5. GOAL SETTING SAMPLES SMART GOAL I will have $1 million in assets by age 65. To do that I will invest $250 per month in mutual funds with an average annual earnings of 10%. WEAK GOAL I want to be rich
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7. THE FINANCIAL PLANNING PYRAMID Options, Commodities, etc. Controlled Spending Adequate Income Adequate Insurance Goal- Getter Emergency Reserve SAVINGS LEVEL MANAGEMENT LEVEL Stocks Bonds Mutual Funds Real Estate Hard Assets INVESTMENT LEVELS
23. Where should this go? How can we fix this? Surplus Deficit Where should this go? How can we fix this?
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Editor's Notes
When setting financial goals, itโs important to understand the types of goals you are trying to achieve. In general, there are three types of financial goals, all distinguished by the time it would likely take to achieve them. One of your first goals should be saving for an emergency fund of three to six months of expenses. It is always important to keep that emergency fund on your radar as youโre working toward achieving other financial goals. Short-Term Goals (Less Than a Year) Emergency fund Buying a TV Buying new furniture Going on vacation Mid-Term Goals (One to Three Years) Getting out of debt Buying a car Buying a home Emergency fund Long-Term Goals (More than Three Years) College fund Retirement Vacation home Emergency fund Once youโve set your financial goals, achieving them requires planning to get to where you want to be. Take these steps to get going: Goals: Amount Needed: Date Needed: Months Until Needed: Monthly Amount Needed: Ways To Reach Goal
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