SUMMARY:You have big dreams for your future, but dreaming is not enough. Do you want to go to school? Buy a house? Start a family? Travel?You can make these dreams a reality, but you will need a detailed plan to get where you want to go. With some thought, effort and help from financial experts, you can live your dreams.
Naming your goals
Before you can reach your goals, you have to know exactly what they are. First, consider what makes you feel happy and secure. Having lots of money may make you feel financially secure, but if your well-paying job makes you miserable, it's not the answer. You need to plan a future that brings you personal happiness and meets your financial needs. If a family is in your future, you will want to provide for them without working 90 hours a week. Write down what you need in life to make you happy and secure. Then you know what you're working toward.
Happiness is an abstract word. Making it happen requires getting specific. How much money do you need? What type of job do you want? Will you need an expensive home or something more modest? Some people need more money than others to feel secure. You may require a job that has long-term security. Maybe you can't imagine a life without travel. All of these factors will affect how you proceed.
When you list these goals, be time specific. "I want to finish my education in three years." "I want to buy a house in five years." Having a timeline keeps you motivated.
Setting financial priorities
Meeting your goals requires setting financial priorities. Try splitting this list into long-term and short-term goals. If you have student loans, plan to pay them off in five years and increase your payment if necessary to make that happen. You may want to establish an educational fund for your children but have substantial credit card debt. Paying off that high interest debt should be your priority so that you can contribute more to the education fund over the coming years.
Your long-term goals are essential, but in some instances, they may conflict. You may not have enough money to save for your children's education and put money away for your retirement, both important long-term goals. While your children can take out student loans, you will be in big trouble if you have no money for your senior years. Choose which financial goals are the most urgent and give them priority.
Once you have your goals and priorities straight, consult with your financial advisor for planning help. TDECU Wealth Advisors can help you draw up a savings plan that puts you on the right path. Before you spend money, you should consider if doing so will help you achieve your goals.
Life will throw you challenges, requiring that you remain flexible. Storms can damage your home or your life status may change, so your goals may need to be adjusted. TWA can help you get through these changes and still keep you on track to realize your dreams.
Happiness and security don't just magically happen. You have to plan for them. Identifying your goals and planning ways to reach them are essential to building a solid future. TWA specializes in helping their customers construct the kind of life they want. Learn more about TWA today by clicking here.