How to Prioritize Financial Goals

On this episode of A Wiser Retirement™, we discuss how to prioritize financial goals with Casey Smith, Missie Beach, CFP®, CDFA®, and Michaela Dowdy. They encourage people to set SMART goals, explain leading and lagging indicators, and how to focus on daily priorities.

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Set SMART Goals

The book “The Four Disciplines of Execution” by Sean Covey emphasizes the significance of setting specific, measurable, achievable, relevant, and time-bound (SMART) goals. Setting these types of goals will help long-term aspirations get broken down into manageable, short-term actions. It is also important to focus on the present, let go of past financial mistakes, and to continually pursue your current financial goals.

Daily Task Prioritization

It is necessary to create a clear roadmap and commit to daily actions to achieve your financial goals. This often requires you to embrace a lifestyle distinct from the norm. Prioritizing your goals daily and using leading and lagging indicators, will help maintain momentum towards reaching your financial goals.

  • Managing Overwhelm: Try focusing on your top three daily priorities, this will help prevent overwhelm and keep you aligned with your long-term goals.
  • Indicators of Success: Set leading (proactive measures like scheduling meetings) and lagging (reactive measures like annual client retention rates) indicators to help track your success.
  • Adaptability in Planning: Don’t be afraid to adjust and assess your goals as needed.

Which financial goal should come first?

  1. Become Debt Free
  2. Build an Emergency Fund
  3. Save for Retirement
  4. Create an Opportunity Fund




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