing into a Roth IRA.
and take advantage of some of that tax-free growth that you get inside the Roth.
So what are some of the action items that you have to start if you want to plan an early retirement?
Well you have to start investing, I mean there’s no way around it, you have to start investing.
So we’re gonna start investing into our 401k to get advantage of the free match that most 401ks offer.
The Roth IRA is one of the greatest tools that a young person can take advantage of, especially if you’re wanting to plan for an early retirement.
I would also challenge you to invest outside of the stock market, you’re gonna have to look at different alternative strategies.
This could be investing in peer-to-peer lending, it could be into real estate, it could be into crowd-funding
real estate, like Fund rise, which I’ve done videos on all of these.
Investing outside of the stock market is another way that you’re going to achieve wealth and most rich people don’t have all their money tied up in the stock market anyway,
So that’s why you want to start exploring other options that are outside the stock market.
4. You want to seek out mentors
You want to seek out mentors that can help you achieve your wealth-building goals.
Whatever the lifestyle that you want to achieve, who do you know that is close in your life that you have a direct relationship with or you can have a direct relationship with, that has a certain level of financial success that you would like to emulate.
Somebody that you look up to, that has done the right things. That seems to make all
the right decisions.
Imagine how much you can learn from them, from their experiences, from their wins, from their failures, from their struggles. You can learn so much from them, so start seeking those out.
5. Getting your insurance in check
All right, number five is getting your insurance in check. Making sure you have the proper insurance to protect you from financial catastrophes.
Now, this is one of the most boring topics that everybody wants to skip over because who wants to talk about insurance?
But the reality is that every single wealthy person that you run into is going to have the proper coverage whether that be life insurance, auto insurance, home owners insurance, personal liability insurance, worker’s comp insurance, if you’re a business owner.
I don’t even know how many different types of insurance I have, but I know that I have a lot because of protection.
To make sure that my family is taken care of. Now, if you’re reading this and you don’t have kids yet, life insurance is probably something that you don’t need yet, but whenever kids are on the horizon, or whenever you get married, then that is when you want to start looking at life insurance.
It’s something that you don’t want to avoid or ignore, especially if you have loved ones that are dependent on you.
Now one type of insurance that is often overlooked is income insurance and no, I’m not talking about term life insurance. I’m talking about one that is often not talked about or dismissed because it just seems like it’s a lot of work and not a lot of people know how to achieve this,
But what I’m talking about is building in multiple streams of income.
We’re talking investing a lot of time, a lot of work into resources, into book, into relationships, into mentors, to finally build a business that allows for these multiple streams of income to come in.
Now, one of my books that I talk about a lot is Rich Dad, Poor Dad, by Robert Kiyosaki, by far the most influential book in my life and not because it gave me all these clear-cut strategies to implement multiple streams of income. It gave me the hope and, just the idea, the concept that multiple streams of
income was a possibility.
So, if you haven’t checked that book out, please do. It will at least give you a mindset shift to let you know that it can be accomplished.
One of my favorite quotes by Warren Buffet, when he talks about building multiple streams of income and wealth-building, Warren says,
“If you don’t find a way to
make money while you sleep,
“then you will work
until the day you die.”
I mean, you can’t really screw around what Warren’s message is there. Is finding a way to earn extra money on the side, making money while you’re asleep.
Yes, this can be done through the stock market, through dividends and capital gains, but most wealthy people have some sort of extra income that they are getting, typically while they’re sleeping or while they’re working on other projects or they’re spending time with their family.
6. Build Multiple Streams of Income
Now, these don’t happen overnight. It takes a lot of work and a lot of hustle to get to that point, but
the fact of the matter is that you don’t build it unless you start.
We’re talking about having that side hustle. What is something that you can work on the side after you get home from your 9-5, on the weekends, that allows you to get out of the rat-race and to start working on other projects that give you life, give you excitement, to pay off that debt, to build off that emergency fund, and start investing for the future.
And that’s why I put a lot of emphasis in building this multiple income stream strategy.
Now, there are a lot of things that I tried that didn’t work,
- I went the multi-level-marketing route.
- I dabbled in real estate, but it wasn’t until blogging and online courses and really just understanding online business
Now, these are just a fraction of all the different opportunities that exist. You have real estate, you have retail arbitrage through Amazon or eBay. You have Amazon FBA.
I mean, there are just so many different ways that you can start building a secondary income stream, but the fact is, you have to start. It’s not going to grow on it’s own, passive income doesn’t exist unless you’re willing to put in the work to make it happen.
7. Finding content
Finding content with what you have and be willing to live off less.
Now, it’s funny that here I am in a million-dollar home and I have all this cash in the bank and you would think that I would just go on a spending spree and just buy anything and everything that I want.
But I have to reflect back on what got me to where I am today, what allowed me to reach this level of financial independence and financial freedom.
There was a reason why I just didn’t buy $20 t-shirts when I had the money to do it because I knew that every money that I didn’t spend on stupid things. I could either save that or invest that into something that was going to make me that much more return.
So even to this day, I have learned to live off less and be content with the things I have. To allow me to get here, but the first thing was to learn to live off less and just be content because the more that you can live in being content with what you have, it just gives you so much freedom to focus on yourself and achieving the goals that we’ve outlined today.
8. Giving Back
This could be donating money, this could be donating your time, this could be being a mentor for other people. Finding a way to give back to others, others that you may be just one or two steps ahead of them and by having a cup of coffee with them, by sending them a text or having a phone call with them.
You could change their life just by sharing your experiences with them. I can’t tell you how fruitful it’s been to help others achieve success. And one of my favorite quotes about building wealth and I wish I could give the person credit, I don’t know who said this quote, but it says “If you want to achieve wealth, then you need to help others achieve wealth, too“
Help others live a rich lifestyle, accomplish their goals and you will be rewarded for those efforts. It’s amazing how much you can get by giving back. So, find a way to give back as much as you can.
9. Getting your financial house in order
We talked a little bit about life insurance and making sure your loved ones are protected, but do you have a will? Do you have some sort of document that outlines what happens to your things
- If something happens to you?
- Do your loved ones have access to your social media accounts?
- Do they have access to your bank accounts?
- Do they know where your stuff is?
- Do they know what you want to happen to your stuff after you’re gone?
Now, once again, if you’re reading this and you’re single, it’s probably not that big a deal, but if you have parents that have been very kind to you through the years. You can make it a whole lot easier by having these conversations so they know what to do with your stuff if something happens to you. Make sure that your financial house is in order.
10. Do the work you love
Now, if you’re sitting in your cubicle reading this, you’re probably thinking “how am I gonna do the work
that I love right now?“
It’s not gonna happen today, it may not happen tomorrow, it might not happen for another year or two or three years down the road.
First have a deep dive understanding of what brings you life. What gives you joy in the work that you do?
And then you can start figuring out what are the things about your job that you hate?
What are the things that you just don’t enjoy doing?
And start working towards doing the work that you love. A book that I just started reading recently is called The Big Leap and in this book, the author talks about working in your zone of genius.
So working in your zone of genius was this is you doing what you love to do. It gives you life.
You enjoy it. It doesn’t feel like a job. The more that you can understand what are the things that give you life, the more that you can work in the zone of genius.
You start realizing the things that you hate and in this book, he’s done a lot of research. He’s counseled a lot of people and what he found out was a lot of people are stuck in these other zones of just doing things that they have to or doing the things that they do just because they’re good at them, because they’re competent.
Well, that can be okay, what happens, though is that it drags you down. It takes the life out of you. It sucks the life out of you. And if you’re not working in your gift set, the things that you are suited for, the things that God has intended for you to do, you don’t realize how much
that’s hurting you personally.
It’s hurting you, your relationships, your family. So working towards that zone of genius and that’s why we go back to having that cash on hand, of having that freedom fund
If you hate your job and if you’re buying things that you don’t need, if you’re wasting your money on stupid things, then you’re gonna be stuck in this job that you hate. But if you truly hate it and you’ve identified the
thing you would love to do.
That’s why we start saving more cash. Then we can build up these savings that allow us to get out of this dead-end job that we hate.
Get rid of the boss that we can’t stand. So find out what is the work you love and work towards achieving that.
All right, so those are my top 10 wealth-building goals, if you find yourself, you are 20 or 30 years old and you want to achieve wealth, you don’t know where to start,
I’ve just given you 10 goals that you can work towards right now. And maybe you already are, and if you are, let me now in the comments below where you are right no in your wealth-building goal process.
Which ones have you achieved?
Which ones are you struggling with?
And if you need any help, let me know in the comments. I wanna find out what goals you’re trying to accomplish and how I can help you achieve them and how our community can
help you achieve them, too.
All right, reminding you that it is your money, it is your life, and only you can make it awesome. Just go out and be a goal getter today. All right, until next time, peace!