Financial Adulting

CHAPTER 3Your Money Goals

The whole point of having money is to have and experience what you want, and that looks different for each of us. To you it might mean financial freedom and peace of mind, giving to organizations you believe in, being able to take care of your parents, buying new sneakers each month, or traveling a few times per year.

I call these your goals. They can look like more traditional money goals – build up a rainy-day fund, pay down your debt, and save for retirement. But they also can include lifestyle upgrades and using your money for good.

Why Have Financial Goals?

You know all those things you've always wanted to do, have, and experience? You should do, have, and experience them!

Getting clear on your goals is one of the most important parts of being a financial adult. When you have goals, and realistic plans to achieve them, you can feel confident that they will happen.

Goals are also motivating and can drive you to take the actions you need to make them happen.

The key is not only understanding your goals but building them into your financial plans. Otherwise, you can have the goal of saving $200 per month toward your rainy-day fund, but will have no idea if that's feasible or can actually happen given your income and expenses.

Remember, while we can always make smarter money moves, try not to compare yourself with others. You may have things in common, but gender and race/ethnicity add differentiating factors of privilege. You have no idea ...