Financial Goals

4 Important Financial Goals to Achieve 2022

Bryan Adams to Money – “Everything I do, I do it for you!” I modified it, but it is cent percent, right, no? Everything we do is to earn money and create wealth. We all strive to achieve our personal financial goals. We go to school, attend college, search for jobs, and work till retirement. All for money.

But why? Why is everyone hustling for money day and night? Let us be honest, everything we need comes from money. Shelter, food, cloth, respect, everything we desire is achieved by money. Apart from needs and necessities, the abundance of finance can fulfill our desires too. A high-class lifestyle, world tour, lavish house, branded possessions, anything, and everything.

In short, we all have financial goals and needs. These goals may or may not be achieved, but everyone longs for basic stability and security. Therefore, in this article, I will lay down a list of the four most basic and necessary financial goals you need to work on right now.

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Financial Goals and its Type

The target and aim we are talking about are what we can call Financial Goals. You can think of saving, investing, or even earning an amount as your financial goal. You can categorize financial goals into three types –

Short-term Goals – Goals to be achieved within a year or some months. You can think of buying a smartphone, laptops, a vacation, etc.

Mid-term Goals – These are the goals to be achieved in about a maximum of five years. You can take two years down too. Mid-term goals can involve paying off debt, saving/investing a certain amount for some big purchase, etc.

Long-term Financial Goals – Any goal that requires a time of more than five years can be counted in long-term goals. F example – buying a house, a property, building a certain net worth, retiring, etc.
But, besides these, there are some basic foundational financial goals that one must aspire and achieve. Three of them are worldwide approved, and the fourth is what I firmly believe in! Let’s get on to them right now –

Financial Goal 1: Ready for an Emergency!

Financial Goals Emergency Fund

You must have heard, ‘Expect the unexpected, right? Life is completely unpredictable, and things happen when you least expect them to happen.
It doesn’t matter if you are 15, 25, or 35; you or anybody around you must’ve encountered an unexpected situation. Be it some instant plan, tour, trip, function, accident, incident, anything. It all costs money and that too some considerable amount.
Say you are working right now. A time might come when you leave your job or are fired, or something else happens. Situations that can be counted as an emergency are –

  1. Unexpected Medical Expenses
  2. Unemployment
  3. Sudden trips/grants/plans
  4. Accidents, etc.
    You need to have some money to take care of your necessities during the time, right? This is what an emergency fund does. Ideally, one must create an emergency fund of at least six months and preferably 12 months.

Financial Goal 2: Getting Zero at Debt

zero debt

I’m going to sue you if you thought I wouldn’t mention this point! Getting off debt is as important as building an emergency fund and investing money. How are you going to buy things, build wealth, and achieve your goals if you have debt on your shoulders?

Be it some private loan, governmental loan, or a loan from some bank, you are going to pay the interest too. Even 7-10% interest can bring out a huge difference in borrowed and to-be-paid amounts. Many times, people end up paying more than half of the principal amount in interest only. Many millionaires and billionaires have lost everything under debt. Debt and gamble are two things that can wipe you out, no matter how much of a money-printing machine you are.

I don’t want the same to happen to you! So, without emphasizing more, I was hoping you could include this one in your financial goals. The day you get rid of every debt, you’ll thank me and rejoice. I know!

Financial Goal 3: The Final Retirement Number


Basic or not, this one is what we all strive for. Be it direct or indirect, and a retirement corpus is the one which we aspire for. Hear it like this; you study for 20 years, you earn bread for the next 30-40 years. We don’t call it the life we want, right? This generation is all about Financial Independence and Retire Early.

This movement motivates us to work, earn, save, invest, and retire early so that we spend most of our precious years doing what we love. You must see people retiring at age 30 or 35 or 40. How do they do that? They get their financial goals right. From creating an emergency fund and paying off debt to amassing a great retirement corpus.

For this, you need to think of your retirement age first. Say you want to retire at 40. Now you need to calculate the amount you’ll need at retirement. This amount will help you live without working a full-time job. Let us say you need one million dollars.

Your age now is 22, and you want to retire at 40 with a corpus of 1-million dollars. How you achieve, that is your concern. Save, invest, do side businesses, hustles, anything. The bottom line is to achieve this financial goal anyhow.

Most probably, this is the most important of all the basic financial goals to strive for.

Financial Goal 4: Finance for Fun

travel and fun

One day you’re going to die. Obvious, right. When you die, you will have to go with all that money and wealth behind. Those papers are not allowed in the afterlife, and they have no significance. They say the mind plays a 7-minute rewind of life before dying. That 7-minute play won’t remind you of the money you made, but the stories you have and the experiences you had.

What’s the use of just amassing wealth when you don’t spend it on experiences and fun? This is what I include in the list of financial goals – Finance for Fun. Everyone must have a dedicated financial goal or plan towards fun. The places you want to visit, adventures you seek, experiences you crave, etc.

For example – I invest and save for three different purposes. One for retirement, second for upcoming expenses like house, car, marriage, etc., and the third for all my fun & experiences. The tours, trips, adventures, I plan for all of them. Earning wealth alone won’t make you happy. You need to have fun and stories to share and cherish.

Conclusion: Financial Goals

Precisely the conclusion: Save, get off debt, Invest. You can sum up the whole article in these three words. And oh! Don’t forget the fourth – Enjoy. Have fun. Surprisingly, money has got nothing to do with how you have fun and how you perceive life. I’ve seen the rich cry and drown in despair while the poor rejoice in what little they have.

But the fact that money has the potential to buy you more fun can’t be denied. So, save, invest, steer clear of debt, and have fun. If you don’t know how to start saving or investing money or if you want to know the tricks to have fun all the time –
Contact me on Twitter – @sushrutkm

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