Are you on track to meet your financial goals?
By Sarah Cecil
October is Financial Planning Month. And now that you know it’s Financial Planning Month (just in case you didn’t know before), why not take the opportunity to determine if you’re on the right path toward meeting your financial goals?
Consider taking these steps:
• Identify your goals. To know if you’re making progress toward your goals, you first have to identify them. Of course, you’ll have a variety of goals in life, such as helping pay for your children’s college educations. More than likely, though, your most important long-term financial goal is to build enough resources to enjoy the retirement lifestyle you’ve envisioned. But we all have different ideas for how we want to spend our retirement years. Some of us may want to stay close to home, volunteering and pursuing our hobbies, while others want to visit the vineyards of Bordeaux or explore the pyramids of Egypt. So, name your goals and, as much as possible, put a price tag on them. Once you know about how much your retirement is going to cost, you can create an investment strategy that may ultimately provide you with the income you will need.