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For this blog/article, I wanted to have you take a breather from the first month of 2017. The hot political climate, policy changes on many fronts and even social media bickering may be at the very least distracting and to many, a worrisome time to live in. So this is about keeping you focused on making 2017 a great year for you. As the saying goes, help yourself first before you can help the world. Sound good?
Specifically, I wanted to talk about your financial goals. I found a few articles about this topic but wanted to share one called, very appropriately, “Top 10 Good Financial Goals That Everyone Should Have for 2017” from goodfinancialcents.com. I recommend that you read the details for each of these goals. The short version list is:
  1. Get Out of Debt – Completely
  2.  Plan For Early Retirement
  3. Have a Well-Stocked Emergency Fund
  4. Create Multiple Income Streams
  5. Have Enough – But Not Too Much – Insurance to Cover Contingencies
  6. Be Able to Live on Less Than You Earn – No Matter What
  7. End Any Addiction to Stuff That You May Have
  8. A Plan to Do Work That You Love
  9. Get Comfortable Sharing Your Good Fortune
  10. A Plan to Leave Your Financial House in Order Upon Your Death

I would say that having these goals is good start but putting a plan in place for each one of them is just as important.  Also, keep in mind that some of these will take years before you can check them off as completed. Some of these are ongoing for the rest of your days. First assess the current situation you are in with regard to each of these goals. Goal 1: What are you debts, which have the highest interest rates, what are the balances and expected pay-off dates? Goal 2: How much will you need to have each month for living expenses as a retiree? Goal 3: Do you have six-months of essential expenses saved at any moment? Just like business plan, a personal financial plan for 2017 will help you be in a better economic position in 2018 than you are today. Thinking about these goals gets you one step closer.