The Importance of Setting Financial Goals

Goal setting has proven benefits in all aspects of daily life – personal, professional, and financial. But while the act of setting goals is important, perhaps more important, is sticking to those goals. Staying on course is often the more challenging part. We all have good intentions, but humans can sometimes get in their own way to success.

You’ve likely heard before that it is often lifestyle changes and having an accountability partner that make a weight loss journey successful. Setting more realistic goals and slowly committing to changing your lifestyle is a lot more attainable than a quick crash diet, especially when you have someone to encourage you and keep you accountable.

From a financial standpoint, setting achievable goals may be one of the most valuable things you can do to set yourself up for future success. Reaching your biggest life goals in the future starts with setting realistic yet thorough financial goals today and committing yourself to follow through.

A financial advisor is your accountability partner for your financial goals, and there to help you achieve long-term success. We help set plans in motion, keep you on track, show you the impact of “bad” habits or decisions (and discourage them), and remind you of the goals you may have even forgotten you set.  With the best advice and guidance though, some people veer off their path and end up short of their goals. Sometimes because of emotional reactions which shake up the long-term game plan, or short-term disruptions which ultimately can cause long-term consequences.

As you look to the future, it’s vital to remember that your goals will be more manageable and attainable if you split them up into more actionable and time-oriented goals. Setting short-term, medium-term, and long-term goals is essential, so that you do not end up sabotaging your long-term goals in order to meet a short-term need you did not plan for appropriately.  Having help to distinguish between these goals is key to success.

Checking in and reviewing your goals each year is an imperative part of sticking to your goals. Being open with your advisor is important, so that we can help navigate any bumps along the way to get you back on track.

In the past, clients have shared with us how thankful they are that we care about their financial success and wellbeing more than they do themselves. There is nothing more satisfying than seeing clients succeed.

At the end of the day, you are in control of your path forward. You are capable of setting goals and sticking to them, but most of us need help along the way!