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What are your medium to long term financial goals?
Time is the tricky part, money is often the more manageable part.
Having enough in your retirement pot to retire at 63 is not a goal; the goal is that your pension fund will allow you time and money to enjoy the things you had perhaps postponed during your working life. Financial Planning is simply an ongoing exercise to match your resources to your goals as best you can.
Typical medium to long term goals include:
- Being able to retire from the daily rush the way you want to with financial freedom
- Being ready for your children’s education for college
- The trip of a life-time you have been promising yourself
- Giving your children a leg up the property ladder
You will notice the above examples do not mention specific monetary amounts or financial products. You are different from the person next door, and therefore your goals and plans will be different.
When sitting in one night over the weekend, which we all may be for a little longer, write down your top 5 to 10 objectives that you wish to happen. Not now, or next year, but in the next 3+ years of your life.
No-one ever regrets taking the steps to plan for a better, more financially secure future. The money part can then follow.
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