We are in the final stretch of 2018 and wow, how the time has flown by! With the final months of the year ahead of us I thought I would take the time to talk about setting and prioritizing goals.  Typically, people are setting their goals around the first of the year. Maybe it’s a goal to lose weight, eat better, change careers etc.  Health and lifestyle goals are definitely important but don’t forget about your financial goals.

When we build financial plans for clients one of the first steps is to help them identify their goals.  The next and often forgotten step is to prioritize those goals.  We use a simple ranking system from 1 to 10, with 10 being the highest priority.  We then break those rankings down to needs, wants and wishes.  A “need” has a ranking of 8-10 a “want” is from 4-7 and a “wish” is anything from 1-3.  The reason we do this is to weigh future goals and provide a pecking order for adjustments if the plan falls short.

“Needs” are going to include things like healthcare costs, utilities, groceries and basic living expenses.  “Wants” can be extra spending money, travel goals or education funding for kids or grandkids.  “Wishes” may include leaving an inheritance, taking the whole family on a one-time vacation or leaving a bequest to a favorite charity.  Everyone is unique with their financial goals and a good advisor should help you construct a plan that can give you the probability and roadmap to reach your goals.

We set goals to give us something to look forward to and work towards.  Along the way to any goal there may be bumps in the road.  If you’re goal is to lose weight you’ll have days where you fall off course with your workout or eating routine.  If you have your plan in place you’ll do what is necessary to get back on track.  Financial goals will have bumps in the road too.  For example, think back to the first months of 2018, markets were very volatile and struggled to gain traction. Investors without a plan had a very difficult time. We were making adjustments during that time to help keep our clients on track with their long-term goals.  Some lose sight of their goals and throw in the towel.  A well thought out plan will account for stormy weather and have alternatives to keep you on course with your goals.  Let us help you create your financial goal plan and get on track in the pursuit of prosperity.


The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete. Any opinions are those of Shaun Peterson and are not necessarily those of RJFS or Raymond James. Investing involves risk, investors may incur a profit or loss regardless of the strategy or strategies employed.



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