Setting lifetime financial goals is something I started doing three years ago. I started thinking about the things I wanted in life and realized that I didn’t have any specific goals or a plan on how to accomplish them. After praying about each goal I came up with the following lifetime financial goals. Each goal uses the SMART principle – Specific, Measurable, Attainable, Realistic, Timely. For privacy reasons I won’t use any of my specific numbers, but you get the idea.

1. Debt Free
Being debt free is a priority. When I say debt free I don’t mean credit cards; Think bigger. I mean everything including the mortgage. My goal is to have a 3-4 bedroom house in a nice part of town paid off by the time I’m 50. I also plan to pay cash for cars, vacations and any other major expense.

2. College Education
The cost of a college education is on the rise. Saving to put your kids through college is not an easy task. I want to be able to pay for at least half of what it will cost for my kids to go to college. Putting money aside in conservative investment funds is my plan to reach this goal.

3. 401k
Investing money into my 401k is part of my plan for retirement. I won’t say the exact amount that I’m shooting for, but you can be sure it’s a big number. My wife and I are planning to live off our 401k and other investments in our golden years.

4. Passive Income
This is one of my favorite topics to think and read about. There are many ways to receive passive income. Owning a vacation home, renting it out, and paying a management company to manage it for you is one. Owning stocks that pay dividends is another form of passive income. Passive income will supplement my retirement fund later in life.

5. Giving
I like to give. I give to my church and to charities. I enjoy giving because I am worshiping God when I give money He has blessed me with. God says that He will bless those who give, and I believe He has blessed me financially. I have a number written down for what I would like to be able to give each month.