Goal Setting Principles When Investing

Are you thinking of making a serious investment? When doing so, setting proper goals can help ensure your investment gets you what you want. But, what makes a goal one that is likely to be achieved? Here are a few principles to help you along the way.

Be Specific

Before you make an investment, you need to be sure of what you want to invest in. You need a clear picture of the investment that is written down. Specific goals are easier to maintain and have a higher success ratio.

Measurable

A good goal is also measurable. Investors need to be sure that they can calculate progress, risks and even estimated profit margins. When you are able to gauge how you are advancing toward your goal, it helps to keep you on track.

Time-Sensitive

Goals should also time-sensitive, because all great opportunities have deadlines. The time period, in which the investment occurs, should also be tracked and laid out.

Challenging

Anything worth having is going to be some work. The goals you lay out should be somewhat challenging, to push you to achieve more.

Congruent with Beliefs and Values

Ensure that the goal you want to make aligns with your current beliefs and values. For example, if you are a health freak, it is a bad idea to invest in a junk food factory. Investing in something you stand behind is more satisfying and also closer to your own expertise.

Balanced

Any one goal should not take over your entire life, so make sure you make an investment that will leave you time for your family, your physical health and your mental health.

By taking into account the guidelines, you can set tangible goals that will help you to invest in the right properties.