Financial Planning Series: Step 2 – How to Set Financial Goals
Andrew Paoni
|
Jan 15 2020
|
2 min read
Financial Planning Series: Step 2
Setting goals is an important step in financial planning. Goals can vary based on a person’s situation, but your starting goal is usually to figure out how much income you need to pay for your normal living expenses. Figuring out your budget is one of the most important aspects of the plan. If you can figure out your living expenses, you will know how much income you will need to generate from your portfolio when you retire.
Pre and post-retirement goals can include:
Paying for education expenses –
Where are your kids going to school?
What are the costs?
How much of those costs (if any) will be covered by grants or scholarships?
Will your children pay any of their own expenses?
Buying another or second home –
Are you upsizing or downsizing?
Are you planning on remodeling a current home?
Paying for a wedding
Travel and vacation expenses.
What will that cost be beyond your normal living expenses?
Leaving a Legacy
Do you plan on gifting money to kids or grandchildren?
Do you want to give to charity? Do you want to do that now or in the future?
Each person has pre and post-retirement goals that are important to them. It is beneficial to outline those things so you can make a plan to reach your goals.
Advisory services offered through Sikich Financial, an SEC Registered Investment Advisor.
Securities offered through Triad Advisors, Member FINRA and SIPC. Triad Advisors and Sikich Financial are not affiliated.
This publication contains general information only and Sikich is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or any other professional advice or services. This publication is not a substitute for such professional advice or services, nor should you use it as a basis for any decision, action or omission that may affect you or your business. Before making any decision, taking any action or omitting an action that may affect you or your business, you should consult a qualified professional advisor. In addition, this publication may contain certain content generated by an artificial intelligence (AI) language model. You acknowledge that Sikich shall not be responsible for any loss sustained by you or any person who relies on this publication.
About the Author
Andrew Paoni
Andrew Paoni, MBA, CEPA, CFP®, CFA, specializes in portfolio management and financial planning, helping clients learn how to reach their personal financial goals. Andrew has over 15 years of experience as a financial advisor and assisting clients in spending and saving money efficiently so that they can enjoy a successful financial future.
Sign up for Insights
Join 14,000+ Business executives and decision makers.
Latest Insights
Wealth Management
Key SECURE Act 2.0 Requirements for 2025
February 14, 2025
Wealth Management
Key SECURE Act 2.0 Requirements for 2025
February 14, 2025
New provisions are in effect this year under the SECURE Act 2.0 legislation for employers and plan administrators. Leaders in these roles must mainta...
Social Security Fairness Act Restores Benefits for Millions ...
February 11, 2025
Wealth Management
Social Security Fairness Act Restores Benefits for Millions ...
February 11, 2025
The Social Security Fairness Act was signed into law on January 5, 2025, repealing the Windfall Elimination Provision (WEP) and the Government Pensio...
Business owners and partners in a partnership model that hit the maximum contribution amount available in their company-provided 401(k) or profit-sha...
Backdoor Roth IRA Planning: A Tax-free Financial Strategy
April 4, 2024
Wealth Management
Backdoor Roth IRA Planning: A Tax-free Financial Strategy
April 4, 2024
Roth IRAs are a great tool and a basic financial planning strategy. Roth IRAs have strong appeal due to the tax-free nature of its distributions and t...
This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.
Strictly Necessary Cookies
Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.
If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.