How to Set and Track Your Wealth Goals for Financial Success in 2023

Achieving your wealth goals requires discipline and hard work. But that doesn't mean it has to be terrible – not if you understand and follow these principles.

We all want to be that little bit (or maybe a lot) more successful, especially when it comes to our finances. The thing is, financial success means different things to different people, which is why strategies, tips or hacks that work for your cousin may not work for you.

But yet, realising that we all have different definitions, goals, objectives and pathways is a crucial first step that will set you on the right path to achieving financial success.

So here’s how you can really set and track your wealth goals for financial success in 2023.

First, start by understanding where you want to go

It’s not enough simply to say “I wish I was richer”, or “I want to have more money,” or “I wish I didn’t have to work to pay the bills.”

When you make statements like that, all you’re doing is describing your current circumstances – i.e., not having enough money, or not being able to spend your day as you please.

Instead, you need to clearly define where you want to go.

Now, most of us have no trouble imagining the fabulous life we want to lead. But we either don’t believe it, don’t know how to get there, or don’t want to put in the necessary effort.

But that’s ok. This isn’t about belief, and if you don’t know how to get there, there are plenty of resources you can tap into, from books to webinars to personalised coaching.

What’s left is effort, another way of saying, “It’s up to you”. But to start with, we need to define where we want to go, and we need to do better than “anywhere but here.”

So, you want a million dollars? Ok, set that as your goal. Or maybe you simply want to get out of debt, increase your savings, start an investment portfolio, save up for your home renovation, etc.

Whatever it is, create your wealth goal by stating clearly where you want to be.

Next, make your wealth goal SMART

Once you’ve come up with your wealth goal, you need to sharpen and improve it to be SMART – Specific, Measurable, Achievable, Relevant and Time-bound.

• Specific: How much money do you want to save or invest? Or how much debt do you want to clear? How large of a retirement nest egg do you want? You need clarity in order to understand what you actually need to do.

• Measurable: Is your goal measurable in an objective and quantifiable manner? This means no such thing as “I feel I have less debt now” – is your credit card balance smaller than last month, and the month before that?

• Achievable: Goals must be achievable; if they are not, they are fantasies. Is your wealth goal realistic, and do you have a reasonable chance to achieve it? What tweaks or changes will make your goal achievable?

• Relevant: Why have you chosen this wealth goal, and how does it fit into the big picture? For instance, if your goal is to save money for downpayment on your flat, then taking an education loan to further your qualifications to eventually improve your career prospects probably isn’t the most efficient way of going about it. You will be better off saving more, or setting up a side hustle to increase your income.

• Time-bound: And the final piece is your wealth goal must have a deadline, and the more defined the better. Vague deadlines like “this year” or “by December” won’t cut it. Instead, you need to commit to clear and specific durations, such as “Setting up my investment portfolio by 15 April 2023”.