One of the first steps in financial planning is setting goals. When you’ve set goals, you’re defining your dreams for the future.
Some of your goals may be things that you want to do in the not-so-distant future, like pay off your credit card debt or buy a new car.
Other goals may be more distant. Do you want to buy or build a new home? Pay for college for your child or grandchild? Retire early?
One financial goal is common for almost everyone and leaves us with very few choices: Do I save for retirement? While you can certainly say “No” to this question, unless you have some unique financial resources at your disposal, your retirement years can be very bleak or much further delayed than you might prefer.
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 allows you to turn your dreams into reality.
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