Financial Goals, You Have Those Right?

Posted November 1, 2008 by Bernz

The media is really making a big deal about the stock market right now and how much money people are losing. However, those with clear set financial goals are not sweating at all or certainly a lot less.

At each stage of life we have different goals and different plans. These all usually involve money, so you have to balance these investments around your cash allocation, income, and your age. Setting your financial goals should involve two steps.

By Nadav Dov Boretzki

Step one: Where are we in life?

Are you going to stay where you are? Do you have any school plans? Are you married, single, engaged? Are you planning on buying a house? Sometimes it feels like we need a financial planner to aid us in figuring all this out, but in effect you need to gauge where you are going or where you want to be in the next 5-10 years. If you are going back to school, plan for more debt, if you are buying a house, then plan for large down payment, and so on and so on. Risk capital can be a great vehicle to achieving these goals.

Set your financial goals. It’s your money, use it to your advantage!

Step two: Time to distribute the money

So now its time to take your income deduct living expenses (see my article on a spending plan), and then use those savings to grow and achieve your financial goals. Using this plan, you can plan your large purchases and see how soon you can be in that new neighborhood, or in that new dream job that you have always wanted.


More On This Topic:

Wacky Week on Stocks
Wacky Week on Stocks

One Response to “Financial Goals, You Have Those Right?”

  1. Andy @ Retire at 40 Says:
    November 3rd, 2008 at 4:53 am

    I have a plan and it’s almost the last one I’ll need. I’m taking the long slow road to financial independence (retirement to you and me) so that I don’t have to work for other people any longer.

    I think having a goal like this is a huge way to keep you on track and aiming for the bigger picture. There will be good days and bad days but so long as your months and years get you in the right direction, you’ll be fine!

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