How to Set & Prioritize Financial Goals

So often when people think about financial goals, they believe money deserves the most attention, but in reality, it’s the end result that’s the center of your goal. Whether that result is a special experience, like traveling to a bucket list destination or visiting family every year, or perhaps something you’ve wanted forever like your dream home or car, your financial goals are entirely up to you. 

It’s important to get clear on what you want, how you want to feel, and what steps you will follow to make your goals happen. 

Discover the three step process to setting, prioritizing, and achieving your goals so you can have what you want and do what you want now and when you retire. 

Step 1: 4 Brainstorming Topics for Setting Your Goals  

1. How much do you want to spend in retirement? Less, the same, or more than what you spend now? Can you cover the costs of inflation? 
2. What do you want to focus your budget and attention on? Traveling? Home improvement projects? How much will your budget be? 
3. How much savings do you want to have at the end of your lifetime? Do you want a substantial amount to leave to your family or a charity? Or do you want your last check to bounce? 
4. What are you most passionate about? What’s your number one, must have, bucket list item? 

Step 2: 5 Things to Consider When Prioritizing Goals 

1. How are you doing mentally? What is your cognitive ability like?
2. How is your physical health? Does a goal need to be adjusted to accommodate your physical situation?
3. How much fun are you having? What do you need to replace to improve your situation? 
4. What’s your stress level? How can you resolve situations that are causing you the most stress?
5. How long have you wanted to achieve this goal? How can you incorporate what you want to do into your life now?   

Step 3: Achieving Your Goals 

1. Choose one goal.
2. Visualize having already achieved the goal. What would that feel like? 
3. Make your goal inevitable. Put the steps into place to give yourself no choice but to achieve that goal.     

I hope these simple steps inspire you to create your own Wealth Vision Board! 

In this episode, you’ll also hear:

• How the longevity of retirement has grown in recent years 
• Why your mental and physical health might impact your goals 
• The power of visualizing your goals as if they’re already accomplished 

Must-listen moments: 

[00:11:22] Now people are easily, easily retired 30 years, 35 years and 40 years. We do have to account for the longevity, and it's something to think about as we're setting goals.

[00:19:06] Think about that level of savings over time…and if you have a partner, it's important that you both talk about it…to think about these goals separately and then come together because your answers might be very different.

[00:32:59] Take a look at the things that you have wanted to have for a long time and give them a lot of points when it comes to prioritizing. There's no reason in life that we have to put off doing the things that we really love or that we really want to do. 

Be sure to check out Episode 12 - How to Create a Wealth Vision Board

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Visit www.trunorthwealth.com to Download your free workbook - Three Steps to Planning an Epic Retirement 

This podcast is for informational purposes only. The situations used herein do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted for your specific situation. Neither Commonwealth Financial Network nor your representative provides tax advice.