Financial Planning Series: Step 2 – How to Set Financial Goals

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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 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.


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