Planning for the Future: Defining Your Financial Goals


A smart way to work towards long term financial stability is by developing a thorough plan that includes precise financial goals. But while this may sound simple, devising goals that suit your situation can be difficult – especially because it’s hard to determine where you’ll be several years down the line. Fortunately, there are ways to make financial planning easier. To help clarify the process, HighPoint Advisors, LLC offers four important steps to take when you’re creating financial goals.

1. Pair up with a financial advisor.

Setting financial goals is certainly feasible on your own, but financial advisors offer hands-on experience that can help you pursue your goals. An experienced financial advisor can help guide you along the path to each goal through valuable advice concerning investments, insurance, savings and other factors. And while it’s possible to learn about financial planning online or from books, there’s no substitute for the experience and insights provided by a seasoned advisor working with your goals in mind.

2. Identify the things that matter most.

Whether you’re just establishing your career or are an experienced professional, your financial plan should naturally incorporate anything that will have a serious effect on your financial situation. Do you expect to be married, and will children be a part of the picture? Would you like to own a home? Is a high-quality vehicle important in your everyday life? Are you interested in early retirement? These things all deserve a place in your financial plan. Once you’ve identified them, try to organize them in order of importance, so your advisor knows which you’d like to prioritize.

3. Develop an in-depth budget.

Creating a budget is an essential step in the development and pursuit of your financial goals. The most effective budgets should concern how all of your funds are used by allotting certain amounts for bills, necessities and any other expenses, as well as money that can be added to savings accounts or used for recreation, hobbies and the like. This is another step of the process where a financial advisor may prove invaluable, as these professionals are adept at approaching your financial situation with a comprehensive point of view.

4. Set goals with specific time criteria and actionable steps.

A prudent way to move forward with your financial goals is by setting strict deadlines. For example, if you’d like to save up for a down payment for a house, take a proactive approach. Choose a date by which you’d like to have the money, and determine a per-paycheck amount that you can set aside in order to achieve that goal. An advisor can help you understand what’s realistic in your current financial situation and guide you toward success.

Consult a Financial Professional

There’s no need to plan your financial future without a helping hand. For reliable financial services in Central New York, choose the professionals at HighPoint Advisors, LLC. Contact us to schedule a consultation. 

This material is for general information only and is not intended to provide specific advice or recommendations for any individual

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