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How to Reach Your Financial Goals Before Retirement

Posted by Jarrod Musick on July 13, 2017

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“I am the master of my fate, I am the captain of my soul.” ~ William Henley

The quote above is taken from one of the most famous poems in history, “Invictus” by William Henley. Its meaning is so profound and it applies to everyone. We all know that if we want to achieve something in life, we should work hard towards it and achieve it by our own initiative.

Unless you win the genetic lottery and enter this world with famous and wealthy parents, you have to work hard to achieve your financial goals. But even if you win that lottery, you still need to work hard for your own legacy. It’s a different feeling getting that first car given to you by mom and dad, compared to working hard for that car yourself.

It’s a great accomplishment to achieve your goals in your own way. By taking that road, you may also be able to do the things you love and work in a place where it doesn’t feel like a job.

Achieving your financial goals is simple and it all starts with cultivating the right habits. By practicing these habits, you may be able to achieve your financial goals even before retirement.

1. Have a Plan

If we don’t know where we’re going, how would we know if we aren’t there already? A roadmap is needed to reach your financial goals. It all starts with planning. The first step is understanding the standard of living you’d like during retirement and the amount of money you’ll need to achieve that, as well as understanding any other financial goals you may have.

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If you know your financial goals, then the next step is understanding how much you need to earn, invest and save. Your goals will dictate how much effort you should put into your work, business, investments, and other ventures. This is beneficial because when you have something to aim at, then all your mental faculties and physical energy will be focused on achieving that purpose.

 

 

 

2. Save First Before Spending

So you have a plan now and you have calculated how much you need to save monthly in order to achieve your financial goals. Here comes the tricky part. Most people run to the mall after getting their paychecks. You, on the other hand, are wiser. You save first before you spend.

How can you do that you ask? You have a lot of bills that needs to be paid and you want to buy the latest Armani suit or the nice jewelry you saw at Tiffany’s. Well, you should think if you really want to indulge in that purchase or spend on things that matter more. Working for something means that there would be a few sacrifices along the way. Achieving your dream body means cutting extra calories and exercising more; the same goes for achieving your financial goals.

Just like in fitness, you will notice that you wouldn’t be craving that bag of chips anymore and would be very happy with the increased energy you have and the nicer physique you built. In achieving your financial goals, you’ll notice that having an increasing bank balance is far more fulfilling than wearing that new suit.

3. Invest in Assets

Once you built up your savings, you should be putting them in assets that may produce additional income for you. The fruits of your savings have seeds that can be planted to produce more fruits. Your legion of savings can become a workforce that works hard for you and helps you achieve your financial goals.

A little homework is needed when investing your savings. You don’t want to be putting your savings in assets that will not be working hard for you. Destiny Capital can help you manage your asset-building endeavors. We have the expertise to help you invest wisely in a wide variety of assets. Seeking a team that will help you achieve your financial goals can mean a big difference in the long term. With the right guidance, you may be able to achieve your financial goals even before your retirement.

4. Reinvest

Just like saving to build your assets, you should save the profits from your investments and reinvest them in other assets as well. By cultivating this habit, you will have an ever-growing asset base that will get you on track to reach your financial goals.

Retiring earlier than you imagined may be possible with proper wealth management practices that we are talking about. It’s never too late to start. If you cultivate these habits, then you will be on the road to victory.

5. Seek Advice

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Everything we talked about can be made easier with proper guidance. No one built an empire by him or herself. The same goes for building your financial empire.  Seeking the advice of experts in the field of wealth management can help you speed up the process of reaching your financial goals even before retiring. When building your asset base, you need the advice of industry experts in allocating your savings into businesses and investments that will generate more income for you.

Destiny Capital can guide you through the process of achieving your financial goals. We focus on wealth management and financial planning, as well as financial planning around very specific life events including approaching retirement as quickly and efficiently as possible. A lot of retirees, businessmen, couples, divorcees, and young professionals have entrusted us with their savings and we have helped them achieve the financial freedom that they have dreamed of in the most effective way possible.

Take Action Now

Let’s embark on this journey together. Schedule your free consultation with Destiny Capital and take a step toward achieving your financial goals. Take action now and reap the fruits of your labor tomorrow.

TALK TO A FINANCIAL PLANNER

Topics: Financial Planning, Retirement Savings