3 Tips for Setting Specific Investing Goals this year

2021 is the year of building wealth and it’s extremely important to set very clear and specific investing goals. Setting investing goals comes with a wide range of benefits. It gives you focus and direction. You’ll know what to look for and to research in order to get to where you want to be. Without goals, it’s less likely you’ll take these steps and actually reach financial freedom. Setting investment goals gives you a challenge. Be sure to set goals that are realistic so that you can then work to meet each challenge. Setting goals also allows you to monitor your progress and make adjustments as needed along the way.  Before we talk about how to stay motivated here’s 3 things to focus on while setting your investing goals.

3 top tips for setting investing goals

• Find your investing style. Decided what type of investor you are and stick to your style.
• Create a specific investing budget. Whether it’s weekly, bi-weekly or monthly. For example $300 a week or $300 a month. Whatever you can afford based on your income and your investing goals.
• Pick a stock day. That stock day can be your payday but whatever that stock day is you have to stick to it and invest on that specific day each week or month.

How to stay motivated toward your goals

There are lots of ways to stay motivated with your investment goals. If you are a visual person, you may wish to keep track of your investments on a spreadsheet, which requires is a little more work but worth it. You can also take advantage of your investment company’s app to check in on your growth. Seeing positive changes and watching your investment grows will definitely get you excited about making even bigger future contributions. Try not to get too focused on any setbacks, because setbacks are always temporay. As the market is expected to have its ups and downs. Just take note of any setbacks and continue to stick to your investing strategy. If you start to lose your motivation, try to envision what you will achieve when you reach your goal. That may be seeing yourself retiring early, buy your time back, create a better future for your family through generational wealth, traveling the world, etc. If you need more tangible forms of motivation, try allowing yourself a reward every time your investments are up. And ALWAYS keep your main goal in mind. Your main goal is the reason you’re investing in the first place, and it can be a very powerful motivator. 

Again, setting specific investing goals is a big part of achieving financial freedom. Give it a try and see how much more you are able to invest and accomplish in your wealth-building journey this year.

I hope these tips helps and course checkout the money tab for more investing tips and keep with me on the gram here.