Fin Goals Square

Set Your Financial Goals

07/26/2023 Written by: Kristine Simmons


The first step in investing is defining your objectives for the future. If you are married or in a long-term relationship, spend some time together discussing your joint and individual goals. It’s best to be as specific as possible.

 You’ll end up with a list of goals. Decide how much money you’ll need to accumulate, and which investments can best help you meet your goals. Remember that there can be no guarantee that any investment strategy will be successful since all investing involves risk, including the possible loss of principal.

 Looking Forward to Retirement

Some points to keep in mind as you’re planning your retirement saving and investing strategy:


·        Plan for a long life. Average life expectancies in this country have been increasing for years, and many people live even longer than those averages.

·        Think about how much time you have until retirement and invest accordingly.

·        Consider how inflation will affect your retirement savings. When determining how much you’ll need to save for retirement, don’t forget that the higher the cost of living, the lower your real rate of return on your investment dollars.


Facing the Truth About College Savings

Whether you’re saving for a child’s education or planning to return to school yourself, paying tuition costs definitely requires forethought—and the sooner the better. With college costs typically rising faster than the rate of inflation, getting an early start, and understanding how to use tax advantages and investment strategy to make the most of your savings can make an enormous difference in reducing or eliminating any post-graduation debt burden. Consider these tips:


·        Estimate how much it will cost to send your child to college, and plan accordingly.

·        Research financial aid packages that can help offset part of the cost of college.

·        Look into state-sponsored tuition plans that put your money into investments tailored to your financial needs and time frame.

 Investing for Something Big

At some point, you’ll probably want to buy a home, a car, maybe even that boat that you’ve always wanted. Although they’re hardly impulse items, large purchases often have a shorter time frame than other financial goals. One to five years is common. Because you don’t have much time to invest, you’ll have to budget your investment dollars wisely. Rather than choosing growth investments, you may want to put your money into less volatile, highly liquid investments that have some potential for growth, but that offer you quick and easy access to your money should you need it.

 Source: Broadridge Investor Communication Solutions, Inc.





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