How To Set Yourself Up For Financial Success by Setting Financial Goals – Episode 21

How to achieve financial success. Financial success meaning.
Estimated Reading Time: 5 minutes

The new year is right around the corner, so now is the best time to think about how to get ahead financially. Goals are essential because they allow us to achieve our desired future. However, many people set financial goals at the beginning of the year and abandon them shortly after because they get distracted. In this podcast episode, learn how to set yourself up for financial success by setting financial goals. But first, let’s start with the meaning of financial success.

Listen to the podcast episode here.

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What is Financial Success?

Financial success is achieving a desired outcome with your money and finances. 

In other words, financial success is about achieving your financial goals or the intentions set for your money.

If this all feels abstract, bear with me. 

While it would be easy to share “rules for financial success” or the “formula to financial success,” I don’t believe this would work because financial success is unique to everyone.

Our situations are unique because of our upbringing, skills, financial support, connections, and location. 

While financial success looks different for you and me, most seek financial security and stability. Some seek financial freedom and independence, but overall, achieving financial success brings peace of mind.

Not to mention, financial success looks different from year to year, which is why we set money resolutions or new goals every year. 

What financial success looked like for me in 2016 as I was working on paying off my student loan debt looks vastly different from what it looks like for me in 2022 as a wife, mom, and new entrepreneur.

While I don’t believe there’s a magic formula to achieve financial success, learning about financial literacy and making smart money decisions can improve our financial outlook. 

Listen to this podcast episode to learn why you don’t have to be good at math to be good with money.

Setting Financial Goals For Financial Success

Setting yourself up for financial success starts with setting money goals. 

Setting money goals and writing them down helps you take action and move closer to achieving your goals, whether you want to save more, earn more, get out of debt, or build wealth

Research shows that people who set specific, challenging goals are 90% more likely to achieve them. A 2015 study revealed when people wrote down their goals, they were 33% more successful than those who formulated goals in their heads.

Yes, goal setting is scientific! 

Setting financial goals will help you focus.

That commitment to achieving financial success and good money habits will create a clear path to living your dreams.

Financial success requires having a long-term plan and vision for setting and achieving short-term money goals. Here are nine tips for setting money goals and having success with money.

1. Assess your current situation

When you’re setting financial goals, you’re really assessing where you are right now and determining where you want to be in the future.

  • Where am I right now?
  • What do I want to accomplish?

Helpful Tip: Money serves different purposes. You can spend money, save, pay off debt, invest or give money to charity. Typically, financial goals fall into one of these major categories.

2. Make an emotional connection

Ever set a money goal that you’re not really into? 

Sometimes, we set financial goals based on what others want. 

You know…those goals we set to meet social or cultural standards or those money goals we think will make our parents proud of us or our friends envious. 

I’ve found that the goals I stick to light a fire within my days, weeks, months, or even years after I set them. These are the goals I can vividly visualize achieving. 

I can see it, and I can even taste it. Celebratory drink, anyone?

Here’s how I envision paying off my mortgage.

I imagine inviting my family and friends over and having a celebration. Music will play, and I will light a bonfire in my backyard. Everyone will cheer me on as I deliver my debt pay-off speech, and they’ll watch me happily burn my last mortgage statement.

I can taste the fancy feast afterward and see my family smiling at me, hugging me, and congratulating me for owning my home outright.  

How to make an emotional connection with your money goals

Can you visualize achieving your goals?

How will you feel when you meet them? Are you excited or feeling dread or overwhelmed just thinking about it?

What sort of emotions will you feel when you accomplish your goal?

Pay special attention to all your emotions and ensure you set financial goals that give you the most positive vibes because if not, it’ll feel like a chore.

It took me four years to pay off my student loans, and if I weren’t passionate about becoming debt-free, I would have never made the sacrifices to pay off $63,000 of student loan debt.

This brings me to my next point. Will you stay motivated to accomplish your financial goals for however long it takes? If yes, then set the goal. If not, head back to the drawing board and focus on a money goal that aligns more closely with your passions.

Are you ready to take control of your financial future and achieve your money goals with confidence and clarity? This 40-minute workshop shares actionable tips and strategies to help you visualize, plan, and execute your financial goals like never before. Gain valuable insights on visualizing and creating your financial future, breaking down goals into manageable steps, and ways to stay motivated to see results.

Click here to get started.

3. Avoid goal hopping

We are multifaceted beings, so it’s understandable why many of us want to tackle several goals simultaneously, but I advise using caution. Instead of spreading yourself thin, set fewer money goals this year and commit to seeing results. Once you’ve reached a goal, celebrate your money win and laser focus on the next priority, which reduces overwhelm and will increase your likeliness of success.

4. Set financial goals that will challenge you

The most achievable financial goals aren’t too hard. Although they may take time to accomplish, they are manageable if you break them down.

Instead of setting financial goals that are too over the top, set realistic goals. These realistic goals may stretch you, but they should not break your spirit.

Your goals should uplift you, not put you down or make you feel inadequate.

The best goals are realistic but not too over the top.

5. Focus on what will bring you joy

Are these goals for you, or are they based on what others want for you?

Set financial goals based on what you want, not what you think others want for you.

6. Bridge the gap

Break down your goals into smaller, more manageable tasks or mini bite-sized goals to bridge the gap. Do this by setting monthly, weekly or daily goals.

7. Celebrate milestones

Celebrate milestones and money wins, motivating you to keep going.

8. Get Inspired

Lastly, listen to personal finance podcasts for inspiration. 

I especially like the “year-end review episodes,” which recap lessons learned. You’ll be surprised by how much you will learn from others’ accomplishments, challenges, mistakes, and failures. These episodes offer valuable insights, helping us craft a brighter future without reinventing the wheel. 

Listen to this podcast episode on Spotify.

Read Next: How To Save Money For Travel or How To Save For a Big Purchase

1 reply
  1. Tex Hooper says:

    $63,000 is a lot of debt. My wife and I have $30,000 in debt. I’ll have to consider getting a professional advisor to help out.


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