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Setting financial goals
is an integral part of the development of any financial plan. A list
of your goals, provides a road map to allow your representative to know where
you are now and where you want to be in the future.
By knowing your financial goals, you are in a better position to
communicate your dreams while determining whether your financial
goals are being met.
The following four step plan is a commonly used method of setting
goals and objectives.
- Make a “Wish” List
Make a complete list of all your life goals and aspirations
(even if you believe some may be out of reach). Where do you see
yourself in 3 years? 10 years? At retirement? By thinking about
these questions without respect to your financial picture, you
can get a good idea of what is important to you and where you
would like to be.
- Evaluate and Refine your Goals
Turn your wishes into reality. Make your dreams concrete.
Revise your goals with timetables, and how to achieve your goals
financially. Turn these complex goals into simple sentences that
explain what the goal is, when you wish to achieve this goal,
and how you are going to achieve it.
- Categorize and Rank your Goals
Not all goals may be achievable. By categorizing goals
into time ranges and ranking them by importance, you can get a
better picture of what is important to you and how soon you will
be able to achieve your goals.
- Review Annually
Each year you will get closer to achieving some of the goals you've
set. Other goals may change or be removed; still other goals may
be added. Life is not stationary and as we grow and change so
do the hopes and dreams we’ve set out for ourselves.
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