6 Great Financial Goals to Set for 2019 | Phil Town

TL;DR

In order to achieve financial freedom, it is important to set specific and achievable goals, make a promise to yourself, and focus on taking intentional actions to reach those goals.

Transcript

hey everybody i'm phil town from rule 1 investing and today i want to talk to you about six great financial goals that you should make for 2019 now as a reminder make sure you click the subscribe button and the Bell icon to get notifications when I release new videos and also whenever I'm talking about goals I want to make sure we understand that t... Read More

Key Insights

• 😫 Setting clear financial goals and making a promise to oneself is important for achieving financial freedom.
• 🎮 Budgeting is a crucial tool for managing finances and gaining control over spending habits.
• ✋ Paying off high-interest debts is essential for building wealth and increasing net worth.
• 💯 Maintaining a good credit score is vital for future financial opportunities.
• 🤲 Getting taxes in order early can prevent unnecessary complications and penalties.
• 🥺 Researching and identifying investment opportunities can lead to potential financial growth.
• 👣 Regularly reviewing and revising goals is important for staying on track and adapting to changing circumstances.

Questions & Answers

Q: Why is it important to make a promise to oneself when setting financial goals?

Making a promise to oneself adds a level of commitment and accountability to the goals. It serves as a reminder and motivation to stay focused and dedicated towards achieving financial freedom.

Q: How does setting a budget help in managing finances?

Setting a budget allows individuals to track their income and expenses, ensuring that they have control over their financial decisions. It helps in prioritizing spending, saving, and investing, ultimately leading to better financial management.

Q: What is the significance of paying off bad debts?

High-interest debts, such as credit card debts, can hinder financial progress. Paying off bad debts eliminates the burden of interest payments and allows individuals to focus on building wealth through investments. It is a crucial step towards achieving financial freedom.

Q: Why is it important to get taxes in order early?

Waiting until the last minute to organize taxes can lead to unnecessary stress and potential errors. By getting taxes done early, individuals can avoid penalties and have a clear understanding of their financial status. It also allows for better financial planning for the future.

Summary & Key Takeaways

• Setting clear financial goals is essential for achieving financial freedom, as they serve as a roadmap to success.

• Goals should be accompanied by a promise to oneself, ensuring a focused and committed approach towards achieving those goals.

• Important financial goals include setting a budget, creating a savings goal, paying off bad debts, improving credit score, getting taxes in order, and researching investment opportunities.