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Setting Financial and Money Goals

Setting Financial and Money Goals

Setting Financial and Money Goals

Whether you are looking to work with a professional financial advisor or want to manage your budget on your own, it’s important to set financial goals.

Why are financial or money goals important?

We are often told to set personal budgets and save…but why? The answer varies from individual to individual. And that is when financial goals come into play.

Financial goals are target that you would like to reach with your money. They can be as big as having a million dollars by the time you retire at age 65 or as small as saving enough money to buy that pair of shoes you really want.

Your financial goals are your guiding compass for setting budgets, figuring out how much you want to save, and whether or not you want to work with a professional to reach your goals.

In order to get your financial goals organized, you may want to keep a list, whether digital or physical. Start with what’s most important to you and work down from there. These are your goals and there are no right or wrong ways to make them.

Here is a list of some goals to help you get started on making your own:

  • Saving for school (whether your own or a family member’s)
  • Pay off school loans
  • Buy a car
  • Buy a house
  • Pay off a mortgage
  • Remolding your house
  • Save for retirement
  • Reduce debt
  • Save for a large vacation

Once you know your goals, building a budget can be easier because you know what target you are trying to hit. If your goals are larger, such as saving for retirement, you may want to consider seeking professional help to better guide your plans.

GuideSpring Wealth Strategies, LLC is a registered investment advisory firm that offers retirement planning and tax strategy services (we are not CPAs though and do not handle tax preparation or filing). We are registered in the state of Colorado and Texas. We help individuals work towards their financial goals by giving them a plan for their needs. If you would like to learn more about what we can do for you, get in touch.

Check out our previous post: Types of Financial Advisors or the next post: Researching Financial Advisors

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