Roadmap to Goal-Based Financial Planning

Rather than focusing solely on maximizing investment returns, this approach centers on achieving specific life outcomes like retiring comfortably, buying a home, funding education, or starting a business. While a comprehensive financial plan can seem overwhelming, it can be broken down by focusing on a few core components.

• Categorize Goals by Timeframe

  • Short-Term (1-3 years): Emergency fund, debt repayment, vacation savings

  • Medium-Term (3-10 years): Home down payment, education funding, business startup

  • Long-Term (10+ years): Retirement, wealth accumulation

• Quantify your goals by determining how much is needed and by when

• Review and Adjust Annually: Life changes and so should your financial plan. Reassess based on income, family, or market shifts

• Prioritize wisely by starting with essentials like an emergency fund, insurance coverage, and employer-matched retirement plans. Focus on 1 or 2 goals at a time and leave room for your plan to grow is life does.

• The Value of Financial Advice: A trusted advisor can help to clarify your priorities, tailor a plan to your life, and help you adapt as circumstances change.

Read more about creating your Roadmap to Goal-Based Financial Planning