Financial Planning | Personal Finance | Article
Podcast Roundup: Setting Financial Milestones (Episode 3)
by Sophia | 27 Jul 2020 | 2 mins read
In episode 3, our hosts sat down for a discussion about their personal financial goals and milestones (even those they’ve failed) and how they tackle it.
For those who are bogged down by the insurmountable task of reaching their own goals, or even have no goals to speak of, then this episode is for you. Here’s a quick roundup of some key discussion points:
Defining the Types of Financial Milestones
- Goals can be defined in separate categories: short/medium/long-term
- Retirement is a long-term goal, while furthering one’s studies could be a medium-term goal
- This depends on the time a person needs to get to their goals, big and small
- As one progresses through life, long-term goals may begin to shift towards being medium-term goals
Setting Yourself Up For Success: SMART Goal-Setting
- Goals have to be realistic and attainable, or else risk suffering burnout as you strive for a milestone or two
- Especially where goals involve finances or money, SMART goal-setting is crucial if you don’t want to set yourself up with false expectations
- Money matters, and will affect how reachable a goal is (so be honest with yourself)
What does SMART even stand for? How have our hosts fared with their own financial milestones? Listen to the full podcast episode here to find out!