How to use SMART goals to create a watertight financial plan TheCuriosityAcademy
If you are out of debt and have between three and six months of money saved, it can be a good idea to start investing now for your mid-term goals. “You should never invest money that you want to spend in the next five years because you risk the markets going down,” Lisa says, explaining that it’s better to invest for mid and long-term goals.
You can also start to think about how long you think you’d like to work – maybe you would eventually only like to work part-time or you would like to“Long-term goals are anything after 15 years,” Lisa says. These goals might seem pretty far away and they’re also likely to change but Lisa explains that it’s good to have something to work towards.
Lisa recommends that you use online retirement calculators to help you understand what you need to do now to prepare for your retirement.If you don’t know where to start when it comes to setting these targets for yourself, Lisa recommends using the SMART method. SMART stands for specific, measurable, achievable, relevant and time-bound. “Check in with each of your goals and make sure they’re meeting each of these requirements,” Lisa says.
“You should also do as much research as possible and speak to other people who work in the same industries as you,” she continues. “Speak to people who are older than you and have achieved some of the things you would like to achieve to get theirYou can write down your goals however you’d like, whether that’s in a notebook or digitally. The most important thing is that you start to implement them as soon as possible.
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