Financial Goals – Where to Start

Financial Goals – Where to Start

February 18, 2022

At the start of every new year, we reflect on our hopes and dreams and make some resolutions. Health-related goals are usually at the top of the list, but what about your finances? The health of your accounts, spending habits, and investments are just as important to evaluate. When it comes to your financial resolutions this year (and beyond), here are some tips to help you stay on track to reach your goals.

Turn Your Dreams into Actionable Goals

To quote Antoine de Saint-Exupéry: “A goal without a plan is just a wish.” Whether you're opening your own business, taking a trip around the world, or aiming to pay for part of your kids' college tuition, it can be challenging to take big ideas and turn them into something actionable. Financial goals operate like any other goal in that they greatly benefit from being well-defined, written, and planned. We suggest identifying goals that are:

  • Specific
  • Measurable
  • Attainable
  • Realistic
  • Time-based

Taking a big dream and breaking it down into something that features clear-cut amounts and is tied to a certain timeframe can be difficult, but that's the purpose of turning your dreams into goals. Take a blank piece of paper and write out a few versions of the same goal, and then talk it over with a trusted confidant, spouse, or your financial advisor. This will help you in solidifying the goal(s) you're going to stick to.

Start Here

Want to set a financial goal but aren't quite sure where to start? Consider speaking with a trusted financial advisor at Liberty Wealth Advisors®. A dedicated financial advisor can help you to navigate complicated planning factors and to develop a strategy that is aligned with you and your goals.

For example, if your primary goal is focused on your retirement, our trusted advisors can help you consider common factors that could affect your retirement income and savings. They will consider your investment risk, inflation, taxes, and health-related expenses, which can greatly affect your retirement income.

Baby Steps

Saving for a down payment on a house, paying off student loans, or eliminating credit card debt can feel daunting. But if you break down these numbers into smaller portions, paying for these items can feel like a more manageable goal. Start by saving an easily manageable amount each week. After a few months, the savings will add up to a number that can cut away at the greater goal. Set a plan of how you can save by reasonably cutting down on extraneous expenses or looking at ways to increase your income.

Liberty Wealth Advisors® Trusted Financial Advisors are Dieticians for Your Finances

Many people work with a dietician when they're trying to reach a nutrition/health goal. Dieticians provide support and help hold you accountable for your goals. Think of a financial advisor as a dietician to help get your portfolio in shape. Progress is measurable when working with both a dietician and a trusted financial advisor. Both help you control what you can control and tilt the odds in your favor. It is easy to set up an appointment to discuss your resolutions and long-term goals. We can help you create a plan so you can work towards your financial goals.

Schedule Regular Reviews

New Year's celebrations only happen once a year, but that doesn't mean you have to wait until the end of December to review and reevaluate your progress towards your long-term financial goals. A trusted advisor will regularly review your financial goals with you. You can create a schedule that makes sense for your monetary goals. During these review sessions, be thorough and honest about your progress and setbacks.

Accept that Slip-Ups Can Happen

The pursuit of well-constructed goals may include setbacks. You're not a perfect person, and it's not fair to hold yourself to unrealistic standards. If saving, investing, and reaching financial goals were easy, you likely would have already done so! Setbacks can happen, and if they do, that's okay. Don't beat yourself up and assume that your goals are unattainable because of a setback. Instead, find ways to motivate yourself and make the journey to your goals easier.

As an example, let's say you want to pay off your student loans at a better rate than in previous years. You may want to try setting up automatic payments, and then tell yourself you'll treat yourself to dinner at your favorite restaurant once you hit a certain milestone. Building a reward system may make the journey more enjoyable.

Liberty Wealth Advisors® is here to serve you by offering a full range of wealth planning and investment management services designed with your unique needs in mind. At Liberty Wealth Advisors®, we help give you peace of mind by doing the daily work necessary to help ensure that your financial future is secure. To learn more and to get started on a comprehensive plan to achieve your financial goals, email us at or call 800-448-3550.

This content is developed from sources believed to be providing accurate information. The information provided is not written or intended as tax or legal advice and may not be relied on for purposes of avoiding any Federal tax penalties. Individuals are encouraged to seek advice from their own tax or legal counsel. Individuals involved in the estate planning process should work with an estate planning team, including their own personal legal or tax counsel. Neither the information presented, nor any opinion expressed constitutes a representation by us of a specific investment or the purchase or sale of any securities. Asset allocation and diversification do not ensure a profit or protect against loss in declining markets.