How to Set Great Financial Goals (For 2018!) | Phil Town

TL;DR

Set specific and attainable financial goals, such as improving credit score, getting taxes done early, setting a budget, saving, and paying off bad debt.

Transcript

hi guys I'm Phil town from rule one investigating with the new year upon us and with a refreshed attitude a whole new outlook I want to talk to you about setting financial goals for the new year in order to achieve your goals first guess what you have to set them you know what if you wanted to go on a trip a vacation you call up a travel agent and ... Read More

Key Insights

• 😫 Setting specific goals is crucial for financial success in all aspects of life.
• 😘 Improving credit score can lead to better financing opportunities and lower interest rates.
• 🤲 Getting taxes done early can prevent penalties and unnecessary stress.
• 😫 Setting a budget helps manage expenses and prioritize savings and investments.
• ✊ Saving and investing early can take advantage of the power of compound interest.
• 🦡 Paying off bad debt is important for financial growth and increasing net worth.
• 👨‍🔬 Researching and investing in great companies can be a profitable financial strategy.

Questions & Answers

Q: Why is setting specific financial goals important?

Setting specific financial goals allows you to have a clear path towards success and helps you prioritize your actions and allocate your resources effectively. It provides motivation and direction for your financial journey.

Q: How can I improve my credit score?

To improve your credit score, start by checking your current score and identifying the factors that are affecting it. Take steps to pay off debt and keep credit card balances low. Aim to have a credit score in the 700s, as it can significantly lower interest rates when purchasing big-ticket items.

Q: Why should I set a budget for myself?

Setting a budget is essential regardless of your income level. It allows you to exercise discipline in managing your money and allocate funds towards necessities, recreational expenses, savings, and investments. Keeping your expenses in check can speed up your progress towards financial goals.

Q: Why is it important to pay off bad debt?

Bad debt, such as high-interest credit card debt, decreases your net worth and hinders your financial growth. Paying off bad debt should be a priority as it saves you money on interest payments and allows you to redirect funds towards savings and investments, which have the potential to grow your wealth over time.

Summary & Key Takeaways

• Setting specific and detailed goals is crucial for financial success, just like planning a vacation.

• Important financial goals to consider are improving credit score, getting taxes done early, setting a budget, saving, and paying off bad debt.

• Researching and investing in great companies can also contribute to financial success.