For example, if someone is carrying a lot of debt as well as the associated costs of both interest and principal payments (specifically, toxic high-interest credit-card debt), then they may not have sufficient surplus money every month or year to advance their other financial goals - unless they, unfortunately, accumulate more debt.
Of course, the problem is that many goals often need to be dealt with at the same time, such as perhaps buying a first home and needing to pay child care.Ī key to meeting as many of your goals as possible is to understand the amount of resources you can use to achieve them. Start by putting your goals on a timeline, then prioritize and give them a cost.
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