subject: State Your Financial Goals In Order To Be Successful When Trading And Investing For The Long-Term [print this page] State Your Financial Goals In Order To Be Successful When Trading And Investing For The Long-Term
One of the first things any aspiring trader and/or investor should do is to clearly state his financial goals. He will not be able to get there if he doesn't know where should be heading to. It is essential, almost mandatory, that you take your time to write down your financial status and where you want to be in one, two, five, ten and twenty years' time.
Now, the most important is that you set goals that are attainable and that make sense to you. This will be a very particular plan and will fit only, and only, you. Do not try to take shortcuts here. It is really crucial that you take your time, maybe also with your family, so you all have a clear plan on where you are at the moment and where you should be heading from now on. This makes a huge and substantial difference in your and your family's life.
Also crucial is that, after you plan, study, analyze and decide upon your plan, you must act accordingly. It would be a good idea to use the PDCA method: Plan-Do-Check-Act. That way, you will have a proper plant set before you start and will also give you the opportunity to verify if everything is going according to plan and if there are any amendments you should be doing.
Do not take this lightly. You might believe that a 20-years-plan will not make a difference to you since is so far away. But do not be blind to all the benefits that compound interest could do to you. Also, you do not need to have a really specific goal for your 20-years-plan, just a general idea should be fine. The important thing is that you start to think about your financial goals, act and then correct mistakes as you go.
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