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Reaching your wealth and financial goals and achieving personal ambitions are major objectives of our financial planning process. In order to make detailed plans for your future, you need to understand where you are today and where you want to be in the future.
Take a look at our latest blog post and realise why it’s important to know your start and end points when planning for what life has in store for you:
Understanding your wealth goals:
There are three common types of wealth goals, these are:
- Retirement planning or property purchase over the long term (15 years or more)
- Life events, such as school fees over the medium term (10-15 years)
- Rainy day or lifestyle funds to finance goals such as dream sports car over the shorter term (5-10 years)
Wealth goals that really matter most
It’s important to consider and plan for which wealth goals really matter most. Instead, many people muddle through their financial lives, spending to meet the day-to-day expenses that dominate their attention. That’s why to get what you want most, you must decide which wealth goals will take priority and work toward the lesser goals only after the really important ones are well provided for.
Your approach to achieving your goals
The minimum time horizon for all types of investing should be at least five years. Whatever your personal wealth goals may be, it is important to consider the time horizon at the outset, as this will impact on your approach to achieving your goals. It also makes sense to revisit your goals at regular intervals to account for any changes to your personal circumstances, for example, the arrival of a new member to the family, or as you enter retirement.
Clearly define your specific goals
As a starting point, consider the goals you set previously, and reflect on what worked and what didn’t and why. Once you’ve done this, it’s time to clearly define your specific goals. Most people tend to set wealth goals that are more about money than about things that motivate them emotionally.
Smart goals that you truly value
Goals that are tied to what you truly value are often easier to achieve than goals that are simply tied to money. Part of what gives this goal its power is that it’s SMART – it is Specific, Measurable, Attainable, Relevant and has a Timeline.
We all have dreams for the future and many of those dreams require wealth to make them come true. Reaching those milestones starts with setting clear wealth goals. Saving and investing with a goal delivers its own reward; the purchase or life change that you’ve dreamt of and worked to achieve.
Who are Vizion Wealth?
Our approach to financial planning is simple, our clients are our number one priority and we ensure all our advice, strategies and services are tailored to the specific individual to best meet their longer term financial goals and aspirations. We understand that everyone is unique. We understand that wealth means different things to different people and each client will require a different strategy to build wealth, use and enjoy it during their lifetimes and to protect it for family and loved ones in the future.
All of us at Vizion Wealth are committed to our client’s financial success and would like to have an opportunity to review your individual wealth goals. To find out more, get in touch with us – we very much look forward to hearing from you.
