Setting Your Goals
When you set goals, you're defining your
dreams for the future. Some of your goals
may be things that you want soon, like paying
off your credit card debt or buying a new car.
Other goals may be more distant. Do you
want to buy or build a new home? Start your
own business? Pay for college for your child
or grandchild? Retire early?
Your goals are the foundation of your
financial plan because you need to know what
you want to accomplish before you can begin
saving or investing. Once you've
identified and prioritized your financial goals,
you can develop a clear-cut savings or
investment strategy that can help turn your
dreams into reality.
dreams for the future. Some of your goals
may be things that you want soon, like paying
off your credit card debt or buying a new car.
Other goals may be more distant. Do you
want to buy or build a new home? Start your
own business? Pay for college for your child
or grandchild? Retire early?
Your goals are the foundation of your
financial plan because you need to know what
you want to accomplish before you can begin
saving or investing. Once you've
identified and prioritized your financial goals,
you can develop a clear-cut savings or
investment strategy that can help turn your
dreams into reality.
How SMART are your goals?
To set clear-cut goals, make them SMART:
♦ Specific -- clearly defined and described in detail
♦ Measurable -- track your progress toward a definite endpoint
♦ Attainable -- realistic and reachable
♦ Relevant -- to your specific needs and values
♦ Timely -- subject to a clear deadline
Writing down andprioritizing your
goals is an
essential first
step toward
putting a financial
plan into action
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