How Does the Net Worth Planning Process Work?<\/a><\/strong><\/p>\nNet worth allows us to assess our current financial situation and allows us to set short and long-term goals based on solid data.\u00a0 Setting annual net worth goals is an effective strategy, but the results will only be as good as the process and the data involved.<\/strong> When setting net worth goals, it is important to be realistic.<\/strong>Remember that the calculation of net worth and goal setting are the easy part. The money is made in developing and implementing the strategy.<\/span> This is similar to the concept of goals vs. objectives.<\/span><\/p>\nGoals are qualitative, general ideas<\/span> of what is desired. \u00a0Goals are necessary, but it takes quantifiable objectives to ensure progress.<\/span> With quantifiable objectives progress can be measured and adjustments can be made<\/span> if the desired results aren’t being produced. \u00a0This is the only way to ensure progress. For example, anyone can say that they have the goal of becoming a millionaire. The successful individual will establish objectives<\/span> in order to achieve that goal, a plan of action<\/span>, and follow through with it. \u00a0With this process they are able to identify and correct shortcomings.<\/span> It’s much better to realize that you’re not on track for retirement at 35 than at 55.<\/span><\/p>\nKeep in mind that though annual goals (or whatever the frequency of your goals) can be technically considered objectives because they are measurable<\/span> in terms of progress towards your ultimate goal, I prefer to call them goals<\/span>.<\/p>\nAnnual goals with more frequent objectives are much more tangible<\/span> than an ultimate goal with a lifetime of objectives. \u00a0This tangibility is important<\/span> because it breaks up the process<\/span>, allows us more opportunities to appreciate our progress<\/span> and increases the likelihood of following through<\/span>. \u00a0Though more of a human factor, these are just as important<\/span> as any. \u00a0No matter how great a plan is, if not followed through is worthless.<\/p>\n","protected":false},"excerpt":{"rendered":"Part of:\u00a0How Does the Net Worth Planning Process Work? Net worth allows us to assess our current financial situation and allows us to set short and long-term goals based on solid data.\u00a0 Setting annual net worth goals is an effective strategy, but the results will only be as good as the process and the data […]<\/p>\n","protected":false},"author":1,"featured_media":3994,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[2,14],"tags":[33,124,151],"_links":{"self":[{"href":"https:\/\/maysfinancial.local\/wp-json\/wp\/v2\/posts\/644"}],"collection":[{"href":"https:\/\/maysfinancial.local\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/maysfinancial.local\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/maysfinancial.local\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/maysfinancial.local\/wp-json\/wp\/v2\/comments?post=644"}],"version-history":[{"count":0,"href":"https:\/\/maysfinancial.local\/wp-json\/wp\/v2\/posts\/644\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/maysfinancial.local\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/maysfinancial.local\/wp-json\/wp\/v2\/media?parent=644"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/maysfinancial.local\/wp-json\/wp\/v2\/categories?post=644"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/maysfinancial.local\/wp-json\/wp\/v2\/tags?post=644"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}