Smart Investor Malaysia


How to Achieve Financial Goals for 2021?


A month has passed in 2021 and we are now approaching Chinese New Year.

If you’ve set and written your goals for 2021, congratulations and well done!

Have you been following through with your goals and taking action?

And if you’ve not set any goals yet, fret not, let’s begin now and wait no more for time is priceless.

Here are four simple steps that can help you to attain your financial goals for 2021:

1. The Right Mindset

You’re all blessed with the most powerful asset in order to create wealth, which is your mind.

To do this, you must change your mindset

If you have the belief from past experiences or from someone else that stocks or unit trust funds are risky, you’d then miss out on many great opportunities to grow your wealth.

The truth is many people lose money due to a lack of patience or making emotional decisions as a result of wanting instant results.

The other belief is your own perception and generalisation of risk.

For example, some people will only invest when things become more “certain” since we’re currently in the middle of the Covid-19 pandemic now.

Although it may be true that many businesses are badly affected, there are many other segments that have been demonstrating tremendous growth.

Some notable examples include various ecommerce businesses, online platforms, ride-hailing, and food and grocery delivery businesses.

Therefore, getting into the right mindset to grow your wealth requires learning from others who have done it before, or gaining knowledge through reading some financial magazines, websites and books, or even attending personal development courses.

For me, I highly recommend the book Think and Grow Rich by Napoleon Hill if you want to learn more.

2. What Financial Goal Do You Want to Achieve?

Once you have developed or are tuned into the right mindset, the next is to decide what you want to achieve financially.

An example could be to reach financial freedom by a certain age, with an expected amount of wealth so that you can be financially free to provide everything for your family and loved ones, or simply to be able to do things or pursue hobbies that you’re passionate about.

Many people don’t have clear or specific financial goals.

They may generally say “I want to be rich” but without clarity, they won’t have a clear direction.

A simple analogy is to think of how you’d set a destination on your GPS, which will then help to guide you to that place by a certain timeframe.

This is what setting a financial goal will do for you too!

3. What Action to Take?

After identifying specific financial goals, perhaps the next thing to do is to do research about the required resources or look for resources like financial magazines and websites for investment tips.

You could also speak to a financial planner that could help in this area to find out what type of investment opportunities are available that meet your risk appetite, time horizon and amount that you can start with.

“Yesterday is gone. Tomorrow has yet come. We have only today. Let us begin”. – Mother Teresa

For instance, if you’d like to go to Penang, you have a few options.

You could either drive yourself, or take a bus, flight, or the Electric Train Service (ETS). Whichever option you choose will lead to Penang (that would be your goal), but they all have a different time frame. 

4. Review and Make Necessary Adjustments

Lastly, do regularly review the achievement progress of your financial goals set, i.e. every quarter or six months.

You should constantly check if you’re on track to achieve what you are expected to achieve. Check if the goal that you set is within the time frame.

Think carefully whether you need to make a switch or need more time to achieve this number.

Also, take into consideration what actions that you need to take to ensure that you’ll still reach your financial goal.

Taking the above steps should help you reach your financial goals.

It won’t be easy but I hope it’s not just the goal that you aim to achieve, as it’s much more important to enjoy the journey to pursue your financial goals.  

I would like to wish all readers Happy, Healthy & Prosperous in the Year of the Ox!

About the Author

Goh Chee Yong is a Licensed Financial Planner under Capital Markets Services Representative License (CMSRL) and Bank Negara approved Financial Advisor Representative (FAR). Prior to becoming a financial advisor, he spent eight years working in Big 4 audit firms and multinational corporations. He can be contacted at

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