hey there Tiffany Thomas with wealthy Tiffany dot com and in today's video we're
going to talk about money goals for 2020 and how I was able to achieve my money
goals and before we dive in if you are ready for financial freedom right now
comment freedom' below in the comments or give me some other comment to help
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alright let's dive in and talk about money goals for 2020 since the new year
is upon us and I wanted to share this with you guys
because I feel like a lot of people set New Year's resolutions but they don't
follow through with them as you can probably see if you go to the gym at the
beginning of the new year a lot of people are there and then after a few
weeks it's not quite as crowded so we can see a lot of people set these New
Year's resolutions or goals but they don't really follow through until the
end of the year so I wanted to share the steps that I've taken to be able to
achieve one money goal in particular so that you guys can have an idea on how to
kind of set your goals and actually achieve them and these are going to be
different steps than I think you've heard before I feel like a lot of us had
heard about the SMART goals the specific measurable attainable relevant and
timeframe or time bound and yes those are important but I want to give you
guys something a little bit different that actually that I've actually used so
the first step that I took in achieving my money goal to buy a house and in
particular I'm going to give you the example of the house that I bought in
2017 so just a couple years ago and the first thing that I did was to set my
goal right you have to know what you're working toward in order to achieve it so
I set the goal to buy another property this was my third property and I was
really specific like I wanted to make sure and buy in a certain place in a
certain area that would be nearby my other properties and I wanted a place to
for me to move in - so that I wouldn't have to put as much
down on the property so I kind of just you know I knew what I wanted and I made
it really specific so yes part of that smart goal is coming into play you want
it to be specific and I wanted it to be time bound I didn't want to just say I
want to know I want to buy another house eventually right I wanted to buy that
house in 2017 so I set that specific goal and I created that time frame
around it and the second step that I took was to work backwards on my goal I
wanted to purchase this property so I needed to know how much I would need for
a down payment because they had to save up in order to have that down payment so
I worked backwards and I'm just gonna use the example let's say we wanted
$10,000 for our down payment so if we wanted to buy a house in one year we
would need 10 grand so you want to work backwards and say okay if I want 10
grand in one year then in about six months I'm going to need half of that
I'll need five grand and kind of break it down from there so you'll come back
okay well what will I need in three months and what about in one month and
then this week where do I need to start to start making this extra money or
setting aside money that I'm already making to put toward this down payment
so you really want to be specific in what your goal is and work backwards
from that end goal from that end money goal so if it is to save up ten thousand
then you need to start taking action today this week on that specific goal so
if you break it down and you say okay well I want to make a hundred bucks this
week and just get started that way then you think okay well maybe I go out to
eat a lot and I can just skip going out to eat and put that money toward my down
payment fund so it's little things like that that really make a big difference
and even though a lot of people may not realize how important the little things
are they really add up over time and that's exactly what I did I took a
look at my budget and I had all of my different categories of where I was
spending my money and decided what I could actually just get rid of or cut
back on and put that money towards the down payment for my house that I wanted
to purchase and I track all of my finances in personal capital comm and
it's also an app but I love that because I can see all of my transactions for
everything all of my mortgages all of my credit cards my auto payments my phone
whatever all of my expenses in one place so I really really like that and would
recommend that to you guys if you don't have some way of tracking your money
because this gives you just a quick visual on all of your money and if you
guys do want to use something like that I'll leave a referral link below of
course no pressure but I have found that super helpful so I
want to share that with you guys after taking a look at where I was spending my
money I realized I didn't want to be spending as much on clothing I felt like
I was spending too much and I wasn't really finding joy in all of these
clothes that I was buying and all of these shoes that I was buying and there
were some items that would be in my closet that would still have a price tag
on and I hadn't even worn them yet or things that I had only worn a couple of
times and then thought why did I buy that I don't really love it so I wanted
to switch that money and put that towards my down payment for my house
which is really important to me so this is the next step start to change your
environment to actually reach your money goals or any goal that you were working
toward and it will make it a lot easier to achieve that goal so if I didn't want
to spend as much money on clothing I needed to change my environment what I
was spending my time doing so that I wouldn't be spending as much on clothing
and just to give you an example I would go shopping with my friends a lot so I
just stopped doing that if they called and said hey do you want to go shopping
tonight I would just say sorry I have other plans or you know maybe
come over here and we can watch a movie or something else just because I didn't
want to spend my money on that and if I can get rid of that temptation before it
actually happens then that is going to make it so much easier to not spend my
money on something that's not really that important to me so think about
things in your life that you can start to change and you know that way you can
reach your money goals reach the things that are actually important to you and
just to give kind of a side example I read this in a book I can't remember
which one right now I think it was something about habits but he mentions
that he would come home from work and immediately grab the remote and turn on
the TV and just watch whatever was on TV or watch Netflix or something like that
but he decided to hide the remote so he changed his environment so that he so
that it wasn't as easy to do something that wasn't that important to him he
didn't want to be spending that much time watching TV so he hid that remote
making it harder for him to just easily pick it up off the table after he had
sat down on the couch so there's little things like that that we can change in
our lives to help us create better habits and that's the fourth thing that
I want to talk about is create simple little habits that are going to help you
achieve your goals and to it give you another example instead of wandering
around target which seems to be really popular with women at least I feel like
I would go for a walk along a trail that's near my house so that I wasn't
tempted to buy anything I wasn't thinking oh I'm bored maybe
I'll just go wander around target I thought I'm bored
okay I'm gonna go for a walk outside so I changed that habit to something that
would be better for me and I enjoy being outside I love being in nature so it's
kind of rejuvenating rather than going to a store where I'm inside and there's
a lot of people around and it's kind of chaotic and I'm tempted to buy something
or another thing if you do decide to go shopping with your friends and I had
done this I wouldn't bring my credit card with me so I couldn't buy anything
I wasn't tempted to make a purchase that I would regret later because I didn't
have my car turned on me so think of little habits
that you can change or replace that will help you achieve your money goals if
that is you know not bringing your credit card somewhere or even setting up
an automatic transfer to your savings account when you get your paycheck
because little things like that really do add up over time
I was able to come back cut back my clothing budget significantly by doing
this by creating these new new little habits and changing my environment so
that it's harder to do these things that aren't really important to me and trying
to make it easier to stick to my money goals things that are really important
to me and then the fifth thing that I did was to keep it at the top of my mind
and I feel like this made the biggest difference I was thinking about it a lot
and you know I was checking my personal capital app every day to keep an eye on
my money and I can watch my savings account grow over time and I had a
reminder in my phone to update my budget every month and I have a mastermind
partner that I talked to every week I still have my mastermind partner but we
kind of hold each other accountable so we will share our goals with one another
and hold each other accountable every week so it's just little things like
that that help you keep your goal at the top of your mind it's constantly on your
mind but you're not obsessing over it you're not becoming a crazy person like
that's all you think about but when it is at the top of your mind and you're
going out with some friends and you think oh should I buy this piece of
clothing but if you're thinking no I really want to reach this money goal or
should I buy some dessert today no I really want to reach this money
goal and if I can put this money towards my money goal to buying a property or
whatever it is if you are keeping that at the top of your mind then you're
going to make better decisions with your money overall so that you can actually
reach your goal so these are five things that I did to help me by my third
property in 2017 I actually ended up purchasing it and loved it loved it
love it I live in it I am so happy I set this goal and was able to achieve it I
wanted to share these little tips or steps that I took to achieve this goal
with you guys so that you can achieve your money goals whatever they might be
and they might be something small just getting an emergency fund set up or
maybe it is to take a vacation to Italy or Hawaii I feel like it's really
important to be working towards something especially with money because
it is a huge part of our lives and it will continue to always be a huge part
of my life so the better we can manage it and set goals that are important to
us the better off we are going to be not only financially but in other aspects of
our lives because we won't be so worried about money all the time or stressed
about it so if you found this video helpful please hit the like button to
like the video and share it with someone else who you think would like to hear
this information and please hit the subscribe button to subscribe to my
youtube channel that will really help me out and we can get this content out to
more people and feel free to share it in the comments what your money goal is for
2020 I would love to hear that and we can support each other in our money
goals for the new year and just as a side note if you guys are interested in
getting two free stocks wiebel is running a promotion right now
where if you set up a free account a free brokerage account they'll give you
one free stock and if you deposit $100 they will give you a second free stock
valued up to $1,000 or more just wanted to share that with you guys
I'll leave my referral link below if you are interested of course no pressure and
thanks so much for watching I'll see you in the next video