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Financial Planning Series: Step 2 – How to Set Financial Goals

Andrew Paoni

Jan 15 2020

2 min read

Financial Planning Series: Step 2

Setting goals is an important step in financial planning. Goals can vary based on a person’s situation, but your starting goal is usually to figure out how much income you need to pay for your normal living expenses. Figuring out your budget is one of the most important aspects of the plan. If you can figure out your living expenses, you will know how much income you will need to generate from your portfolio when you retire.

Pre and post-retirement goals can include:

Paying for education expenses –

Where are your kids going to school?
What are the costs?
How much of those costs (if any) will be covered by grants or scholarships?
Will your children pay any of their own expenses?
Buying another or second home –

Are you upsizing or downsizing?
Are you planning on remodeling a current home?

Paying for a wedding
Travel and vacation expenses.

What will that cost be beyond your normal living expenses?
Leaving a Legacy

Do you plan on gifting money to kids or grandchildren?
Do you want to give to charity? Do you want to do that now or in the future?

Each person has pre and post-retirement goals that are important to them. It is beneficial to outline those things so you can make a plan to reach your goals.

Advisory services offered through Sikich Financial, an SEC Registered Investment Advisor.

Securities offered through Triad Advisors, Member FINRA and SIPC. Triad Advisors and Sikich Financial are not affiliated.

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About the Author

Andrew Paoni

Andrew Paoni, MBA, CEPA, CFP®, CFA, specializes in portfolio management and financial planning, helping clients learn how to reach their personal financial goals. Andrew has over 15 years of experience as a financial advisor and assisting clients in spending and saving money efficiently so that they can enjoy a successful financial future.