Defining Your Goals
Submitted by GMF on Sun, 05/02/2010 - 17:58
When you meet with a financial planner, the first thing they will likely ask you is “what are your financial goals?” I have found, through experience, that this question is more difficult to answer than you may think. While many of us have defined financial goals in our heads, we find difficulty speaking them out loud, especially if they seem unattainable in the short term.
It is extremely important to identify what you want out of life. From here, you can determine what financial goals you will need to meet to get there. To help you get started, I have compiled a list of the most common financial goals I come across.
- Accumulating a nest egg for retirement
- Preparing for an income strategy in retirement
- Planning for longevity. To ensure your money lasts as long as you need it
- Saving for a child’s/grandchild’s education
- Paying off credit card debt, student loan debt, or housing debt
- Purchasing a home, trading up a home, selling a home
- Purchasing a new car every 5 years
- Taking a vacation once a year
- Protecting your estate from taxation
- 10.Ensuring your assets are transferred to your beneficiaries properly
- 11.Protecting your income from disability
- 12.Protecting loved ones from a premature death
- Reducing exposure to health care and long term care costs
While everyone’s goals are different, it is important to take a minute to write yours down. No matter how unattainable they may seem, with a proper plan they may not be out of reach.
