Financial Education: You Can’t Reach a Destination You Never Mapped

One young adult discovered that writing down his goals changed the way he thinks about his financial future.

Almost everyone has goals.

Pay off debt. Buy a home. Start a business. Build savings. Travel more. Retire comfortably.

Wanting something and creating a plan to achieve it, however, are two different things.

For many young adults, financial goals remain ideas carried around mentally, revisited every few months and pushed aside as work, bills and daily responsibilities take over.

That was the case for Minneapolis resident Lorenzo Smith.

Like many people his age, Smith is motivated by one clear objective: financial freedom.

“My main motivation is achieving financial freedom in the near future,” he said. “I believe the first step toward that goal is education, understanding the strategies and principles that will inform a solid financial plan. From there, it’s about consistent execution to put myself in the best possible position to succeed.”

Smith recently completed the Association for Black Economic Power’s Financial Empowerment Center lesson, “Goal Setting: Mapping Your Short- and Long-Term Financial Future.”

The lesson is featured in the Minnesota Spokesman-Recorder’s Youth Financial Education Series, a collaboration between MSR and ABEP that provides practical financial education through relatable topics and the experiences of young adults in the community.

While Smith expected to learn about setting financial goals, his biggest takeaway extended beyond money.

It was about putting his future on paper.

“One key takeaway I had from the video was the importance of having clear goals, not just financial ones but personal goals overall for the next several years,” Smith said. “Many of these goals are interconnected and build off one another over time.”

Until then, Smith had never created a written roadmap for where he wanted his life to go.

“I had never actually written out a formal list of short-term, mid-term and long-term goals,” he said. “The video pushed me to create specific lists for each category and assign target dates to every goal.”

Instead of simply watching the lesson from beginning to end, Smith found himself stopping the video to think through his own future.

“I found myself pausing the video several times to reflect on my own goals in depth before moving on to the questions,” he said. “To me, that made the exercise more valuable.”

It is an exercise anyone can try.

What do you want to accomplish in the next six months? What about the next three to five years? Which goals depend on other goals happening first?

Writing down the answers can help turn general ambitions into a plan you can follow. Adding target dates makes it easier to determine what needs your attention now, what requires more preparation and what steps can move you forward.

For Smith, the next step is consistency.

“I plan to apply this by taking consistent, daily action toward the goals I’ve now clearly defined,” he said. “Knowing I’m doing everything to the best of my ability to move closer to those goals keeps me motivated and confident that I’ll achieve them.”

His vision reaches beyond building wealth for himself.

“My ultimate financial goal is to be in a position where I am truly financially free and have the knowledge and experience to pass it on to my children and loved ones, especially the next generation,” Smith said.

Financial education does not require having every answer immediately. It can begin with identifying what you want, creating a realistic plan and building habits that support the future you are working toward.

For Smith, that process started with one simple step: writing his goals down.

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If you are ready to create your own financial roadmap, ABEP’s Financial Empowerment Center offers free resources to help individuals and families build confidence with their money and work toward their financial goals.

Whether you are saving for your first apartment, paying down debt, improving your credit, preparing to buy a home or trying to develop a financial plan that fits your life, support is available.

Resources include free one-on-one financial coaching, Beyond Table Talk financial education sessions and financial education presentations for community groups, schools, businesses and organizations.

To learn more, sign up for one-on-one coaching, explore Beyond Table Talk or request a financial education presentation, visit:

www.abepmpls.org/financial-empowerment-center