Key Points:
- Successful people set clear and specific long-term goals, providing direction and focus for their efforts.
- Use the SMART Method. Ensure your goals are specific, measurable, achievable, relevant, and time-bound to guarantee success.
- Start investing, whether in bonds, mutual funds, or other forms, to grow wealth and achieve long-term goals.
Ready to start your investment journey with more confidence?
What do you think determines a person's success? A high GPA, intelligence or just talent? The answer is certainly more than that. There have been many studies that prove that in addition to the three things mentioned above, what determines a person's success is the ability to be able to stay focused on goals, keep trying and not feel satisfied quickly.
People like this don't just work hard to make money. They will be able to work smart and have long-term goals for their future. One of them is to start having savings in the form of bond investments for example, for their old age savings.
The Secret of Successful People Setting Goals
Setting goals is a very important first step in achieving success. Successful people have a unique way of setting goals, which makes them able to achieve what they dream of. Well, Sahabat digibank, here are some of the big secrets of successful people in determining goals:
- Set Long-Term Goals
Successful people always think seriously about their future. They set clear and specific long-term goals. Long-term goals provide the direction and focus needed to guide their efforts and energy. By having a clear vision of what they want to achieve in the coming years, they can make more focused and effective plans.
So, if you want to be successful in the future, you should adopt this mindset. You should have long-term goals, such as reaching a managerial position in 5 years, owning your own home in 10 years, or building a successful business in 15 years.
- Break Big Goals into Smaller Targets
After setting long-term goals, the next step is to break those big goals into smaller, more manageable targets. This helps you stay motivated and ensures that every small step you take brings you closer to your main goal.
For example, if your long-term goal is to become an expert in a certain field, you can start with smaller targets like completing related courses, getting certifications, or participating in seminars and conferences.
- Use the SMART Method
The SMART method is an effective way to ensure the goals you set are clear and achievable. SMART stands for Specific, Measurable, Attainable, Relevant, and Time-based.
- Specific means your goals should be clear and specific. For example, instead of saying "I want to be successful," say "I want to increase my business revenue by 20% in 6 months."
- Measurable means your goals should be measurable. Define the criteria you will use to track progress.
- Attainable means your goals should be realistic and achievable with the resources you have.
- Relevant means your goals should be relevant or closely related to what you want to achieve in the long term.
- Time-based means you should set a deadline for achieving your goals. This helps maintain focus and urgency.
- Regularly Evaluate Long-Term Goals
Successful people don't just set goals and then forget about them. You should regularly evaluate your progress towards your long-term goals. Regular evaluations help you assess whether the strategies you're using are effective or need to be adjusted.
By doing these evaluations, you can see what you've achieved, identify obstacles, and make necessary changes to stay on the right track.
- Start Investing Bravely
Investing is one of the most effective ways to grow wealth and achieve long-term goals. Understand the importance of investing, whether it's in terms of time, money, or other resources. This doesn't just mean putting money into financial products, but also making beneficial investments in education, skills, and personal development.
Start with small investments and learn the best ways to manage and grow them. The braver and wiser you are in investing, the greater your chances of achieving your long-term goals.
Beginners Must Know: Here Are 5 Points to Make Your Investment Profitable
Sahabat digibank, one of the secrets of successful people is having the courage to start investing. This step can be significant and challenging, especially if you're a beginner. To ensure your investment yields profit, here are some important points to consider:
- Understand the Investment Mindset
The first step is to understand the correct mindset about investing. If you are just starting to invest, you must realize that investing is a long-term process that requires patience and discipline. Don't expect to get big profits in a short time. The market has fluctuations, and sometimes the value of your investment can go down. Stay calm and focused on your long-term goals. Preparing yourself mentally to face various market situations will help you make wise decisions and avoid impulsive actions that can be detrimental.
- Building a Portfolio with the Right Types of Investments
Diversification is key to reducing risk and increasing profit potential. Don't put all your money into one type of investment. Build a portfolio that consists of various types of investments such as bonds, mutual funds, stocks, real estate, or even alternatives like gold. Choose investments based on your risk profile, financial goals, and investment timeframe that you have determined. Consult with a financial advisor if necessary to determine the right asset allocation.
- Calculating Estimated Inflation Rates
Inflation can decrease the purchasing power of money over time, so it's important to consider it in your investment planning. When calculating potential profits, make sure to adjust for inflation to get a more realistic picture of the actual value of your investments in the future. For example, if the average inflation rate is 3% per year and you expect an investment return of 7% per year, the real return you would receive after adjusting for inflation would be around 4% per year.
- Determining Investment Timeframe
Deciding on the investment timeframe is a crucial step in investment planning. The investment timeframe will influence the types of investments you choose and the strategies you employ. There are three main categories of investment timeframes:
- Short-term (less than 3 years): Relatively safe investment options such as deposits, short-term bonds, or money market funds.
- Medium-term (3-10 years): A mix of low to medium-risk investments such as bonds, balanced mutual funds, or real estate.
- Long-term (more than 10 years): Investments with high potential returns such as stocks or equity mutual funds.
Understanding the investment timeframe will help you manage risk and maximize profit potential.
Evaluating Risks of Each Investment Instrument
Every investment instrument carries different levels of risk. Before investing, it's crucial to understand the risks associated with each instrument. Some types of risks to consider include:
- Market Risk: Price fluctuations influenced by market conditions.
- Credit Risk: The possibility of default by bond issuers or borrowers.
- Liquidity Risk: Difficulty in selling investments at a fair price quickly.
- Inflation Risk: Potential decrease in purchasing power due to inflation.
By understanding these risks, you can make wiser investment decisions that align with your risk profile. Diversifying your portfolio can also help reduce overall risk while maintaining profitable investments.
Starting investments requires a good understanding of various aspects that influence your investment success. With the digibank by DBS app, you'll gain education and investment guides, economic insights on market movements, and support from the digibank Advisor team with personalized recommendations and strategies available whenever you need advice. With this assistance, you can invest strategically even amidst fluctuating interest rates.
Sahabat digibank, understanding the points above indicates that you're ready to make investment decisions and plan for a better future. Patience, discipline, and continuous education are the keys to success in the investment world.
So, what are you waiting for? Start your bond investments now through the digibank by DBS app. You can find complete information here. Don't hesitate—begin and choose various investment instruments like mutual funds and bonds through the digibank by DBS app today. Complete information can be found here.
