#238: When Life Throws You A Curveball (Friday, July 22)

One of the reasons I suggested making three financial goals is to get in the habit of constantly being in motion and working toward something. It's easy to lose focus and get distracted by life. But what about when you stick to the plan, you see your goals getting closer and then life throws you a curveball? How do you (and should you) rebound and get back on track? The good news is financial setbacks are generally easier to rebound from, especially if you keep these tips in mind:

1. Create an emergency fund and keep it funded; don't dip into it unless all other resources have been exhausted.
2. Think of several hypothetical scenarios that could affect your goal and create back up plans for how you'll address those situations should they arise.
3. Surround yourself with great cheerleaders and like-minded people who want to see you succeed at what you're doing. (Look carefully; it's always easier to find naysayers and folks who are more than willing to say, "I told you so.")
4. And most importantly, remember that the setbacks are a natural part of life and are only temporary. Don't let it dissuade you from continuing to pursue your goal, and certainly don't use it as an excuse for why you can't get back on track.