{"id":402,"date":"2012-07-26T16:46:54","date_gmt":"2012-07-26T20:46:54","guid":{"rendered":"https:\/\/www.cashflownavigator.com\/blog\/?p=402"},"modified":"2021-03-23T20:19:26","modified_gmt":"2021-03-24T00:19:26","slug":"spotlight-on-the-goaltracker","status":"publish","type":"post","link":"https:\/\/www.cashflownavigator.com\/blog\/2012\/07\/spotlight-on-the-goaltracker\/","title":{"rendered":"Spotlight On…The Navigator Tracking Tool"},"content":{"rendered":"

\"\"<\/a>A runner-up choice for our tagline was \u201cFinancial Independence, One Goal at a Time.\u201d\u00a0 That\u2019s actually a description of just one part \u2013 the last part \u2013 of the Cashflownavigator system: using the Navigator Tracking Tool.<\/p>\n

Setting a goal, and using the Navigator Tracking Tool to achieve it, completes a Cashflownavigator cycle.\u00a0 The cycle begins with filling in your 8020 Worksheet\u2122, which captures your assets and liabilities (wealth) and all your monthly cash flows.<\/p>\n

Having measured your wealth and cash flow in the 8020 Worksheet\u2122, your next step is to apply the principles from our free e-booklet, Wealth is Good, Cash Flow is Better<\/strong>\u00a9, to help you identify your next financial goal.\u00a0 In general, that goal involves saving to either pay off a liability (a vehicle, credit card debt, a student loan, etc.) or to acquire a \u201cBest\u201d asset type (an asset that either appreciates in value or generates positive cash flow, or does both).<\/p>\n

Once you\u2019ve decided on your goal, the last step is to use the Goaltracker tool to establish a disciplined process for saving up and achieving it.\u00a0 This requires a specific dollar amount<\/span> to save, and a defined time period \u2013 a deadline<\/span> \u2013 by which you are to complete the task.<\/p>\n

\"\"<\/a><\/p>\n

To set a goal in the Navigator Tracking Tool just choose the liability from the drop-down menu you want to pay off, or the asset you want to acquire.\u00a0 Then enter the total amount you\u2019ll need to save to accomplish the goal. \u00a0For example, in the illustration above the goal is to save a total of $3,000 to pay off a vehicle loan or lease.<\/p>\n

All that\u2019s left now is to decide how much per month to save to pay off this $3,000 debt. \u00a0We get you started with a recommended amount, $500 per month in this example.\u00a0 That\u2019s the amount you should be able to save each month based on cash flow values in your 8020 Worksheet\u2122. \u00a0\u00a0But you can change this by typing in a new amount.<\/p>\n

With both the total and monthly savings amounts defined, the Navigator Tracking Tool calculates how many months it should take you to accomplish the goal (6 months), and it creates a calendar to help you manage the process.\u00a0 At the end of each month, simply fill in the actual amount you\u2019ve saved, and the Navigator Tracking Tool will add up the Total Actual Amount you\u2019ve saved so far, and how much ahead or behind schedule you are.<\/p>\n

And that\u2019s it\u2026that completes the cycle.\u00a0 Once you\u2019ve accomplished this goal, you\u2019re ready to reassess your 8020 Worksheet\u2122 and choose your next goal.\u00a0 Use the Navigator Tracking Tool to achieve that one, and with each one you will move another step closer to financial independence.<\/p>\n","protected":false},"excerpt":{"rendered":"

A runner-up choice for our tagline was \u201cFinancial Independence, One Goal at a Time.\u201d\u00a0 That\u2019s actually a description of just one part \u2013 the last part \u2013 of the Cashflownavigator system: using the Navigator Tracking Tool. Setting a goal, and using the Navigator Tracking Tool to achieve it, completes a Cashflownavigator cycle.\u00a0 The cycle begins […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,43],"tags":[104,24,92,53,40,25,23,91,76],"class_list":["post-402","post","type-post","status-publish","format-standard","hentry","category-cash-flow","category-newsletters","tag-asset","tag-cash-flow-2","tag-cash-flow-navigator","tag-cashflownavigator","tag-debt","tag-financial-independence-2","tag-financial-life-cycle-2","tag-keith-whelan","tag-savings-2"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.cashflownavigator.com\/blog\/wp-json\/wp\/v2\/posts\/402","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cashflownavigator.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cashflownavigator.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cashflownavigator.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cashflownavigator.com\/blog\/wp-json\/wp\/v2\/comments?post=402"}],"version-history":[{"count":14,"href":"https:\/\/www.cashflownavigator.com\/blog\/wp-json\/wp\/v2\/posts\/402\/revisions"}],"predecessor-version":[{"id":962,"href":"https:\/\/www.cashflownavigator.com\/blog\/wp-json\/wp\/v2\/posts\/402\/revisions\/962"}],"wp:attachment":[{"href":"https:\/\/www.cashflownavigator.com\/blog\/wp-json\/wp\/v2\/media?parent=402"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cashflownavigator.com\/blog\/wp-json\/wp\/v2\/categories?post=402"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cashflownavigator.com\/blog\/wp-json\/wp\/v2\/tags?post=402"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}