What are your top three financial goals?
How do you think your goals could change after doing one simple exercise?
Any of us can answer that first question pretty
easily. We can spit out a few generic goals off the top of our heads. When we
do, though, we're probably cheating ourselves.1 That's because
setting goals off the top of our heads isn't a really productive way to choose
our investment strategies or make financials plans.1 And it's
certainly not the best way to prioritize our goals or keep them in focus.1
The truth is one very simple exercise can help us set better goals.1
With that, we're far more likely to be successful in achieving them.2
What exercise can help us? Simply using a "master
list."1 Let's find out how it all works, by looking at the
captivating findings of a recent study and what it tells us about the benefits
of using lists in financial goal setting.1 Then, we'll see if your
goals change for the better after you do the quick (~2-minute) master list
exercise.
How to Start Improving Your Goals Now: Check Out a Master List
It's time to see what a master list could do for
you and your financial goals. Think about your top three financial goals again.
Better yet, write them down if you can. Now, take a look at the master list of
goals below1. Keep your goals in mind as you read through each
option.
Unbelievable & REAL Payoffs of Using Lists to Set Your Big Financial Goals
What's your number one financial goal right now?
Retiring or buying a house is most folks' answer to
that question.1 At least 1 in 4 changed one of their top
goals, though, after they look at a master list.1 And nearly 3 in 4
changed one or more of their top three goals after seeing a master list.1
2: Lists can refine our goals
How specific are your financial goals?
Many of us don't set the most defined goals right
out of the gate.1 And unspecific goals can sabotage our success.3
But after looking at a master list, more than 1 in 4 folks will end up
clarifying their top goal, moving away from a generic goal, and setting a more
specific one.1
Why?
Because a list can elaborate on generic goals and
reveal more of the intent behind them.1 In fact, many folks who've
said they want to "grow wealth" as their top financial goal will change that
after looking at a list, picking a more specific goal showing WHY they
wanted to grow their wealth.1
How much does a limited understanding of finance
factor into your financial goals?
Lists can help you answer that question and see
what those misconceptions may be.1 That's because any of us can be
misled by common misunderstandings about money and finance.4 A clear
example of that shows up in the area of paying down debt. More than 1 in 4
folks whose top goal is to pay down debt change that goal after seeing a master
list.1
Why?
Because they realize that saving for retirement and
paying down debt aren't tradeoffs.1
Benefit: Lists can inform and educate us about our options. Lists can also set the record straight when our thinking or facts are off base.1
How much do your emotions factor into your
financial goals?
They could be a bigger factor than you realize, and
that's not a bad thing. In fact, even though emotional decisions aren't always
the best in finance, they can help with goal setting.1
That's because our emotions can get to the real purpose behind our goals,
answering the "why" of it all.1 That becomes really clear when we
see how many folks end up changing their top goal after looking at a master
list.1 At least half will revise their top goal to be an
emotion-based goal, like "feeling more secure with finances" or "not feeling
like I'm a financial burden to my family as I grow older."1 Plus,
the emotional rewards we get from achieving our goals can be just as valuable
as any financial returns.1
5: Lists can help us see our cognitive blind spots
What do you really want out of your financial goals
— and life? How will that make you happy?
Believe it or not, many of us don't really
know what we want.1 We don't truly understand our preferences, and
we may not even know what actually makes us happy.1 With that, it
can be pretty challenging to prioritize our goals.1 Lists can turn
that around, though.1 They can help us dial into what we actually
want and better understand where our happiness lies.1
Think about this on a smaller scale, like when
you're going out to eat and you don't know what to order. That "Aha!" moment
when you see something that sounds great — and that you didn't know you wanted
— until that exact moment you saw it on the menu is a little moment of
self-discovery. Those discoveries can happen with lists in your financial life
and goal setting too.1
How many of your goals changed after reading that
list?
How did your goals change?
This exercise can be wonderfully eye-opening,
whether or not any of your goals change after looking at a master list. Why?
Because many of us are strangers to ourselves and simple lists can help us
figure out what's really going on in our heads.1 In fact, lists can
work better than open-ended questions and sophisticated techniques when we're
setting goals. That's because a simple list can open our eyes, helping us see
the big picture and what we want from it. Lists can also make our goal setting
more effective, motivating us and keeping us on track as we work towards our
goals.
So can the knowledgeable professionals we trust.
Sincerely,
Beacon Advisors
Beacon Financial Group