Investment Goals- Investment goals separated into three branches, depending on age, income, and opportunity. Age can be further sub-divided into three different segments: young and starting out, middle-aged and family structure, and old and self-directed. Investment goals become leading targets for many individuals, with carefully laid-out plans running into roadblocks in the form of layoffs, unplanned pregnancies, health issues, and the need to care for elderly parents.
Fortunately, it’s never too late to become an investor. You may be in your 40s before realizing that life is moving more quickly than expected, requiring contemplation about old age and retirement. Fear can dominate your thinking if you wait this long to set investment goals, but that‘s OK if it adds a sense of urgency to wealth management. All investments start with the first dollar set aside for that purpose, whatever your age, income or outlook. Of course, those investing for decades hold a major advantage, while their growing wealth allows them to enjoy the fruits of their saving habits.
Investment goals address three major themes regarding money and money management. First, they intersect with a life plan that engages our thought processes in unexpected ways. Second, they generate accountability, forcing us to review progress on a periodic basis, invoking discipline when needed to stay on track. Third, they generate motivation that impacts our non-financial selves in positive ways that can improve health and mental outlook.
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