5 Common Reasons People Don’t Achieve their Financial Goals

Almost everyone has a financial dream of some kind; do you? It’s a sad fact however, that many people never even come close to achieving their financial goals in life. Have you ever wondered why? Take a look at 5 common reasons people don’t achieve their goals below, and see if any of them sound a little too familiar. Sometimes financial experts like My Wealth Solutions can help turn financial dreams into clear, specifically achievable goals simply by pointing out the next steps.

Their goals are not truly goals?

Some people confuse dreams with goals but there is a very real difference. Goals are clear, specific, measurable statements of what you are aiming to achieve. They may have action points or plans attached to those statements, and perhaps timeframes or some kind of schedule. Without knowing specifically what you want to achieve it is very difficult to plot a path to get there.

There is no goal achievement plan in place

To reach any destination you need a map, a plan, a way to move forward. If you’re aiming to reach a financial place that is different from where you are now, you’ll need a plan. Something detailing a step by step way to get from A to B, and possibly pinpointing some milestones along the way.

They Are Not Taking Action

Knowing what steps to take is only the beginning; next comes the actual action. To achieve your goals you need to do certain things differently, and this is another hurdle most people find themselves stumbling against. It takes a little self-discipline to be sure, but once you see yourself closing in on those goals it can be a great motivator to take further action.

Unrealistic milestones

If the goals you set yourself, or the milestones you plant along the way, are unrealistic you set yourself up for failure. Struggling under a mountain of retail debt for example? Then perhaps setting a goal of buying a home in 12 months may not be fair to yourself. Try aiming for a clear debt record first – you can always plan more goals once you’ve achieved a few.

Lack of clarity

This is a big one – if you don’t know why you want to achieve your goals you will have trouble achieving them. Take some time to work out what you want to achieve and why. The way you plan to get there will fall into place more easily if you first think through your reasons for your goals.

Without a clear purpose, a plan, and a realistic mindset even the most sincere goal setters are unlikely to achieve much in the way of financial milestones. The most important reason people don’t achieve their financial goals in life however, is because they don’t take action when they have the chance. Make sure you seize every opportunity to move closer to your financial goals – after all, there’s nothing worse that regrets, especially when it comes to money.

What are your financial goals? Are they truly goals or just dreams? Share your thoughts in the Comments box below.

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