Mindful Money Minute – Set Goals Early For Better Outcomes
After you have spent some time thinking about what is worth having in your version of a happy & meaningful life, the “planning” bit begins by naming and prioritizing the different milestones that are important to you.
Understanding your milestones allows you to pre-experience your outcomes. You get to see how much you need to save, in total, every month to make all of these milestones happen. And, if the math doesn’t work out, you know that you have to make more tradeoffs and focus further up the scale of priority first.
Once you know what you are saving for, you can figure out how much you need to save and then, the most important step, you can start saving and investing. The very best tool we have in investing… is time. Starting to put money aside early can be an enormous benefit.
The earlier in life that you go through this process of setting goals and understanding trade-offs, the deeper into your list of priorities you will be able to reach and the better off you will be.
Related Mindful Money Minute Videos:
- What is Financial planning?
- Where Does Financial Planning Begin?
- How does Financial Planning integrate with Portfolio Design… exactly?