Setting goals are important and often used to measure success. However, simply setting goals does not ensure you will someday accomplish them.

Before you can begin setting goals and developing strategies to achieve them, it is important to understand where you are now. The first step in creating your personal financial plan is determining your current financial situation.

Once you have evaluated your current financial situation, you are ready to move forward in the financial planning process. The second step is developing your financial goals. Setting goals will give you a direction for your plan and a destination toward which you want to head.

So far you have established SMART short-term, intermediate, and long-term goals. But your goals won’t be accomplished simply by creating them. The next step of the financial planning process involves, identifying alternative courses of action that can lead you to your goals.

So, which courses of action should you take to achieve your desired goals? The answer is: that depends! When assessing your options consider the pros and cons of each option. An option you are considering to increase your income may be moving income you are saving from a savings account to a stock portfolio.

At this point, you’ve looked at your current situation, set goals, identified alternative courses of action, and evaluated your options. Now it’s time to put all of the pieces together to create and implement your financial plan. Look at the entire picture, consider the costs, and decide which goals to pursue and the best course of action to take. Discipline is key!

You may have done your due diligence at each step along the way and created a solid financial plan. However, one fact remains: life happens! For this reason, it is important to review your plan often and revise it as needed.Reviewing your financial plan could help you to gauge your progress toward meeting your goal

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