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Setting Goals

Four easy steps to developing a personal financial plan and then following through:

Identify your personal goals
Identify your assets
Protect your assets
Grow your assets
Setting goals is probably the most difficult step in the process of developing a personal financial plan because it requires that you think in terms of the future rather than just today.
But how far in the future is the future? That's a tough one. Tomorrow, next year, next decade. All of those, and more, are the future. It can get complicated to try to plan for tomorrow the same time you're planning for the next decade.



Financial goals are about a time horizon. You often see discussion about financial goals that focus on a tradeoff between investment objectives of income versus growth. That's really just a proxy for the real issue. It's always about income. The question is when? Income over what time horizon?