What are your financial goals?
Goals help you determine when you will need your investment funds, and the amount you need to save and invest to reach your goal.
Clearly define your goals and make sure they are measurable so that your progress can be easily tracked. We've provided a few examples to get started. Remember, these are long-term examples. You will want to also think of your short-term goals as well, like emergency cash reserves and debt reduction.
Example #1: Retirement
Goal: Retire in 25 years with an annual retirement income of $50,000 (today's dollars).
Using a Savings Calculator can help you identify how much you should be putting away.
Or, contact a Harborstone Financial Advisor today to develop a plan that meets your needs.
Example #2: Saving for College
Goal: Send my child to 4-year college in 15 years at $10,000/year for 4 years (today's dollars).
Using a College Savings Calculator can help you identify what you need to do to be prepared.
Or, contact a Harborstone Financial Advisor today to review college savings programs.
Example #3: Saving for a Home
Goal: Save $20,000 for a down payment on a home to be purchased in 5 years.
Using a Savings Calculator can help you identify how much you should be saving each month.
Or, contact a Harborstone Mortgage Professional at (253) 983-8615 and ask what other options are available.
You may have other examples. Develop your personal goals and objectives. Our financial calculators are another way to develop ideas for goals. Write your goals down and refer to them periodically to ensure you are still on track.
Now, on to Step 2: Take Inventory
No matter where you are headed, you need to assess where you are now, and what you already have in place. Taking a personal inventory will identify your current financial position and ensure that your personal documents are up-to-date.
Step 1: Set Financial Goals
Step 2: Take Inventory
Step 3: Develop A Plan
Step 4: Implement Your Plan
Step 5: Review Annually