7 revolutionary financial goals for the modern professional

7 revolutionary financial goals for the modern professional7 revolutionary financial goals for the modern professionalFinancial goals are important. And in order to get to a desired end, we first have to imagine it. Have you thought about how youd like your finances, your career, and your life to look in the next 20 years?Spend time thinking about what success and financial security means to you and write out a plan. To get you started, weve scoured the internets and interviewed industry experts for the top financial goals every young professional should haveParticipate in a retirement planWhether your employer offers retirements, or you have to start your own through an investment company, its important that you start and start early. Even small contributions like $50 per paycheck can make a dent in this critical financial goal.Need to pay for an important milestone like buying a home? Some retirement accounts allow you to borrow from them or withdraw from them early.Get out of debt Obviously, the less debt youre saddled down with the mora money you have to invest and put towards retirement. Scott Wellens, the founder of Fortress Planning, explained to Forbes magazine that people who have a lot of consumer debt and other loans do elend have the cash flow to save in the first place. Debt-ridden individuals end up paying interest to the credit companies instead of earning interest on savings.If youre overwhelmed and not sure where to start, try the snowball method or avalanche method.Have an accountability partnerWhether you are losing weight or quitting smoking, experts suggest using an accountability partner. Financial Planner Taylor Schulte suggests you apply this same accountability partner concept to your finances.Make a pact to help one another stay on track with financial goals and celebrate together when you meet them. This person could be a family member, friend, or mentor.Go on a cash-only dietLimiting your purchases exclusively to cash can really chang e your finances. This can be a very aggressive way of paying down your debt. The way it works is that you only use cash for discretionary spending. One woman gave herself $10 a week for her cash-only diet and she was able to pay down $35,000 in debt in two years. Unlike a credit card, when you run out of cash you, you are done spending.Have specific financial goalsQuantitative and specific financial goals are important. Instead of saying I want to save say I want to save $5,000 in 6 months.Knowing the amount you need to pay off debt and the timeline in which you want to do it is incredibly helpful for your pockets and your brain. Sure, you will see the benefits of this on your credit report, but you will also feel a sense of accomplishment because you are achieving goals.Financial goals can also be designed to help you build your savings. Just like paying off your debt when you hit your savings number you will feel a sense of accomplishment.Change your mindsetYou are what you think. If you think you can never pay off your debt, guess what? Youll never pay off your debt. The Muse suggests that you adopt positive financial mantras to set yourself up for success. Changing your mindset can help change your behavior.Negotiate your payIts your first job out of college and they offer you more money than youve ever seen. Most peoples gut reaction would be to take the money and run. Remember that you may be able to get more money or some additional perks if you negotiate.Things life benefits, titles, and time off can sometimes make up for a less than robust financial offer. Consider all of your options. Check out these Forbes tips on negotiating here.This article first appeared on Capitol Standard.7 revolutionary financial goals for the modern professionalFinancial goalsare important. And in order to get to the desired end, we first have to imagine it. Have you thought about how youd like your finances, your career, and your life to look in the next 20 years?Follow Lad ders on FlipboardFollow Ladders magazines on Flipboard covering Happiness, Productivity, Job Satisfaction, Neuroscience, and moreSpend time thinking about what success and financial security means to you and write out a plan. To get you started, weve scoured the internets and interviewed industry experts for the top financial goals every young professional should haveParticipate in a Retirement PlanWhether your employer offers retirements, or you have to start your own through an investment company, its important that you start and start early. Even small contributions like $50 per paycheck can make a dent in this critical financial goal. Need to pay for an important milestone like buying a home? Some retirement accounts allow you to borrow from them or withdraw from them early.Get Out of DebtObviously, the less debt youre saddled down with the more money you have to invest and put towards retirement. Scott Wellens, the founder of Fortress Planning,explained to Forbesmagazine that p eople who have a lot of consumer debt and other loans do not have the cash flow to save in the first place. Debt-ridden individuals end up paying interest to the credit companies instead of earning interest on savings. If youre overwhelmed and not sure where to start, try thesnowball methodor avalanche method.Have an Accountability PartnerWhether you arelosing weightor quitting smoking, experts suggest using an accountability partner. Financial Planner Taylor Schulte suggests you apply this same accountability partner concept to your finances. Make a pact to help one another stay on track with financial goals and celebrate together when you meet them. This person could be a family member, friend, ormentor.Go On A Cash Only DietLimiting your purchases exclusively to cash can really change your finances. This can be a very aggressive way of paying down your debt. The way it works is that you only use cash for discretionary spending.One womangave herself $10 a weekfor her cash-only die t and she was able to pay down $35,000 in debt in two years. Unlike a credit card, when you run out of cash you, you are done spending.Have Specific Financial GoalsQuantitative and specific financial goals are important. Instead of saying I want to save say I want to save $5,000 in 6 months.Knowing the amount you need to pay off debt and the timeline in which you want to do it is incredibly helpful for your pockets and your brain. Sure, you will see the benefits of this on your credit report, but you will also feel a sense of accomplishment because you are achieving goals. Financial goals can also be designed to help you build your savings. Just like paying off your debt when you hit your savings number you will feel a sense of accomplishment.Change Your MindsetYou are what you think. If you think you can never pay off your debt, guess what? Youll never pay off your debt.The Musesuggests that you adopt positive financial mantras to set yourself up for success. Changing your mindset can help change your behavior.Negotiate Your PayIts your first job out of college and they offer you more money than youve ever seen. Most peoples gut reaction would be to take the money and run. Remember that you may be able to get more money or some additional perks if you negotiate. Things life benefits, titles, and time off can sometimes make up for a less than robust financial offer. Consider all of your options. Check out these Forbestips on negotiating here.This article first appeared on Capitol Standard.