By Noah Brocious – President/RI/Mortgage Loan Originator – When was the last time you took stock of your finances? Keeping up with expenses can be overwhelming, and it’s easy to lose sight of the big picture. However, having a solid understanding of your financial position can help you make wiser spending decisions.
To put your money to its best use, you need to set financial goals. This may be intimidating if you’ve never done so before, but solid objectives can give you direction and ultimate payoff in less financial stress. To achieve your realistic, actionable financial goals, you should follow these four steps.
1. Figure Out Your Financial Goals
What are your major financial concerns? Do you have debt that you want to pay off or large purchase you want to save for? To reach your ideal financial situation, it’s essential that you create specific, actionable objectives. For example, don’t just “save” — save a specific amount. Set aside $100 of each paycheck to go straight into your savings account.
It’s also a good idea to set both short- and long-term goals. Having only long-term objectives can be discouraging since you may not see much initial progress. Having only short-term objectives can leave you unprepared for the big picture. Instead, try to create several short-term goals that help you meet your long-term goals over time.
Finally, don’t be afraid to reevaluate your objectives periodically to see if you need to adjust your approach. As you build a solid financial foundation, you may be able to devote more funds to some goals or even create new ones.
2. Build a Business Plan to Match Your Goals
Now that you have an endgame in mind, it’s time to make a plan of action. Create detailed steps for reaching each of your goals with hard data to back you up. This is a great place to make a budget so you can realistically see the path to accomplish your objectives.
It’s also important to remember that while having a specific plan is helpful, sometimes life throws in speed bumps. If you find yourself facing unexpected obstacles that make it necessary to stray from the plan, don’t worry. Business plans are adaptable; just like goals, you can reevaluate a plan at any time to see if it’s still working for you. Small businesses have their ups and downs, but what’s important is keeping your eye on the endgame.
3. Find Support From Reputable Financial Sources
What happens if you don’t have the resources you need? Fortunately, there are a number of lenders such as Capital Fund 1, who offer a variety of flexible loans to help you get back on track. For example, hard money loans can help you bridge a gap between buying and selling property, while refinance loans can help you take advantage of better interest rates or consolidate your debt.
You may also consider joining a networking group. These social networks facilitate mutually beneficial business relationships by connecting entrepreneurs across industries.
4. Always Be Ready to Act on an Opportunity
Now that you’ve got a plan and secured resources, it’s time to put in the hard work. This means keeping your end goals in mind while tackling daily challenges. You should also keep an eye out for ways that you can increase efficiency and expand your market influence. Since you’ve taken the time to prepare, you should be in a position to take opportunities when they arise.
Contact Capital Fund 1 for More Information
If you live in Arizona and need financing, Capital Fund 1 can help. We provide commercial loans for a variety of industries and can offer approval as quickly as 24 hours. When you partner with us, you can get flexible funding tailored to your unique needs. For more information, give us a call at (480) 889-6100 or contact us online.
Great article! Financial goals need to be set within realistic parameters like support sources, educational capabilities and more. It is also important to build a good credit score to procure loans from reputable sources.