Tips for setting, pursuing financial goals - Ahwatukee Foothills News: Money

default avatar
Welcome to the site! Login or Signup below.
Logout|My Dashboard

Tips for setting, pursuing financial goals

Font Size:
Default font size
Larger font size

Related Stories

Posted: Tuesday, June 25, 2013 8:18 am

You can get lucky by finding a parking meter with time left on it. You can “luck out” by having nice weather on your vacation. You can even be lucky at love. But when it comes to financial matters, you’re better off not counting on Lady Luck — and focusing instead on setting and pursuing goals.

Here are some suggestions for establishing and pursuing your financial objectives:

• Be specific. You probably have a lot of ideas about what you want to do, but if you’re going to turn these wishes into reality, you need to get specific. So, for example, instead of telling yourself that you want to retire early, set a goal of retiring at, say, 62. You can then use this target number to help guide your overall investment strategy. To illustrate: You can determine that you need to invest a certain amount of money each year, and earn a certain rate of return, to be able to retire at 62. You can also estimate about how much money you can afford to withdraw from your investment accounts each year to sustain a retirement that begins at 62.

• Prioritize your goals. Of course, you want to achieve all your financial goals — and you can have a better chance of doing so if you rank these goals in terms of both importance and timing. For example, you may want to send your kids to college, purchase a vacation home and still be able to retire at age 62. How should you allocate your resources to each of these goals? Should you invest more at any given time for a specific goal? What types of investments are best for each of these goals? Prioritizing your goals can help you answer these and other questions — and help direct your overall investment strategy.

• Be prepared to change your goals. Over time, your family and financial circumstances can change considerably — which means you shouldn’t be surprised, or alarmed if you have to change your goals accordingly. And you’ll find it easier to maintain this flexibility if you’ve worked diligently to create an investment portfolio with sufficient resources to allow you to change direction, as needed.

• Review your progress regularly. If you’re going to eventually achieve your goals, you absolutely need to measure your progress along the way. Are your investments performing the way you had anticipated? Are your goals becoming more expensive than you had initially envisioned? To achieve these goals, are you taking on too much — or too little — risk? To answer these types of questions, it’s a good idea to review your overall progress at least once a year and then make whatever adjustments may be necessary.

As you can see, it will take considerable effort to set, review and (hopefully) achieve your goals. And it can be somewhat complex, too, so you may want to work with a financial professional — someone who takes time to talk with you about your goals, understands your risk tolerance and family situation, and has the training and experience necessary to help you work toward your objectives.

But in any case, think hard about your goals and how you might accomplish them. And don’t delay in taking action — because goals are generally easier to attain if you have time on your side.

• This article was written by Edward Jones for use by Ahwatukee Foothills Edward Jones Financial Advisor Joseph B. Ortiz, AAMS, CRPS. Reach him at (480) 753-7664 or Accredited Asset Management Specialist and AAMS, Chartered Retirement Plans Specialist and CRPS are registered service marks of the College for Financial Planning.

More about

More about

More about

  • Discuss

USA Today: 'Hillary's America' Documentary Cracks Top 10 at Box Office

Originally posted at USA Today by Bryan Alexander. Politics isn’t just center stage after last week’s Republican National Convention in Clevel…

Published: July 25, 2016 - 6:24 am @…

A New Journey

it has been said that life is a journey, not a destination.  A new journey brings forth hopes and fears, doubts and dreams, yet even the small…

Published: July 25, 2016 - 5:54 am @

Conversations: If Black Lives Matter, then what?

We are experiencing a season of action and change. During a time when we see a world of hate, let’s rally for a culture of love, of giving. Au…

Published: July 25, 2016 - 5:52 am @…

#NationalParksWeek: Cox Conserves Heroes Making a Difference

Its #NationalParksWeek. Across the nation, volunteers are preserving local parks and helping create new outdoor spaces for their communities t…

Published: July 25, 2016 - 5:52 am @…

Seven ride-hailing alternative apps: TESTED!

In early May, when the ride-hailing companies Uber and Lyft pulled up stakes in Austin after the results of a contentious proposition vote, so…

Published: July 25, 2016 - 5:29 am @…

High-speed chase travels through Tempe, west Phoenix

PHOENIX - One person has been detained after a high-speed chase in the Valley on Monday morning. The chase finally came to an end in a neighbo…

Published: July 25, 2016 - 5:28 am @…

Iraq Bomb Blast Kills 11

Print Iraq Finally Bans Fake Bomb Detectors After July 3 Blast Exclusive: Kurdish PM Says Mosul Operation Still in ‘Planning Stage’ Suicide Bo…

Published: July 25, 2016 - 2:57 am @

'Hillary's America' documentary cracks top 10 at box office

Politics isn't just center stage after last week's Republican National Convention in Cleveland and the upcoming Democratic National Convention…

Published: July 25, 2016 - 1:52 am @…

Cowboys tour bus involved in fatal crash in Arizona

Four people were killed when a Dallas Cowboys tour bus carrying staffers but no players and a van were involved in an accident just outside Do…

Published: July 24, 2016 - 11:56 pm @…

Deadly heat wave scorches central and eastern U.S.

Temperatures close to 100 degrees are expected across dozens of states Five elderly Michigan residents died due to record heat and humidity (C…

Published: July 24, 2016 - 11:49 pm @…

Facebook on Facebook

Twitter on Twitter


Subscribe to via RSS

RSS Feeds


Most Popular

Online poll