Defining Your Big Payoff and How to Get There (Part 1)
It’s very different to have a financial dream as it is to have a financial goal. Goals –whether they’re short term, medium term or long term –have plans that back them up; they happen to be very specific paths laden with adversity. Your Big Payoff isn’t simply about the money; it’s about making your money work for you.
And this shouldn’t simply be relegated to the land of dreams. You’ll find that resources, time and how your plan fits into your life are big factors into making your Big Payoff very tangible.
To define your Big Payoff, you’ll need to list your financial goals. This doesn’t simply mean, “I want $10,000 by the end of the month.” This means writing it down as if you’re already there: “I own a PSP and a laptop. I have savings worth $20,000. I do this by saving X amount of dollars over a period of X months.”
Set aside money and make sure that you treat your savings account or your piggy bank like any other bill. It’s harder, yes; you are your own keeper with regards to this, but you’ll find that by the end of the day, you have money to expand your business (to make more money!) or buy that special something for yourself.
Keep track of your spendings and create a budget. Don’t allow circumstances to dictate your spending habits: walk into a store with a plan. Sit on a business deal or a sale with a plan. Shop with a plan. Keep in mind that every penny counts and once you know where your money is going, you’d have enough leverage to actually do something with what you do or do not have.
Prioritize your goals. Those that are higher up the list should be provided with more –if not all your –focus. Make sure you provide for emergencies or the fact that priorities will have to take the back burner once in a while.
Set a target date for your Big Payoff. You wouldn’t want to postpone your plans forever. Always, always be realistic and focus more on your accomplishments than your failures. Things won’t always be perfect and remember, the mistakes you make will pave the way for even more achievements.
Related Articles:
- Defining Your Big Payoff and How to Get There (Part 2)
- Innovation in big companies
- Keeping Yourself Motivated in Business
- Plans for 2006
- 4 Figures Per Day Is Possible
There is an old book that talks exactly to this subject. I encourage everyone to chek it out: The Richest Man in Babylon by Goerge Clason.
Great money tips and not just strategies, but putting yourself in the right mindset.