What are long-term goals?
Long-term goals help in achieving a significant desire in the long run. From an individual’s viewpoint, the term long-term goals mean achieving outcomes in the course of their life.
It relates to personal struggles, career graphs, relationships, education, health, business dealings, savings, and investing plans.
Long-term goals cannot be achieved in one year, month, week, or day. It takes years for them to bear fruit. This type of goal requires proper planning and more effort for desired outcomes.
Long-term goals motivate people to believe that their hard work will pay off eventually in the long run.
Types of long-term goals
1. Career goals
Long-term career goals relate to an individual’s career and job goals.
For example, starting a business, developing a career-specific skill, changing careers, or getting promoted.
2. Financial goals
Financial goals focus on investing and saving for the future and creating wealth. This type of goal relates to money, and from an investor’s viewpoint, long-term financial goals are the ones that last for 5 years or more.
Examples include savings and investment schemes like a child’s higher education plan for abroad and retirement plans. Common investment vehicles to achieve them are mutual funds, real estate, and equities/shares.
Investors who want to create long-term education and retirement plans can choose Edufund. The app boasts of 4000+ direct mutual funds, SIPs, US ETFs, ELSS funds, US stocks, and fractional investing.
Financial experts are available at every point of the journey to guide them toward choosing suitable savings plans to achieve their long-term goals.
3. Personal Goals
Personal goals are the ones that focus on the personal life of an individual.
Common examples include pursuing a hobby like writing a book, becoming a better parent, or learning a skill that will help in the future.
Additional read: What are long-term goals?
How to set and achieve long-term goals?
1. Proper planning
The research lays the groundwork for proper planning. It helps to understand what long-term goals are of an individual and how to set and achieve them effectively.
Differentiate between wishes and goals and rely on facts and not on luck and wishful thinking. Take concrete steps, and with the help of thorough research, make a concrete plan.
Financial experts on the Edufund app can guide you in investing in the right savings plans. The app also has the necessary tools like a SIP calculator, college cost calculator, and to create personal financial plans.
2. Set goals that matter
Long-term goals are for the future and require goal-setting that will prove beneficial in the long run. Set goals that will matter, for instance, a retirement plan that every person needs for later years.
If the goals are vague, they will lose their meaning over the years. The loss of focus, meaning, and motivation will decrease the likelihood of achieving that goal.
3. Take concrete steps
Take concrete steps if you want to achieve long-term goals. Be precise, clear, and determined in your efforts as it will help focus and improve performance.
4. Be specific
Be specific and create challenging but achievable goals that are easy to pursue. Tasks that are too easy can fail to motivate, whereas which are too hard proves demotivating.
Find the right balance and push yourself towards it for desired results.
5. Break them into smaller goals
Break the long-term goals into small-term goals as they are easily achievable in a short duration. When you achieve a small task, you take a step forward and contribute to the overall goal.
Several small steps can make the long-term goals look doable.
6. Write it down
When you have a clear path, it becomes easy to reach a goal. Write the goals in a diary or a journal because writing them down gives the goal a proper meaning and converts thoughts into action.
It also acts as a reminder to focus and move towards them dedicatedly.
7. Create a feedback cycle
Create a feedback cycle to track your progress on all aspects and identify roadblocks, if any. It will help to adjust and change for expected outputs.
8. Keep a track
Keep track of the long-term goals to identify whether the desired goals are being met. The action plan has already been mapped out in the planning phase, and this stage confirms whether the tasks have been undertaken as per the schedule.
Focusing on long-term improvement helps to achieve emotional intelligence, self-improvement, and personal development.
There is a deep sense of purpose while working on a long-term goal, which encourages an individual to keep moving forward.
Consult an expert advisor to get the right plan