It’s a new year and a good time to set new investment goals for 2022.
Whatever your investing goals are, define them and get specific about what you want to accomplish.
Here are 5 easy steps you can use to create a road map:
1. Write down all your goals
Write your investing goals down in whatever way works best for you and keep them visible all year long. This little paper trail will keep you focused and also hold you accountable.
2. Keep it specific and small
Make your goals as straightforward as possible. You want to be specific and focused. If you aren’t clear about what you want to accomplish, you won’t accomplish anything. The goal should not be “to get rich”. It is not specific enough. The goal should rather be “save 10% of this year’s earnings to set aside for retirement travel” or “invest in 10 new start-ups.”
3. Be clear about what you want and then follow through.
Don’t create an overly complex or rigid plan to reach a goal. Be flexible. Give yourself room to meet your goals in multiple ways. Adjust them, if necessary.
Once you have your goals clearly defined, you can make a plan to achieve them. The best way to do that is to break your big goals down into smaller sub-goals. Create a series of small, achievable steps that will help you make progress month over month.
4. Track your progress
It’s not enough to define your goals and create a plan for them. You also have to hold yourself accountable. Tracking your progress is the best way to stay accountable.
5. Appreciate your accomplishments
As you track your progress, make sure you take the time to appreciate your accomplishments. Even if it’s a small step, it’s still worth celebrating. This is especially rewarding if you share your goals with another person. Reflecting on the progress you’ve made is encouraging and energizing.
It is important to keep the big picture in mind. Sometimes we can become so focused on achieving our goals that we forget why it’s so important to us. It is important not to lose sight of what made you want to achieve these goals. This keeps you motivated and going to achieve your final goals in 2022.
Sven Franssen