Answer:
In order for Brian to reach his financial goals he needs to do the following:
1. Set those goals using the ASMART goals setting techniques.
His goals must be Aligned with his personal aspirations;
He must be Specific with the figures he plans to reach in terms of savings, investments etc;
The goals must be Measurable;
The goals must be Achievable; There is no use setting goals that cannot be attained;
The goals must be Realistic; Brian cannot be on a monthly salary of $10,000 and hope to attain a savings of $1 000,000
The goals must be Time-bound; He must put a date to the financial goals
So here is an example: Assuming that he earns $10,000 every month and his expenses every month is $6500, Brian can set his goals as follows:
I'm am saving toward my Ph.D. I have by December 31, 2021 the sum of $30,000. I will achieve this by setting aside at least $2,500 dollars every month starting from January 31, 2021
Another set of habits for financially responsible people include but are not limited to the following:
- they make a commitment to a never-ending personal improvement by reading books that increase their financial literacy;
- make a budget and stick to it etc.
Cheers
