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Financial Planning Series Part 4: What are Your 3 Biggest Financial Objectives This Year?

Financial Planning Series Part 4: What are Your 3 Biggest Financial Objectives This Year?

So far, we have covered 3 parts of the Financial Planning Series.

Let’s do a quick recap:

In Part 1 of the Financial Planning Series, you now know how to create a vision board – it’s like envisioning two points – from where I am now at point A, to where I want to be at point B.

In Part 2 of the Financial Planning Series, you’re asked to write down in different areas or life streams action items, goals or any specific activity that will enrich it. For example, if you want a deeper relationship with your family, write down a weekend treat perhaps to Ocean Adventure, short trip to Hongkong, etc.

In Part 3 of the Financial Planning Series, you will be asked to fill in little boxes to help identify how much you have and how much you owe. I know some people dread finding this one out, or they dread filling up long, financial statements that look intimidating. But what you see in this simple financial statement exercise is an easy picture that will illustrate the figures we need to assess your financial health.

In this series, we will talk about setting your financial objectives this year.

Side note: Join our newest Facebook Group: Filipino Financial Freedom Forum. Our mission: #FilipinoFinancialFreedom. Kalayaan!

Obviously, you can write down as many goals as you want for the year. But I want you to focus on 3 key goals first. This way, we take one step at a time and we are more focused and eager to fulfill them.

What are your 3 financial goals this year?
Focus on how you can achieve your 3 key objectives. 
In the above example you see the following objectives:
1 I want to have a stock trading account this year.
2 I want to open a mutual fund this year.
3 I want to have 6 months worth of gross monthly salary as emergency fund.

Depending on how mature your portfolio is, your goals are actually reflective of how you want to improve your financial life – if you are a starting investor, “newbie” as most people call it, or if you are already at the peak of achieving your financial independence and you do not want to lose the momentum.

Just to inspire you, there are people we look up to today who started moving mountains to achieve their dreams. We’ve always admired rags to riches stories. And these stories remind us that we are not limited to our little dreams. We can also think big, very big.

Write your 3 big dreams in your personal planner, like on a personal financial plan diary we have prepared for you for FREE to download.

Now, aside from listing down your goals, set the following details too:

  1. MONEY. How much you want to put in to each goal, say you want to save Php50,000 for a new stock trading account.
  2. TIME. When do you plan to achieve this goal? Bonus this summer looks like a good time to start.
  3. PURPOSE. What is your purpose for setting this goal? Do you foresee any short-term need to save money for health reasons perhaps?

Once you have achieved them, you can move on and list down additional one or two more goals. Remember to give yourself a treat once you have achieved your main goals. Be proud of yourself – you did it!

If you are done writing down your 3 big dreams this year, you can share them by commenting below. We’d like to hear your story.

Ultimate Newbie Guide to Personal Finance: 
10 Steps to Achieve Filipino Financial Freedom

Practical. Straight to the point. Taglish guide para sa mga baguhan sa investing and financial planning.
To know about this ebook, please visit link here.

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