Tuesday, September 21, 2010

Emmanuel Kumah:Setting financial Goals

Money has become one of the most used but the least learn t about resources in the world.So many people dream of having huge money without knowing what the money would be use for.Financial goals are important for any one who would love to leave a life free of debt and are daring to enjoy financial freedom in later years.
I met a young man in Accra, Ghana, who had made the decision to make his future bright by dimming his desires today. And he shared with me some realistic and financial goals about money I do not mind letting you know.
The five decision he shared with me was from Robert Allen’s book Multiple stream of Income
Are you ready to set some financial goals? Do you want to live a life free of worry about money? Then let's get going.

The five decision to make about your money seeds

1. Target: How much total money would you like to accumulate? It is not enough to say you want money, how much money would fulfill your needs. If you believe $1 million would help you reach your goal put it down on paper.

2. Amount:Because your target is to accumulate $1 million, you need to put aside some amount of money every week ,or month to enable you get your target, this comes with habit of squeezing some few money out of your life to reach the target, you need to deny your self those instant gratification ,so as to put aside some amount of money.You should also learn the habit of budgeting in order to direct some of the money to achieve your financial objective.

3. Rate: What interest rate can you earn on your invested dollars? You need to put those accumulated money in a high yielding investment package so that you would  reach the target you have set for your self. Remember you are loaning  your hard earned money  to someone to use and so you should get a return higher than the money you parted with .If 20% interest rate would enable you reach the target, select an investment package that would help you achieve the goal.Make sure you do a due diligence on the type of investment before parting with the money .ok!

4. Time: When would like to reach your financial goal, 29 ,15 or 30 years? The earlier  you know the time to reach the financial goal,you would begin to start put money aside to reach the goal,the sooner you start, the richer you will get.
5. Purpose: I have already said that money without  a purpose leads to a curse.Why do you really want this money? What is the ultimate purpose?  Is it to further your education, marry , support the family or start another business.Your moneymaking will be much more successful and meaningful if you have a clear purpose.If it is just to “make a lot of money” you may find yourself oneday with a lot of money , but not knowing what to do with it.

Let me end by giving you this financial target work sheet.

  • What is my target investment goal?......................
  • How much can I invest per week?......................
  • How long am I willing to invest?.........................
  • What is my target interest rate?...........................
  • And finally, why is it important to me to achieve this goal?
What Next? IT is your TURN

 I hope i have helped you know how to reach those goals, drop me a comment on what you have learnt and feel free to share this on facebook and other social media. Now that you have set a financial goal, work on it daily and you would suppressed by the amount of wealth you will accumulate. Thank You


Anonymous said...

i think you know what you are up to. Just as u said, the world gives way to those whose words and action portrays they up to something, the world would make a way for u where there seem not to be one.

I like ur quest n direction.
I am looking forward to meeting you in our next 10 years of existence anywhere on Mother Earth.