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5 Biblical Principles of Money Management – Set Short and Long-Term Goals
Before we start climbing the ladder, we want to make sure the ladder is leaning against the right wall. By prioritizing our goals, we can back into the necessary steps to take on a daily, weekly, and monthly basis. The only way to meet short and long-term goals is by intentionally setting aside funds to meet these goals. As a rule of thumb, we like funds that are planned to be used in the next 5 years to be low risk holdings. For goals beyond this time frame, it’s imperative that we take some risk to allow our resources the time grow. When investing money, it’s easy to fall into the “get rich quick” trap. Investing success comes by maintaining the proper amount of risk over a long period of time. It’s also easy to fall into the emotional traps that come with the volatile swings the stock market produces. In order to overcome this fear and anxiety, it’s important to focus on the end goal and maintain a long-term outlook.
CHALLENGE: Have your portfolio reviewed by a trusted advisor or accountability partner. Does your risk tolerance match up with your goals and time horizon?
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