MOOSE – a Simple Technique for Starting to Get Control of Your Finances
February 27, 2016How to Set Financial Goals
When looking forward to your retirement, knowing what you’re working toward is every bit as important as amassing the assets to secure your future. The hardest thing you’ll face in the process is choosing the top priorities for your family. If you’re single, it may be a little easier to list your greatest desires. Either way, in order to set financial goals, you’ll still have to focus on what it is you want most out of life.
The best way to start when choosing an end goal for your financial destiny is to make a list of your top ten goals. If you’re married, both you and your spouse need to make a list without discussing it. Once you’ve finished, it’s time to come back together, compare notes, then formulate your plan. Here are some easy steps:
- Take inventory of the top dreams for both of you and find the most common desire. For example, say one of you wants to hike the land bridge of the Mojave Desert and the other wants to explore Yellowstone Park. We can conclude that a common goal you have is to travel out west and enjoy the outdoors.
- From there, the next step involves setting a timetable for accomplishing your goal. That’s where we come in. A good financial planner will take many factors into consideration and help you calculate exactly what you’ll need to achieve your dreams in the time that you hope to do it in.
Two of the most common goals I hear as a CFP® are:
- I want to save for retirement
- I want to provide for my kids’ college education.
Each of those goals is easily obtainable, but you’ve got to start planning now in order to reach them in a necessary time frame and you’ll have to paint a picture of what your goal looks like. Do you want to travel the world? Are you providing a college education for multiple children? Are you hoping to fund a trust for your grandchildren? Whatever it is, once we see the big picture with you, we can help you know exactly what changes you may or may not need to make in order to execute your plan in the most efficient way. Basically, ask yourself these simple questions:
- What am I doing?
- Why am I doing this?
- What’s near and dear to my heart?
Once you’ve answered these questions, you’ll be on the right track to achieving your financial goals.
Now’s the time to set your goals in motion. Reach out to our team to see how we could help you!
NEXT STEPS: What You Need to Know When Hiring A Financial Planner