17 Unbelievably Easy Ideas To Inspire Your Long-Term Financial Goals
Are you considering making long-term financial goals but don’t know where to start? We took the guesswork away with our list of the top 17 goals you can plan today.
Follow along as we help you plan for your future before it’s too late.
1. Become a millionaire
Becoming a millionaire for many is the ultimate measure of success. Gaining knowledge and financial training as you grow your funds to reach your long-term goals is fundamental to your success in becoming a millionaire.
Let me tell you that becoming a millionaire was my personal long-term financial goal I set for myself in my early twenties.
My grandfather challenged me to make this happen. I made an effort to take this challenge seriously and make it my goal. Becoming a millionaire is a goal to make for yourself too.
Millionaire status is no easy feat, especially if you have debt or your income is not substantial. Don’t let limitations deter you from success.
Tip: Unusual Ways To Get Rich You Never Thought Of Before
2. Financial independence
Establishing a long-term goal of becoming financially independent ranks high on the list of long-term financial goals.
What defines financial independence? Simply put, having a sufficient amount of passive income to support your monthly expenses and requirements.
You no longer require the support of your 9-5 job to sustain you and your family. Financial independence is the ultimate example of freedom.
My goal for long-term financial independence can be your goal too. Focus maintenance, and an enormous amount of patience is necessary to obtain you goal of financial independence.
3. Buy income property
Purchasing an income property is an excellent example of a long-term financial goal. Income properties are self-explanatory; you buy this property to make an income.
With the purchase of an income property, you are setting yourself up to rise closer in the race to becoming a millionaire. My best suggestion is to save as much as you can before making this purchase. By doing so, you earn yield the highest return on your investment.
Of course, an income property needs to be managed and requires attention, so ensure you can take on this task and have the right people help you get the most from your money.
Income properties are excellent sources of financial goals long term.
4. Pay off all non-mortgage debt
Making a goal to pay off all non-mortgage debt is a long-term goal you want to commit to early on in your planning. Maybe one of the most important.
Credit card debt, and student loans, will hold you back if you don’t have a payoff plan. Make sure to focus directly on consolidating high-interest accounts.
Some debt consolidation companies, like Tally, will help you map out a plan to eliminate your debt in a faster time, faster than just paying the minimum balance.
Another idea is to work directly with your credit card company or bank on a debt payoff program with their guidance. I highly recommend tackling debt with urgency.
5. Early retirement
Doesn’t the idea of early retirement sound exciting? According to the Social Security Administration, the approved age for retirement in the United States is sixty-seven years old if you were born after 1960.
Retirement at sixty-seven seems so far away especially if you are in your twenties or thirties. With proper planning and setting a goal of early retirement, you can enjoy freedom from the rat race much earlier in life.
Plan and don’t delay your freedom.
After being a slave to Corporate America, I knew that was not the way of life I wanted for myself, and I have diligently been working towards early retirement.
6. Pay off mortgage
Get rid of your enormous debt! Paying off your mortgage is an excellent example of a long-term financial goal. Our family goal was to resolve all our debt in five years or less early on in our marriage.
If you want to learn more about how we paid off our mortgage, follow the bonus tip: How We Paid Our Mortgage In Less Than Five Years. You Can Do It In 5 Easy Steps.
Planning to pay off your mortgage can be done at any rate. If you are trying to live without debt and feel financially free, then moving fast to own your home outright is the best feeling of freedom.
7. Start a business
Starting a business can sound intimidating, but don’t get turned off on this goal because of a lack of knowledge. The SBA, Small Business Administration, offers guidance and start-up material to get you started.
There are many online platforms, like Shopify, that can help you easily open an online store.
Depending on the type of business you decide to start, just know you are taking on a big project. Your efforts will return big profits that will be worth all the work you put in.
Start a business and achieve financial goals for the long term.
8. Create a financial plan
What is a financial plan? A financial plan is a tool to outline your money future to include all your investments and assets foreseeing your future financial health; basically, a plan to guide your financial future.
Why is a financial plan so important? A financial plan is essential because it is an instruction manual for your long-term goals.
Look at it as if you did not have the instructions to build the Ikea sofa you bought. You open the box to find over a million pieces.
No clue where to start, right? Well, creating a financial plan is the same. Without it, you probably might not know where to start.
I highly recommend making a financial plan a priority for your long-term financial goals.
9. Retirement fund
Many people start their retirement fund too late in life or possibly not even at all. You want to start early to make retirement planning a priority.
Most twenty-somethings haven’t even thought about the idea, probably because they haven’t had their first job yet. But as we said before, early planning is the most beneficial planning you can do for yourself.
Check if your employer offers any options you can participate in, or make an appointment at your bank to review how you can start taking advantage of tools they offer or savings accounts for retirement.
According to the United States Census Bureau, about 50% of women ages 55 to 66 have no personal retirement savings, compared to 47% of men. Do your best not to be part of these statistics.
10. Enroll in company-sponsored retirement plan 401k or 403b
If you are one of the fortunate people whose company offers sponsored retirement program plans like a 401K or 403b, start participating as soon as possible.
Many companies offer match programs as part of their employee packages. This is basically free money to you.
If you want to expand your wealth and future investments, get involved in your company’s benefit programs.
Long-term goals such as investing in plans that will increase in value and wealth over the long run are great options to achieve financial goals fast.
11. Set Professional goals in your career & increase earning potential
Long-term financial goals don’t have to only focus on monetary investments or savings; they also revolve around your professional goals and increasing your potential earnings over time.
When you start a new job, try to find out how open to growing a company is. Will you be able to advance professionally? Will you be able to climb the corporate ladder to the position of your dreams and receive the compensation you are worth?
When you are at your next interview, plan where you want to be professionally in the next five years and ensure the potential employer is the correct fit for you.
Otherwise, you might get caught in a dead-end job where there is no potential for growth. This is why knowing what you want for your future is very important.
Make your future professional development path crystal clear, and focus on your long-term goals.
12. Further your education
Furthering your education is a great long-term financial goal. Maybe upfront, the idea might seem more like financial debt, but over time this debt might help produce a greater cash flow for you.
Many creative ways to learn and further your education don’t require hefty college tuition.
Consider company-sponsored education programs; there are free ways to further your education and grow with the company you work for.
Another example of furthering your education is enrolling in the Grow With Google / University. An example of a certifications you can receive is project management and user experience (UX).
There are many ways to further your education today; it is crazy. Back in the day, it was only college or vocational schools back, but now it is endless.
Take advantage of any opportunity to further your education and better yourself while opening doors to exceeding your earning potential.
13. Eliminate excesses Stuff
Think about the collection of stuff sitting in your closet. Maybe in several closets in your house. Do you use it? How often, if ever?
Many find themselves collectors of stuff, during their lives and don’t realize how much excess money this costs.
Let’s return to the stuffed closet, since your closet is so packed that there isn’t room for anything more. Maybe all your stuff needs more space, are you considering moving to a larger home that will fit you and all your stuff?
Take a look at this, do you realize you’re upgrading your lifestyle for stuff?
Eliminate the excesses causing capital traps that are not adding financial benefits.
Your subscriptions, magazines, insurance, memberships to cell phone services are excellent places to start.
Subscriptions are just a few that creep up and can be improved. Anything that doesn’t help you get closer to your goal or adds value is just considered a capital trap.
14. Practice living on less than you earn
Practicing living on less than you earn is useful when you’re on the road to saving and for your future. Some consider this style of living, minimalist living.
Minimalist living is something that is commonly misunderstood. The idea of living with less clutter and stuff makes life less confusing.
Eliminate too many options and see how many more opportunities are open for you. Focusing on your success and goals when you remove the clutter is both financially and personally satisfying.
Living on less than you earn is an excellent practice to get comfortable with , especially when your focus is on goals and becoming a millionaire.
Bonus: How To Lower Your Cost Of Living. Despite High Inflation.
15. College fund for kids
If you’re a parent, then starting a college fund for your kids might be a good one. Starting early is an option many take advantage of. Some even start as soon as their baby is born.
Opening a savings account for your children’s college is a tool that prepares both you and your child for the costs that accumulate when your child decides they want to attend university.
Keep in mind there are several options available, the best option is to schedule an appointment with a banker to see what is available for you.
If planning a long-term college fund for your kids works out, then this will benefit the future of your child’s education when the time comes.
16. Support parents through the aging process
A long-term financial goal that is often overlooked is, supporting our parents through the aging process. When we think about our parents, we hope they will live forever and ever, but as we know, this is not realistic.
Many expenses can happen during elderly care, it is great to know we can plan to help them.
Our parents, if they plan well for their futures, might have everything taken care of. An idea to consider is to have you parents come live with you when they are older.
It is a wonderful feeling to help your parents live comfortable, and by living with you it will be easier to care for them. An obstacle to keep in mind that now you have another person to feed so your expenses will increase.
With good planning, you would have set up a savings account and made a long-term commitment to take care of your folks.
If you start saving early, you will reap the benefits over time.
17. Set up end of life plan
Preparing for the future is a plan to get ready for, but planning for the end? Who is ready for that?
Have you ever considered how much a funeral costs? I can answer that simply, a whole lot.
Do you own your house? Who would you leave your house to if something were to happen to you and your spouse? What about your bank accounts? These are all plans that we as younger people don’t consider, but life happens.
Planning for your future and setting up your end-of-life plan and documents is a crucial element of good long-term financial planning.
Why should you have long-term goals?
The most straightforward reason you should plan long-term goals is easy, and it’s just like the reason you prepare for a vacation: you want it to be seamless.
Less pressure knowing everything has been prepared ahead of time than the moment before, and you are running around like a chicken with your head cut off. Don’t be there at the last minute trying to figure out what to do and how to get by.
Plan now and avoid the hassle of not being prepared. Long-term financial goals set you up for the future and make you accountable for how you want your life to flow.
What makes a goal long-term?
A long-term goal is anything that takes at least five years or more. When planning a long-term financial goal, you have to ask yourself the typical interview question, where do you see yourself in the next five years.
When setting financial goals, defining the timeline to achieve your goal will determine the particular financial goal you are preparing.
Making long-term financial goals should be a priority on your to-do list. This article was designed to motivate you to set goals and make them a priority.
Also, know that goals can be added to overtime. Maybe you decide to start with two, maybe three. This is great! Start here but continue to revise and add to your list.
Make an effort to review and revamp your long-term financial goals to see where you can improve.
Make a commitment to yourself to work on paying off any non-mortgage debt, finding a way to go through the stuff that isn’t adding value to your life, the financial traps, even start your business.
Whatever your long-term goals are, just start and keep working towards your dreams.