Your earning power — your ability to earn an income — is your most valuable asset. Few people realize that a 30-year-old couple will earn $3.5 million by age 65 if their total family income averages $100,000 for their entire careers, without any raises. How much will YOU earn in a lifetime?

What steps have you taken to protect your earning power in the event of death or disability? How much of this money will be available to achieve future financial objectives, such as funding a child’s college education or enjoying a secure retirement? How much of your earning power will you save and keep saved?

At age 40 your future earning power is $1,250,000 if your family income average is $50,000. It would be $2,500,000 if your income average is $100,000.

At age 50, your earning power is $750,000 if your family income average is $50,000. It would be $1,500,000 if your income average is $100,000.

At age 60 your earning power is $250,000 if your family income average is $50,000. It would be $500,000 if your income average is $100,000.

When you think about the amount of money one will accumulate during their lifetime, it is often easier to see a way to accomplish your financial goals. Here are some tips that work for both financial and other goals.

Goals

Most people have a love-hate relationship with goals. They love them because they are such a great idea and a wonderful way to motivate us to achieve, as well as evaluate our progress, but hate them because for many, they often go unattained and simply frustrate them. This isn’t what goals should do!

So here are some simple ways to set goals so that we achieve them! After all, what good is a goal if it isn’t something you achieve? Narrow your focus. That’s right start small. Pick two or three things that you want to work on. Too many people say to themselves, “I want to do this, and this, and this, and this...” and they end up doing nothing!

Most of what you do throughout your day can be done without a lot of mental or emotional exertion. Put your focus on just a couple of goals. This way you can get a victory in these areas. Some financial goals could include a set amount in a retirement account, certain bills paid off, or a set amount in a savings vehicle.

What areas need some work? Now, determine which one thing should be the first item on the change list? The others will come later, but for now, you should focus on two or three only. Keep the long-term in mind but set your sights on achieving your goals in the short-term.

Do you want to save $100,000? Good. Long-term you will if you are consistent. But for now, think short-term. Don’t think about having $100,000 in a few weeks or in a year. Think about putting away a set amount each month. This does two things. First, it makes it urgent. Instead of blowing it and saying, “Oh well, I still have 10 months to save $100,000,” your goal is only a few weeks out.

This is better in terms of reaching your goal. Secondly, as you reach these shorter goals, it gives you regular victories instead of regular progress. Progress feels good, but achieving a goal is awesome! Reward yourself when you achieve the goal.

When you save your set amount by the next month, go get yourself a treat or some type of reward. Then get back to your goal for the next month. This puts a little fun back into the process of self-control and self-discipline. That’s it. I truly believe it can be that simple for you.

Holly Peterson is the owner of Elite Retirement Strategies and former radio show host. She is a professionally licensed insurance producer specializing in retirement planning and safe money solutions. As a regular seminar speaker, she acts as a catalyst in helping others achieve their financial objectives. Holly serves all of Idaho. You can find her online at eliteretirementstrategies.com. 208-252-4345.