Beginner's Guide to Financial Goals

By TheStreet.com Ratings Staff

You're on a Mission -- Yours!

Have you ever read the mission statement of a company or organization you admire? Over and over again, you'll notice certain qualities, but there are always the same few that keep topping the list. We call them the three "Ds":

a dream
determination
discipline

These are the same qualities that you, the beginning investor, can use to be successful, too. Committing words to paper has a funny way of turning thoughts into action. It doesn't matter whether your mission statement is one line or one paragraph; what does matter is how serious, and how prepared, you are to reach your goals. Writing a personal mission statement helps you keep going in the right direction.

Your Personal Financial Mission Statement

Mission statements keep organizations focused so they achieve their goals.

People, including you, need mission statements, too. Why? They help identify what's important and what you value most. That way, you'll focus on what matters most to you so that you can accomplish the things you really want. This is especially true for financial goals. After all, if you don't know where you want to go, it's unlikely that you'll ever get there.

To create your mission statement, spend some time thinking about your current situation. Now, imagine where you would like to be -- financially -- next year, in five years, and in twenty (or more) years. Be specific and realistic!

To help you along this journey, here are some ideas for you to consider:

Retirement:
I would like to retire in ___ years.
I would like to retire by the age of ___.
I would like to retire within ___ years with a portfolio valued at $_______.
Rainy day savings: I would like to have three to six months' worth of expenses, approximately $_______, saved within ___ weeks/months.

Education or business opportunity:
I would like to save for a child's college education, which will cost $_______ and will be needed by _______.
I would like to have money to enhance my education, whether that's graduate school, law school or another specialized field of study. I will need $_______ within ___ months/years to pursue this dream.
My dream is to open my own business, so I will need $_______ in capital by _______.
Are there other opportunities that you would like to plan for?
At what cost?

Home or car purchase:
I would like to save for a new/larger house. I would like to have a $_________ down payment saved by ______.
I would like to save for a second home located in ___________ and have a $________ down payment by ______.
I would like to buy a new car within ____ months, which will cost $___________.

Travel/Hobbies:
My dream vacation to ___________________ in ____ months/years will cost $______.
My family enjoys the water, so I would like to upgrade our boat within _____ months/years to a ___________________, costing $______.
What other special interests or activities do you want to include in your plan? What is the cost?

Debt reduction:
I would like to pay down my mortgage ___ years sooner than it matures.
I would like to reduce personal or credit card debt of $_______ within _____ months/years.

To achieve your dreams, it's very important that you write your goals down so that you can refer to them often. Then, sort them according to a time frame -- short-term vs. long-term, because you will need to save for them differently. Finally, post your goals on the bathroom mirror or refrigerator, so you will have a constant reminder to stay focused!

Kathleen's Dreams

Kathleen, a 35-year-old working mother of two, thought about where she wanted to go and mapped out her financial goals by writing a mission statement that would keep her on the right path.

Kathleen's mission statement: "I'm tired of worrying about money. In the next two years, I want to have an emergency fund with six months of savings, in case my car -- or job! -- collapses, and get rid of the credit card balance I've been carrying since college. In 10 and 15 years, I want to be able to send Harry, now 8, and Amanda, 3, to college. My ex is not in a position to contribute to a college fund, so I will be responsible for all education expenses. I want to think about my 'Golden Years' without feeling scared that I won't have enough money to live on. With 30+ years to save, I want to learn how to invest in the stock market, so I'll have enough money to see my dreams come true."

Kathleen has big dreams she wants to fund. By mapping out her goals, she has come to realize something very exciting.

In her case, she has the time to invest in the stock market as a way to reach her goals.

Everyone's situation is different. For example, different short- and long-term goals (a new car next year compared with a child's college education in seven years to retirement in two decades) need different investing vehicles to achieve different results, or returns. If you're looking at a goal five or more years on the horizon, then investing in the stock market is a smart decision because, despite the risks that can and will occur, you have the potential to earn more money, because you will have the time you need to ride out the market's ups and downs.

But you're not ready to invest your first dollar until you're much more comfortable with risk and know what you can do to manage it.

原文地址：http://www.thestreet.com/s/beginners-guide-to-financial-goals/university/personalfinance/10397578.html

MTV Cuts More Online Deals

on 08 January 2008, 12:59
by Justin Moresco

MTV Networks on on Tuesday announced a partnership deal with five online video sites to offer clips and episodes on-demand and for free, the latest move in the media company’s efforts to increase its online presence.

Dailymotion, GoFish, imeem, MeeVee, and Veoh—a mix of web TV, social media and user-generated services—signed agreements, according to an MTVN statement released to coincide with the Consumer Electronics Show in Las Vegas.

The web-based companies will now have access to thousands of clips of high-quality video under MTVN’s family of channels, including MTV, Comedy Central, and VH1. Terms of the deals were not disclosed, but MTVN will share ad revenue generated at the sites.

This is just the latest content deal for Viacom, which owns MTVN. In December, the media giant announced an agreement with Microsf to offer content from the company’s cable network and motion picture business, which besides MTVN includes Paramount Pictures and BET Networks.
Gartner analyst Van Baker said Viacom and other U.S. media companies—including all four major U.S. broadcast networks (ABC, CBS, Fox, and NBC)—are experimenting with ways to distribute their shows online.

“Nobody knows what the winning business model will be. Maybe there will be many,” he said. “The mentality now is to throw it against the wall and see if it sticks.”

Mr. Baker said among the broadcast networks, NBC and CBS are positioning themselves at opposite ends of the spectrum—and their success or failure could be a signal for others to follow.
NBC primarily offers its content at Hulu.com, a joint-venture with Fox, while CBS has cut deals across the web. If NBC can draw many viewers to Hulu, it will benefit from not having to share its ad revenue with a separate host, while CBS will share most of its ad revenue but should have a larger online presence.

Based on Viacom’s recent moves, the company appears to be following the model of CBS. Both companies are controlled by Sumner Redstone.

Prior to this latest deal, MTVN already had agreements with AOL, Bebo, Comcast’s Fancast, Joost, and MSN. MTVN said its content is also available through “all major download-to-own services” and through its portfolio of 300 web sites, such as TheDailyShow.com.

原文地址：http://www.redherring.com/Home/23423