Long-term financial goals sound intimidating but they do not have to be. There are ways to break down long-term financial goals into manageable steps. Not everyone always knows what long-term financial goals they want for themselves. It can help to look at common long-term financial goal examples and strategies to make them a reality. However, if you are in a situation related to bankruptcy, you may want to contact a Chattanooga bankruptcy attorney for help.
WHAT LONG-TERM FINANCIAL GOALS LOOK LIKE
Many people have heard about long-term financial goals, but not everyone knows how they translate into real-life goals. Some people may classify paying off a car as a long-term goal, for example, but this is more of a mid-term goal. It can help to give these goals context. Financial goals can be broken down into:
- Short-term goals
- Mid-term goals
- Long-term goals
Short-term goals can be accomplished within a year or a few months. Mid-term financial goals can be done in about five years. Long-term goals can take five years or longer to fully achieve. Buying a new TV would be a short-term financial goal. Saving up for a house down-payment could be a mid-term financial goal. Whereas some long-term financial goals would be:
- Paying off a house
- Paying off debt like student loans
- Saving for retirement
- Building a business
Compared to other goals, long-term financial goals are almost like goals you strive towards. Saving for retirement, for example, can take decades and is something that takes up the majority of most peoples’ lives. Many long-term financial goals involve serious decision-making. Buying a house is not just buying a home to live in but also:
- An investment that could help or harm you later
- Deciding which community you want to live in
- A place you might raise a family in
SETTING SMART LONG-TERM FINANCIAL GOALS
Talking about long-term financial goals is one thing, but many of them seem impossible or exhausting to pursue. This might be true when first thinking about them because they seem so massive and far away. However, no one can truly achieve their long-term goals without breaking them into manageable steps first. One method is the SMART goals technique that involves making your goal:
- Specific
- Measurable
- Achievable
- Relevant
- Time-bound
This means you are making sure your long-term goal is detailed, something you can keep track of, and a goal you feel you can realistically achieve. Consider your circumstances and write out each step you need to take to move to your goal. Using a financial goal planner can help you plan this out.
What a financial goal planner can do for you is help you break down your goal into steps, time frames for each step, and the cost of each step.
BANKRUPTCY ATTORNEY IN Chattanooga, TN
Facing bankruptcy can be one of the most stressful times of your life. You can call us today at Tom Bible Law by dialing (423) 690-7712 to explore what financial options you may have related to bankruptcy. Our team of Tennessee bankruptcy lawyers can work with you to find ways to secure your finances. You can find us throughout the Tennessee cities of Chattanooga and Tullahoma.