There is a difference between short-term and long-term financial goals, but there is also a difference between these goals and lifetime financial goals. Knowing the difference is important when you have long-term goals that require a lot of money and sacrifice. Otherwise, many people find themselves lost and unable to achieve the goals they want. If you find yourself sinking in bankruptcy, then you can also contact one of our Tennessee Bankruptcy Attorneys for help.
What Do Lifetime Financial Goals Look Like?
Compared to short-term and even long-term financial goals, lifetime financial goals are goals that you have almost always wanted to achieve. Goals like this tend to be common amongst most people like buying your own car, a house to move into with a family, an apartment for yourself, or saving up for college. For people in later phases of life, lifetime financial goals could mean buying life insurance, paying off a home, preparing for retirement, or saving up for an important medical procedure.
Everyone has different lifetime financial goals depending on the phase of life they are in. This is why the first step in this process is identifying what lifetime financial goals you have in mind right now. Once you know your lifetime financial goals, you can start taking active steps to make them a reality by proper planning and small achievable steps to move you closer. Some of these smaller steps may take several months or years depending on what your goals are.
Some helpful lifetime financial goals to keep in mind are building your emergency savings account for life crises like divorce, natural disasters, caring for aging parents, and losing your job. Almost everyone in different phases of life can benefit from working toward these goals.
How Do I Accomplish My Lifetime Financial Goals?
Accomplishing your lifetime financial goals is the hardest part of this process and includes developing realistic short-term financial goals that can form a solid bridge to achieving your lifetime goals. These are the small steps that can be taken each day, week, month, or year to build up your saving and achieve your financial goals. In this sense, these are not the usual short-term financial goals of buying a new phone, but rather, are small financial steps you must take to realize your larger goals.
To make these happen, you want to have realistic goals you can achieve by certain dates with a budgeting plan to accomplish each one. Having a planner and calculator can help, but you can also use an Excel spreadsheet or budgeting app to figure out how much money you need at which times. Your plan may involve spending cuts at certain times and putting portions of income into savings.
Contact a Bankruptcy Lawyer in Chattanooga For Help Today
Feel free to reach out to our attorneys in Tennessee and North Georgia if you have any questions about bankruptcy, your credit score, or any other related financial matter. All you have to do is contact Tom Bible Law today by dialing (423) 424-3116 to talk to one of our specialized Bankruptcy lawyers in Tennessee or Georgia for a free consultation. Our experienced legal team of bankruptcy lawyers is located throughout cities in the state of Tennessee including Chattanooga, Kingsport, and Tullahoma as well as North Georgia.