It’s that time of year where we set out goals for different areas of our lives: money, personal, family, career, business and everything else in between. While the beginning of the New Year is when we’re most motivated, the challenging part is keeping the momentum going throughout the year. Our approach to working with clients on their financial goals follows a blueprint to help them think about what’s most important to them while tracking their progress.
- First, we break down financial goals into timeframes: short-term (within the next 5 years), mid-term (within 5-10 years) and long-term (10+ years).This helps us to prioritize how long we have until we reach or fund that goal, and helps us to prioritize where their resources are best used.
- What’s more important than the actual goal itself is why it’s important they reach it.We have a saying, “Start and end with why.” There is more motivation to reach our goals when there is meaning at the core of it.
- We take financial inventory of what’s already in place to reach those goals.For example, if a client wants to leave their job in a couple of years to start their own business, we discuss how much they should have in cash reserves, what other sources of income is available during the transition (if any) and create a plan to help them take the leap.
- Based on these factors above, as well as risk tolerance and other considerations in their unique financial situation, we then create the plan to quantify how much is needed to save or invest to achieve those goals.Additionally, we discuss where to save or invest their money AND set up systems to automate contributions.
- We work with many of our clients long-term because we understand that their goals, priorities and life in general will change – we are there to reflect, review and put into action what’s needed to help our clients achieve what’s important to them.
You have the power to write your money story, and we want to support you in feeling confident with how to achieve them. You got this.