You may have several financial goals. But can you reach them all? You can improve your chances if you rank your goals by their importance in your life – and then create appropriate strategies to help meet them.
For example, making sure you don’t outlive your resources is a must have goal. You can’t compromise on this goal, so you’ll need to balance your growth objective with your comfort with risk. And when you’re retired, you’ll need to follow an appropriate withdrawal strategy.
But you’ll have other goals, which could be called nice to have. You might want to buy a vacation home someday, but if you fall short of this goal, you could find an alternative, such as just renting a place for a few weeks a year. For this goal, you may be able to take a more flexible investment approach.
Along the way, you’ll want to monitor your progress toward all your goals. If you think you’re falling short, you might need to adjust your strategy.
In any case, think carefully about which goals are most important to you. It’s an important first step on the road to success.
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor.