Setting Goals for a Secure Financial Future

June 01, 2015 by Dan Royal NMLS# 60782

GoalsPostItHow many of us have a real 5 year plan?  A 10 year plan? A retirement plan?  Do we really take the time to sit down with our financial thoughts and itemize them to make sure we are leveraging assets in the most efficient way possible?  The truth is that far too few do.

You know you want to save money but if nothing in particular comes to mind… It’s okay! Try dividing your financial plans into short and long term goals.

Here’s an exercise you can try.

First, think about some of your short term goals. Use the following questions to get started:

  • What would you currently like to change about your house to make it your dream home?
  • How much are you paying in interest to service credit cards?
  • Are the balances on your commitments increasing or decreasing?
  • What major purchases do you have coming up?
  • Could you pay your debts with cash and if not, what is your alternative?
  • Do you have an emergency fund available if something were to change in your current lifestyle?

Now think about the long term. In reality these goals are just as important! It’s easy to come up with far off or unachievable pipe dreams. However, realistic long term goals are more difficult to tangibly plan. Some common long term goals you’ll want to review include the following:

  • When would you like to have your home paid for in full?
  • Do you have children who will attend college and will you help with their tuition costs?
  • Do you have aging relatives who may need your support?
  • Are you considering any long term investment accounts?
  • At what age do you want to retire?

Recognize that planning ahead and setting goals is not simple. Many just do not spend enough time planning. While it may seem difficult it can prove very rewarding. Fortunately, there are professionals available who help others with their financial goals every day. Short and long term goals are critical to your future especially when considering financing and your home. Why not consult a professional, licensed Loan Advisor who can do the tough work for you?!  A professional can help ensure that your new home purchase or refinance covers all bases and custom build the last mortgage loan you’ll ever need.

Looking for more information?

Simply reach out and we can help.