Financial Goals: 5 Steps to Achieve Financial Freedom | Brian Tracy (2024)

Financial Success

Setting financial goals can be a difficult task. It is hard to know where to begin when you don’t know where to start. By following my 5 steps to set achievable financial goals, discover your potential and see your finances grow.

1. Start With Your Core Values

Most people don’t realize that reaching your financial goals starts with your core values.

You must do well in all areas of your life, and determine what it is you believe in and stand for in order to find true financial success.

Your values lie at the very core of everything you are as a human being. The virtues and qualities that you stand for are what constitute the person you have become and will continue becoming.

All improvement in your life, including financial improvement, begins with you clarifying your true values, committing yourself to living consistently with them, and then aligning everything you do with them.

When you align your work and personal life to support your financial goals, you’ll find it much easier to reach them or any goal you set.

2. Align Goals With Your Values

Next, aligning your goals with your values helps you become a living magnet. One of the most powerful principles in the universe is the law of attraction.

The law makes you a living magnet by using your thoughts to create a force field of energy that radiates out from you and attracts back into your life the people and circ*mstances that are in harmony with those thoughts.

Every person who has achieved financial independence has become wealthy and successful as a result of holding the idea of wealth and success in their mind long enough and hard enough, until they drew into their life the resources they needed to accomplish it.

Your main job is to keep your mind fixed on improving your personal finances and achieving financial independence.

3. Think BIG But Start Small

Now when it comes to setting your financial goals, you want to think BIG but start small or wherever you are.

High achievers always set challenging goals and continually work towards them in everything they do. Self-made millionaires all started with a dream.

And one of their secrets is dreaming big.

You can then practice “back from the future” thinking. You project yourself forward five years — allow yourself to imagine the amount of money you’d like to earn and have in your bank account.

Then, work back from the future to the present. Make a list of the logical steps, in order, that you need to take to get from where you are to where you want to be. Then figure out what big or small action you can take today.

4. Plan it Out

Next, give yourself time to plan it out and accept that your financial goals are long-term strategies. Many people fail to realize this. They instead go through their days, and their money, trusting luck that somehow they will become wealthy.

They buy lottery tickets, gamble, and think about making a killing in the stock market. The fact is that financial success is long-term money.

Those with financial freedom are patient, persistent, and farsighted. They discipline themselves to save and accumulate money over many years.

As a result of this money habit, each year their wealth grows and they usually surpass their financial goals…

…And keep going!

5. Expect the Best

Lastly, when setting your financial goals, expect the best. The law of expectations says that whatever you expect with confidence, positive or negative, becomes your reality.

So, don’t worry about failure, that is negativity that will manifest into your life. If you confidently expect to become wealthy, hold to that belief, and act as if your financial success was inevitable, you will eventually achieve that goal.

Successful people who become rich expect to succeed, in advance.

The wonderful truth about your expectations is that they are completely under your control. You decide for yourself if you want to become rich and how you are going to get there.

Are you making these mistakes when it comes to building your wealth and setting financial goals? Learn what they are from this report.

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About Brian Tracy — Brian is recognized as the top sales training and personal success authority in the world today. He has authored more than 60 books and has produced more than 500 audio and video learning programs on sales, management, business success and personal development, including worldwide bestseller The Psychology of Achievement. Brian's goal is to help you achieve your personal and business goals faster and easier than you ever imagined. You can follow him on Twitter, Facebook, Pinterest, Linkedin and Youtube.

Financial Goals: 5 Steps to Achieve Financial Freedom | Brian Tracy (2024)

FAQs

Financial Goals: 5 Steps to Achieve Financial Freedom | Brian Tracy? ›

The 4% rule says people should withdraw 4% of their retirement funds in the first year after retiring and take that dollar amount, adjusted for inflation, every year after. The rule seeks to establish a steady and safe income stream that will meet a retiree's current and future financial needs.

What are the 5 steps to financial freedom? ›

In order to achieve financial freedom, it is best to break down the tasks into smaller steps:
  • 1) Define your personal financial freedom goal. ...
  • 2) Create an emergency savings fund. ...
  • 3) Pay down credit card and other debt. ...
  • 4) Pay yourself first. ...
  • 5) Create and maintain a workable budget.

What are the 5 tips for reaching your financial goals? ›

Here are five steps that can help you reach financial freedom:
  • Define your financial goals and create a budget. ...
  • Pay off your debts and avoid new ones. ...
  • Save and invest regularly. ...
  • Diversify your investments and minimize risk. ...
  • Monitor your progress and adjust your strategy if necessary.
Feb 1, 2024

What is the 4 rule for financial freedom? ›

The 4% rule says people should withdraw 4% of their retirement funds in the first year after retiring and take that dollar amount, adjusted for inflation, every year after. The rule seeks to establish a steady and safe income stream that will meet a retiree's current and future financial needs.

What are the stages financial freedom? ›

Once your investment income or passive income is enough to cover your basic needs, you've achieved financial independence. A financially independent person can retire at any time without worrying about how to cover their costs of living, even if they may have to downsize their lifestyle a bit.

What are the 5 key components of a financial plan and what are their purpose? ›

The main elements of a financial plan include a retirement strategy, a risk management plan, a long-term investment plan, a tax reduction strategy, and an estate plan.

What are 5 things you can do to secure your financial future? ›

5 Ways to Achieve Financial Security
  • Start living on less than you make. No matter where you are on the road to financial security, your paycheck is the vehicle that's going to help you get there. ...
  • Kiss your credit cards goodbye. ...
  • Pay off your debt. ...
  • Build up an emergency fund. ...
  • Invest 15% of your income.
Mar 22, 2024

What are the steps of financial goals? ›

Consider working through these five steps to set your financial goals.
  • List and prioritize your financial goals. ...
  • Take care of the financial basics. ...
  • Connect each financial goal to a deeper motivation. ...
  • Make a financial plan to reach your financial goals. ...
  • Revisit your financial goals regularly.

What are the 5 importance of personal financial planning? ›

Expenditure, income, savings, investments, and protection are the five areas that are critical to shaping your personal financial planning.

What are the first 4 steps to financial success? ›

4 Steps to Financial Success
  1. Step 1: Know Your Numbers. Comparing your income to monthly payments will help you budget for savings. ...
  2. Step 2: Protect What's Yours. Insurance is the best defense against the unexpected. ...
  3. Step 3: Fund Your Future. How do you see your retirement? ...
  4. Step 4: Build Your Wealth.

What are 3 steps to financial success? ›

Get started on path to financial success with these three steps: determining budgets, tracking spending, and creating realistic savings goals.

What are the 7 steps of Brian Tracy? ›

How can Brian Tracy's 7 steps for success help you achieve your goals? There are 7 steps for success and achieving goals: determine your goals, write them down, list the steps, turn the list into a plan, set a deadline, act on the plan, do something every day to further your goal.

What is the summary of goals by Brian Tracy? ›

Brief summary

'Goals! ' by Brian Tracy explains how to set and achieve goals that will improve our lives. It offers practical advice and proven techniques to help individuals and businesses reach their full potential.

What is an example of a goal Brian Tracy? ›

Good goals need to have a target time attached to them. For example, rather than saying “I want to start reading more books” you could say “I want to read twelve books in the next six months”.

What are the 5 foundations of financial success? ›

  • Save a $500 emergency fund.
  • Get out of debt.
  • Pay cash for your car.
  • Pay cash for college.
  • Build wealth and give.

What are Dave Ramsey's steps to financial freedom? ›

Dave Ramsey's 7 Baby Steps to Financial Peace
  • Save $1,000 for Your Starter Emergency Fund.
  • Pay Off All Debt (Except the House) Using the Debt Snowball.
  • Save 3–6 Months of Expenses in a Fully Funded Emergency Fund.
  • Invest 15% of Your Household Income in Retirement.
  • Save for Your Children's College Fund.

What are the 3 building blocks of financial freedom? ›

The main aspects in achieving financial security is budgeting, reducing expenses, eliminating debt, and increasing savings. These four aspects are the building blocks to financial freedom and will help you kick-start your financial success.

What are 10 steps to financial freedom? ›

10 Steps to Achieve Financial Freedom
  • Understand Where You Are At. You can't gain financial freedom if you do not have a starting point. ...
  • View Money Positively. ...
  • Pay Yourself First. ...
  • Spend Less. ...
  • Buy Experiences Not Things. ...
  • Pay Off Debt. ...
  • Create Additional Sources of Income. ...
  • Invest in Your Future.

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