Financial goals are essential for creating a roadmap to financial stability and success. They help you prioritize your spending, saving, and investing activities, ensuring that you can meet both your short-term and long-term needs. By setting clear financial goals, you can make informed decisions that align with your values and aspirations.
Priority 1: Ensure I Have Enough to Eat and Live
I rate myself 9.5/10 for this priority. I am able to meet my basic needs, ensuring I have enough food and a place to live.
Priority 2: Stay Current with My Short-Term Debt Payments
I rate myself 9.5/10 for this priority. I do not owe any credit card debt and I pay my balance in full every month.
Priority 3: Ensure My Family Has Enough to Eat and Live
I rate myself 9.5/10 for this priority. My family is well-provided for, and we never experience food shortages.
Priority 4: Provide Enriching Experiences for My Family and Kids
I rate myself 8/10 for this priority. Due to the aftereffects of COVID-19, we haven’t traveled much, which has limited some enriching experiences.
Priority 5: Assist My Children with Their University Education
I rate myself 8/10 for this priority. Although my children are still young (14 and 12 years old), I am on track to support their future education.
Priority 6: Own a Residential Property Debt-Free
I rate myself 8/10 for this priority. I am close to achieving this goal and expect to be debt-free in about eight years.
Priority 7: Achieve Financial Independence for Retirement
I rate myself 8/10 for this priority. This goal is more challenging for me which I largely depend on my KWSP. I find it difficult to rate myself highly here, as achieving financial independence for retirement requires significant planning and resources.
Source: Why it is Crucial to Set Life/Financial Goals that You can CONNECT With - YouTube